Every day, five billion YouTube videos are watched around the world. And they're not just being watched -- they're being devoured. The average YouTube session by any one viewer is roughly 40 minutes, up 50% from the previous year, according to Omnicore.

If only there was a way to make money off of a website people spend so much time on. As a matter of fact, there is! A few ways, actually, and the proof is in the people (and businesses) who've cashed in on their video strategy.

Who's making content worthy of a nearly hour-long visit to youtube.com? Well, YouTube isn't just for amateur filmmakers and people videotaping their zainy housepets anymore. Musicians, TV networks, small businesses, and the self-employed all find monetary value in posting their own amazing content on a YouTube channel.

An active, entertaining YouTube channel -- which is free to make through a Google+ account (also free) -- strengthens these users' brands and extends their reach to new audiences. It can also build a base of subscribers that other companies using YouTube will actually pay to advertise their products to.

Before launching a YouTube channel for the purposes of making money, you need to decide what kind of profit you're interested in. Are you looking to use YouTube as a promotional outlet for your own products and services? Or, do you want your video content to generate ad revenue right from YouTube?

There are two ways to earn money on YouTube: as an advertiser and as an ad platform. As an advertiser, you pay YouTube for Preroll, Bumpers, or TrueView ads that get your videos in front of potential buyers. As an ad platform, you publish videos that are watched enough to host others' content as a paid affiliate or YouTube Partner.

Here's a breakdown of both monetization strategies, along with remarks from the YouTubers who've successfully made money using each strategy. Want to jump to a specific point in this article? Click the following links to jump to each YouTuber, how much they're estimated to make, and how they're making it.

    Clash Royale -- TrueView Ads
    T-Series -- YouTube Partner Program
    Marques Brownlee -- Affiliate Links

Then, at the bottom of this guide, learn about a bonus strategy that content producers are increasingly considering as their YouTube channels become more popular.