You already know about the current boost in popularity of live streaming. Bringing people together virtually in these times of social distancing enables people to carry on doing what they love and offers the highest form of engagement. With an increasing number of people taking to live streams every day, this is the perfect time to make money online. Today, we are going to let you know about 5 incredible live stream monetization strategies that will take your streaming career to the next level.
To say that the live streaming industry is huge would be putting it very subtly. Here are a few facts to help you gauge the enormity of this virtual sphere:
- Experts claim that the live streaming market will be over $70 billion by the end of 2021 and about $125 billion by the end of 2025.
- Facebook has over 2 billion active monthly users.
- Over a billion hours of content are watched on YouTube everyday.
- Two-thirds of the internet traffic is driven by live streams.
Aren’t these statistics just mind-boggling? And these were only a handful of them. So, the next time you wonder why people worry about live stream monetization so much, you’ll know the unfathomable potential this industry offers in growing one’s career. Isn’t it the best when you get to make money online easily whilst doing the very thing that you love so dearly? We already know your answer and you need not look any further. Here are 5 awesome strategies to draw in considerable live stream monetization.
1. Pay-Per-View (PPV)
PPV is one of the most conventional methods of monetizing streams that you’re probably already familiar with. Even if you aren’t, it’s not particularly difficult to understand – you simply charge your viewers a specific amount of money for watching your stream, much like ticket sales.
Now, you may counter us by asking who would want to pay to watch your videos when there are endless amounts of content online for free. This is where your X-factor comes in. You must know what makes you stand out from the rest and make your streams one of a kind. Believe us when we say that people out there are more than willing to pay for content they are highly attracted to.
This doesn’t necessarily mean that only established and famous streamers can opt for this method. You can always start small and slowly build your way up through your own unique talent and potential.
Probably the most popular of all monetization methods, the subscription method has been tried and tested time and again by various streamers. There are two ways by which one can make money from the subscription method.
The first one is to make your content available only to those people who pay a certain monthly sum for exclusive access to your streams. Once the payment is done, they get to see all your content for free for the entire month.
The second way, as can be seen on Twitch, does not restrict access to your streams. Instead, subscription holders will simply enjoy some exclusive rights like chat privileges, early access to your goodies and other such perks.
3. Paid Advertisements
You’re no stranger to this form of monetization as well. Ads are pretty common on platforms such as YouTube. What happens here is that you play certain ads in the beginning, middle or towards the end of your stream and get paid by the concerned company.
Now, you may say that ads are pretty frustrating and it may drive people away from your content. But, we have facts that say otherwise. The Interactive Advertising Bureau claims that a whopping 67% of viewers around the world opined that they would rather watch, for free, a streaming video consisting of ads than pay monthly or annual subscription fees to gain access to contents they like.
There are two types of paid advertisements. One starts playing in the beginning, middle or end of the stream which may or may not be skipped after 5 seconds. The other method is the banners that appear on the bottom of the screen.
Getting sponsored by someone or some company is yet another easy way to earn money from your streams. And it’s pretty straightforward as well – you simply promote a product during your live broadcast and the concerned brand will pay you money for it. No, this doesn’t mean that you need to talk about that particular product all throughout the video. You just simply take a couple of minutes somewhere along your broadcast to inform your viewers about the product and its features.
The major advantage of this method of monetization is that you will always find someone willing to sponsor you. Since these types of advertisements present more lucrative opportunities for brands (majorly due to the personal touch involved), they are always looking to sponsor streamers.
5. Donations & Ticket Sales
The simplest of all monetization methods are undoubtedly donations and ticket sales. Platforms such as Flutin Live offer interesting features for your viewers to make donations and purchase your tickets. For instance, during your broadcast, your viewers would be able to donate money by buying virtual drinks each of which are of a certain amount. You can also schedule events and share the link on your social media channels to enable interested viewers to purchase tickets to your show.
It has been time and again witnessed that people do not hold back their willingness to support creative talents. Ticket sales are also a huge driver of online streaming revenue.
These were five of the easiest and proven methods of earning money from your live streams. Once you start developing a connection with your audience, you’d be surprised to see how much they’re willing to support your talent and potential. Try out these simple monetization methods yourself and make a happy living doing what you love the most.