Artificial intelligence has reached significant milestones in recent years, with tools like ChatGPT doing things beyond imaginable.
In the face of that, many wonder how to embark on this trend and make money.
The good news is there’s plenty of opportunity, as the global AI market is expected to grow nearly six times by 2032.
From offering services leveraging AI tools to building groundbreaking applications from scratch, in this guide, we’ll show you nine different ways to use AI to make money.
Let’s get straight to the point!
How to make money with AI – nine ways
#1: Write AI content
The global content marketing industry revenue is expected to close at US$72 billion in 2023 and hit around 107 billion in 2026. With businesses spending so much money, there are endless opportunities to generate income by creating content for them.
Tools like Jasper and Copy.ai have made this process a lot easier. They allow you to generate pieces like blog posts, video scripts, landing pages, and e-books in seconds.
In addition to time savings, some of the benefits of using AI writing assistants include enhancing quality, applying different tones and styles, expanding creativity and idea generation, and being able to deploy more content.
Thanks to AI, your job becomes less about looking for the right words and structuring sentences and more about planning and polishing the content.
Here are a few steps to get you started:
- Pick a niche, such as an industry or a particular content format
- Generate a few samples for your portfolio
- Start reaching out to businesses that could benefit from your services, explaining why you’d be a good fit for them
Further reading: Will AI Replace Writers? What ChatGPT Really Means for Writers.
#2: Offer translation services
While translation tools have advanced a lot, they still fail to understand context and provide accurate translations from time to time. This means that translating content still requires human oversight and is one of the best ways to make money with AI for those who speak multiple languages.
You can use AI tools for translation following a simple two-step process:
- Translating the content using an AI tool like Content at Scale
- Manually reviewing and editing the pieces
With translation rates in the U.S. typically falling in the $0.10-0.20 per word range, it’s not hard to reach a six-figure income when leveraging AI tools to become more productive.
Further reading: The 3 Best Multi-Lingual AI Writers to Target International Markets.
#3: Generate music and background tracks
AI tools aren’t just good at generating and improving written content. They can compose, arrange, and produce music too.
Tools like Amper Music and AIVA are trained on vast libraries of musical compositions, allowing them to understand melodic patterns, styles, and genres.
You can use them to create and ultimately sell original songs and tracks for various applications, such as videos, games, movies, and advertising.
Here are some steps to make money from AI music:
- Familiarize Yourself with AI Tools: Explore and experiment with AI music composition platforms to understand their capabilities and limitations.
- Build a Portfolio: Create a portfolio showcasing your AI-generated compositions. Include a variety of genres and styles to demonstrate your versatility.
- Market Your Services: Use freelance platforms, social media, and personal websites to promote your services.
- Offer Licensing: You can sell licenses for your AI-generated music through platforms like Epidemic Sound or Audiojungle.
#4: Create AI art
AI tools can also create art in formats like paintings, illustrations, pictures, and more.
All you have to do is pick an AI art generator like Jasper Art, Midjourney, or Canva, select a template or style, add prompts, adjust the settings, and voilà.
There are then several ways to monetize AI-generated art. Here are some of them:
- Art Sales and NFTs
- Digital Art Commissions
- Print-on-demand Merchandise
- Collaborations and Partnerships
- Art Licensing and Commercial Use
- Art Galleries and Exhibitions
- Crowdfunding and Art Grants
- AI Art Courses and Tutorials
Further reading: Aspiring Artist? How to Make Money with AI Art, Today!
#5: Develop AI chatbots
AI chatbots are programs that can simulate human-like conversations with users through text or voice.
Solopreneurs and businesses use them for various purposes, such as customer support, lead generation, consulting, surveys, and more.
You can create them following different approaches depending on your technical skillset:
- Programming them from scratch
- Using a no-code or low-code bot development platform like Chatfuel or Tars (some of them don’t require any coding)
- Hiring a chatbot developer
One way to monetize them is by leveraging them for your own business. For instance, you can create a chatbot that engages with site visitors and guides them through your products and services, as well as affiliate offers you might promote.
Or, if you’re looking for a more scalable way to make money online, you can sell or license them to other businesses. For example, you could create a bot tailored to a particular business segment and offer it through a monthly subscription.
Further reading: Unlocking Passive Income: How to Make Money with Bots.
#6: YouTube automation
Creating YouTube videos doesn’t necessarily require you to appear and talk in them.
You can launch and grow a YouTube channel through YouTube automation, which involves using freelancers or, better yet, AI tools to get the job done.
Here’s a step-by-step process to use AI tools to generate videos:
- Pick a strong niche
- Look for trending topics within that niche with a tool like VidIQ
- Use a tool like Jasper to generate scripts
- Use AI software like Synthesia to generate the videos using pre-built templates and synthetic voices narrating them
Finally, don’t forget to master and follow SEO best practices and strategies to increase exposure and attract viewers.
Further reading: 7 YouTube Affiliate Marketing Tips To Drive Traffic And Make Money.
#7: Promote AI products as an affiliate
Do you like the AI world but feel you’d be better at discussing existing solutions than creating them from scratch?
If so, affiliate marketing might be the way to go.
Regardless of your niche, you’ll find plenty of offers to promote, given that most AI software brands have affiliate programs.
You can promote their products and earn commissions by creating content and building an audience around a particular product or customer segment. For instance, you could address AI solutions for content writers, such as SEO and AI writing tools.
When going through this path, always remember to focus on value first.
People will only engage with your content and buy your recommended products if they believe you’re trustworthy. Therefore, avoid overselling and only promote products you truly believe in, even if it means giving up on some commissions.
That’s the ultimate secret to building trust and growing your audience.
#8: AI tutoring
Since AI is still relatively new, many professionals and organizations fall behind for not knowing the latest technologies in their industries and how to harvest their full potential.
As an AI tutor, your job is to help them overcome that and get the most from AI tools.
You can specialize in a particular type of tool (i.e., AI art generators) or user segment (i.e., social media managers).
For instance, while millions of people use ChatGPT, many don’t know how to craft prompts that trigger high-quality outcomes. You could teach them tips and hacks to do it better and get the results they’re looking for.
You can monetize this strategy by creating online courses or offering consulting services.
Here’s an idea: mixing this strategy with affiliate marketing, recommending AI products and offering AI consulting services for a particular group of users.
#9: Invest in AI businesses
Finally, you don’t need to develop or market products to make money with AI.
Instead, you can help AI startups succeed and boost your net worth by joining as an investor.
And no, you don’t need to be a seasoned venture capitalist signing million-dollar checks.
Crowdfunding platforms like SeedInvest allow you to invest small amounts in promising startups alongside other investors, helping you get started with minimal risk.
However, beware of the potential drawbacks.
All investments can go wrong, especially when it comes to startups. You can mitigate risks by carefully assessing each investment opportunity and not placing all your eggs in one basket.
How to choose the right strategy
Consider your experience
Assessing your background will help you determine which strategies you will most likely succeed in. For instance, if you previously had a YouTube channel, that experience will benefit you when creating and posting AI-generated videos.
In addition, most ways we’ve discussed may involve specializing in an industry or niche. Evaluate your professional and personal experience to identify those you understand and can add the most value to.
Are you tech savvy?
While many platforms and services enable you to create AI products without coding, some strategies are better suited to those with better technical skills, like developing an AI chatbot.
If that’s not your case, you might want to focus on leveraging existing solutions to perform services like content writing or translation.
What are your passions?
Ask yourself which strategies you’d truly enjoy implementing.
For some, that’s developing original and innovative products from scratch. For others, it’s creating content and engaging an audience. Or, it could be looking at promising startups and deciding which to invest in.
By working with something that pleases you, you’ll not only have a better time but will also become more committed, increasing your success odds.
Final thoughts
AI won’t stop developing any time soon.
And, from creating content with the help of AI to investing in future unicorns, there are infinite ways to profit from the rise of artificial intelligence.
By exploring the ideas we shared with you and following our tips when analyzing them, you’ll be off to an incredible start.
Have you tried any of these strategies? Are there others we should add to this list? Let us know in the comments!