He said signing up to the "Next Vlogger" programme would provide him free equipment and $10,000 of start-up advertising.
"The whole point of it is to build your channel up to a bigger point and that will be my plan to get the money coming in."
Mr Mulholland said he had a taste of the website's potential when one of his early videos - a cover of Beyonce's If I Were a Boy - garnered hundreds of hits.
"But the one I found super-surprising was a multi-track of the Ghostbusters theme ... that was the first one to get a couple of hundred thousand views in the first few days."
Because of copyright, he can profit only from his original material, but that's already what he wants to do with a second channel.
"Now I'm just doing what I want to do and hopefully people will continue to watch. It just makes it more fun that way."
He admitted the concept of full-time vlogging seemed impossible a decade ago.
"Now it's slowly becoming an actual possibility and it's awesome. The biggest appeal for me is I can go anywhere in the world, and as long as I have a camera with me, I can be making money."
Wellington travel vlogger Andrew Strugnell, who is developing YouTube NZ communities on Facebook and Google +, says his goal is to make a full-time job out of YouTube.
"Over the last four or five months I've been stepping up my game and I want to tackle the challenge of climbing the partner programme to become successful on YouTube."
Mr Strugnell hopes to boost New Zealand's YouTube profile during a three-month vlogging trip around Canada and the US.
Natalie Tran, Australia's most successful vlogger, is pulling in more than $100,000 a year from her parody videos.
YouTube spokeswoman Kate Mason said vlogging had become one of the fastest-growing YouTube trends to date, with an increasing number of Kiwis broadcasting themselves to the world.
Matt Mulholland's YouTube Channel
http://www.youtube.com/user/mattmulholland26
Matt Muholland's 'Ghostbusters' cover:
Andrew Strugnell's YouTube Channel
http://www.youtube.com/strugsnotdrugs
New Zealand Anthem on helium by Andrew Strugnell