Live streaming is quite popular as of now. You may also call it one of the best methods to earn a decent income. If you are still not convinced, let's take a look at seven ways on how you will be able to generate income with live streaming. Pay attention to these methods and pick the best one based on your preferences.
- Through sponsorships and deals with brands For many creatives, striking a lucrative agreement with a huge corporation is a dream come true. This form of revenue is applicable to both live and VOD programming. However, we believe that promoting a company through live video makes the "commercial" seem more genuine and trustworthy. Profit from brand partnerships and sponsorships varies greatly depending on the brand, your channel's specialty, the size of your audience, and other factors. You may be able to earn a large sum of money from the company or acquire free merchandise.
You may wonder how to get a brand deal. Here's some general advice:
Keep your focus on your specialty. If your channel focuses on tech reviews, you should aim to strike a partnership with a tech business. If you work in the beauty industry, seek sponsorships in that field. Your channel's overall theme should be complementary to the brand you're advertising.
Don't be afraid to ask questions. If your email isn't flooded with brand offers, don't despair! Take the initiative and take the first step. Write out what you want to say, then contact your preferred brand (by email, phone, or in person) and just ask. Those who ask shall receive.
Less is more in this case. It's preferable to concentrate your efforts on one brand rather than spreading yourself too thin and attempting to secure various deals.
Don't do anything that ruins your reputation. No brand is worth risking your entire following for. In the long run, having a good reputation is far more important. Stick with businesses and products that you genuinely like and believe in.
There is a wealth of information available on how to get brand partnerships and sponsorships. Check it out if you're interested in learning how to make money streaming.
- Affiliate Programs Affiliate programs are a kind of marketing that allows you to earn money through commissions. If you're looking for ways to earn money streaming, affiliate networks are a great place to start. Here's how affiliate programs work: you receive a specific product link (or promo code) from a sponsor, and you earn a portion of the sale every time someone clicks on the link and buys the product. It's essentially working on commission.
For live content creators, this can be a lucrative tool. Let's imagine a beauty blogger is live-streaming a curling iron demo. Her viewers get to watch how the product functions in real time, which increases their trust in it. Even once the stream becomes VOD material, the affiliate program continues to work. Who knows, maybe the beauty blogger received her curling iron for free as a gift from the advertiser.
- Pay-per-view subscriptions The pay-per-view concept requires fans to pay a fee to get access to "exclusive" live content from a content producer. This type of content is often more unique and special than open content (it has to be worth paying for). A subscription, on the other hand, grants access to all of the creator's exclusive work for a certain period (think Netflix). Subscriptions are essentially monthly contributions that are pre-paid.
Some live broadcasters use the built-in subscription services that many live streaming sites offer. Viewers who pay a monthly membership get unique badges, the option to interact during subscriber-only mode, and ad-free live streaming. Others use a platform like Patreon to support them. Patreon is currently one of the most prominent crowdfunding sites, impacting many creators' financial futures and independence. Patreon allows creators to start membership programs. Patreon has enabled its video creators to collect over $3.5 million in just the past year! While Patreon is not a live streaming platform itself, it integrates easily with YouTube, Facebook Live, and Twitch.
For the creator, it seems to be a win-win situation. However, the creator now needs to work extra hard to keep their audience engaged and not betray their trust. Teasers and sneak peeks of what's beyond the curtain are welcomed from streamers. Don't forget to thank your fans, both on your live broadcast and with wonderful swag.
- Donations from fans Deloitte expects that live streaming revenue would reach $7.4 billion in 2018, up 47 percent from the previous year, according to a new industry research. "The key income model for this industry is expected to be tipping, where viewers give money to performers," according to the report. The simplicity with which fans may now donate to their favorite artists has completely changed the game. This new revenue model may help folks who like making films, art, music, and other sorts of material learn how to make money streaming, be paid for their efforts, and convert their passion into a career.
Perhaps the first thing that comes to mind when you hear "online contributions" is those PayPal "contribute" buttons on websites and YouTube pages. Live streaming services have gone far beyond that, including fan contribution systems directly into their user interfaces and making the process gamified.
Consider LiveU, a smartphone app that allows you to broadcast your regular activities (or whatever creative activities you can come up with). It contains a complex system of gifts that can be purchased with coins, which must be paid with real money. A giving hierarchy system exists as well, rewarding people who offer the costliest gifts. This gamification technique makes donating enjoyable and almost enticing. These gifts can then be exchanged for actual money by the creators.
To reward its creators, YouTube Live came up with a feature called Superchat. A live video maker can enable contributions during their live broadcast, allowing viewers to make real-time donations. All contributions will show in the right-hand Live Chat window. The longer a user's message is pinned, the more they give. The amount spent also influences the color of the message backdrop. The money goes to the creator, while the patron receives the satisfaction of a personal mention.
All Superchat contributions go to YouTube, which takes 30%. If you want to retain more of your contributions for yourself, consider using a Streamlabs widget. Streamlabs enables you to put up a direct contribution link or button on Twitch, YouTube, Mixer, Facebook Live, and more. Collect free tips from your admirers and deposit them into your PayPal, credit card, Skrill, and a few other wallets.
- Display advertisements during live streams Yes, pre-roll and mid-roll advertisements have made their way into live video as well. The revenue is determined by the total number of people who view the advertisement.
Facebook introduced the option to sell ads in live videos towards the end of last year. During a live broadcast, certain streamers will be given the choice to take a brief break and have an ad play in the meantime. The live broadcast will continue when users are shown a quick Facebook video commercial. Unfortunately, not every content creator will be eligible: you must have at least 50,000 followers, have at least 300 concurrent viewers in a previous live video, have a Facebook Page, and your current live video must initially attract at least 300 concurrent viewers. If all of these conditions are met, you will be allowed to take an ad break after at least 4 minutes.
Desktop streamers can use YouTube to integrate mid-roll advertising into their live streams. During the live event, the creator can click "Play Ad" at any time. This might also be an excellent time for the creator to take a break. Remember to inform your viewers before cutting to a commercial break so they are aware of what's going on. It's difficult to determine how much money mid-roll commercials bring in.
Sell merchandise For producers and live broadcasters learning how to make money streaming, creating and selling their own products is a potential source of income. Using a live broadcast to promote your products can be a great way to boost your sales. During your live broadcast, you can showcase your own merchandise and casually mention where and how to purchase it.
Offer ongoing subscriptions Selling a video-on-demand subscription to continuous content is an alternative to one-time pay-per-view access to your content. This option is only viable for people who regularly produce and broadcast material, but it can provide a consistent stream of revenue if your audience is engaged.
Final words When learning how to make money streaming, taking more shots increases your chances of success. We recommend combining these techniques for the best results. Experimentation can help you understand which methods work best for you and which ones may generate minimal income at the expense of your valuable time and effort, ultimately enhancing your overall profit.