As of my last update in September 2021, the most successful way to earn money on social media platforms involves building a strong online presence, engaging with your audience, and leveraging various monetization strategies. Here are some popular methods to make money on social media:

1. Influencer Marketing: Become an influencer in your niche by creating high-quality content that resonates with your target audience. Brands often collaborate with influencers to promote their products or services, and you can earn money through sponsored posts, affiliate marketing, or brand partnerships.

2. YouTube Monetization: If you're skilled at creating videos, consider starting a YouTube channel. Once you meet the eligibility criteria (typically 1,000 subscribers and 4,000 watch hours in the last 12 months), you can monetize your videos through ads, channel memberships, merchandise shelf, and Super Chat donations during live streams.

3. Instagram Shopping: If you have a sizable following on Instagram, you can use the Instagram Shopping feature to sell products directly to your audience. This is especially effective if you're in the e-commerce or fashion industry.

4. Patreon or Ko-fi: If you have a dedicated fan base, you can use platforms like Patreon or Ko-fi to offer exclusive content or perks to your supporters in exchange for a monthly subscription or one-time donations.

5. Sponsored Content: Aside from being an influencer, you can create sponsored content for brands on various social media platforms. This involves showcasing their products or services in your posts or stories.

6. Social Media Management: If you have excellent social media skills, you can offer your services as a social media manager to businesses or individuals who need help with content creation, scheduling, and community management.

7. Affiliate Marketing: Promote products or services through affiliate links on your social media platforms. When your followers make a purchase through your links, you earn a commission.

8. Live Streaming: Some platforms, like Twitch, allow you to earn money through live streaming. You can receive donations from viewers, subscriptions, or participate in the platform's revenue-sharing programs.

9. Facebook Instant Articles: If you run a blog or website, you can use Facebook Instant Articles to monetize your content on Facebook. This program allows you to earn money from ads displayed on your articles.

Remember that building a successful social media presence and monetizing it takes time and effort. Focus on creating valuable content, engaging with your audience, and staying authentic to your niche. Also, be sure to comply with the specific guidelines and policies of each social media platform to avoid any potential issues. As the social media landscape evolves, new opportunities for monetization may arise, so it's essential to stay updated with the latest trends and features.