It is possible, though rare, to make a living off of YouTube...but only if you're one of the top 1000 channels.
Explains Justin Morrow of NoFilmSchool, "The top 1,000 channels also average $23,000 in monthly ad revenue, and in another interesting number, it turns out that 350 social-media interactions are generated for each minute of video uploaded by these top channels...But what does this translate into, in terms of revenue? Well, the top YouTube video ever, Gangnam Style (I know, I know) has over one billion views and counting (somewhere around 1.6 billion as of today) and generated about $870,000 dollars for Psy and his record label. While that is more than a quarter of a million dollars, it’s maybe not as much as one might think would be earned for a billion views."
Read the full story here.