Curiously, one subversive way to "monetize" something that google won't allow you to while Google runs ads on it is to use music licensed to a label you own then claim the video with your label and capture a portion of ad revenue that Google applied.

Strategies like this are incredible.

However, it looks like the bar for monetizing is raising quickly, requiring a "face" or "original content". However, I've known friends who've been unable to monetize their own clips channels.