7 ways you can generate some income with Live Streaming
7 ways you can generate some income with Live Streaming
Live streaming is quite popular as of now. You may also call it as one of the best methods to earn a decent income. If you are still not convinced, let’s take a look at 7 ways on how you will be able to generate an income with live streaming. Pay attention to these methods and pick the best method out of them based on your preferences.
- Through sponsorships and deals with brands
For many creative, 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 things. You may be able to earn a large sum of money from the company, or you may be able to acquire free merchandise from the brand.
You may wonder how one goes about getting 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, here is where you should seek for sponsorships. Your channel's overall theme should be complementary to the brand you're advertising.
- Don't be scared to ask questions.
Do not despair if your email isn't flooded with brand offers! 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 beg will be granted.
- Less is more in this case.
It's preferable to concentrate your efforts on one brand rather than spreading yourself too far and attempting to get a variety of bargains.
- Don’t do anything that ruins your reputation
There is no brand worth risking your whole following for. In the long run, it is far more vital to have a good reputation. Stick with businesses and items that you 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. 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 the same as working on commission.
For live content makers, this may 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 faith in it. Even once the stream becomes VOD material, the affiliate program continues to function. 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 in order to get access to "secret" live material from an item producer. This kind of material is frequently more distinctive and unusual than open content (it has to be worth paying for). A subscription, on the other hand, grants access to all of the creator's unique work for a certain length of time (think Netflix). Subscriptions are basically monthly contributions that are pre-paid.
Some live broadcasters use the built-in subscription services that many live streaming sites provide. 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 help them. Patreon is presently one of the most prominent contribution sites, influencing many authors' financial futures and independence. Patreon allows authors to start membership companies. Patreon has made it possible for its video artists to collect more than $3.5 million in just the last year! While Patreon is not a live streaming platform in and of itself, it is simple to integrate with YouTube, Facebook Live, and Twitch.
For the creator, it seems to be a win-win situation. The creator, on the other hand, now needs to work extra hard to keep their audience engaged and not betray their confidence. 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 interface 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 presents 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 presents. This gamification technique makes donating enjoyable and nearly enticing. These presents may then be exchanged for actual money by the creators.
To reward its producers, YouTube Live came up with a feature called Superchat. A live video maker may enable contributions throughout 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%. Consider utilizing a Streamlabs widget if you want to retain more of your contributions for yourself. Streamlabs enables you to put up a direct contribution link or button on Twitch, YouTube, Mixer, and Facebook Live, among other things. 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 income is determined by the total number of individuals that view the advertisement.
Facebook introduced the option to sell ads to 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 given 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 satisfied, you will be allowed to take an ad break after at least 4 minutes.
Desktop streamers may use YouTube to integrate mid-roll advertising into their live streams. During the live event, the creator may click "Play Ad" at any time. This might also be an excellent time for the creative 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 figure out how much money mid-roll commercials bring in.
- Sell merchandise
For all producers and live broadcasters learning how to make money streaming, creating, and selling their own stuff is a potential income source. Using a live broadcast to promote your products might be a terrific way to boost your sales. During your live broadcast, you may be wearing your own goods and casually pointing out where and how to acquire it.
- Offer ongoing subscriptions
Selling a video-on-demand subscription to continuous material is an alternative to one-time pay-per-view access to your content. Obviously, this option is only viable for people who regularly produce and broadcast material, but it may provide a consistent stream of revenue if your audience is engaged.
When learning how to make money streaming, the more shots you take, the better your chances of succeeding. For the greatest results, we suggest combining these techniques. Experimenting may help you understand which ones perform best for you and which ones merely generate minor money at the expense of your important time and effort, in addition to enhancing your overall profit.