Every day more and more people are turning to online opportunities to earn money while live streaming. Creating content can become more than just a hobby. Here are a few ways you can use live streaming to generate a revenue stream.
Fan Donations
It is now easier than ever for fans to donate money to support their favorite online personalities and performers. Fan donations allow creators to turn their passions into a profession. In the past, there were limited options for online transactions. However, many platforms now integrate fan donation systems directly into their interface. Many have even created their own virtual goods, currencies, or gifts for these transactions. You must purchase with real money and then the creator exchanges these virtual goods or gifts into cold hard cash.
Streamlabs have become one of the most popular ways to earn money while live streaming. It allows you to keep a larger percentage of your donations. Furthermore, you can set up a direct donation link across multiple platforms. This gives you more control over your viewers’ contributions. Fan donations are an excellent way to make money but don’t forget to recognize your supporters. Giving shout-outs during live streaming is one way to encourage others to help your cause.
Run Advertisements While Live Streaming
Since the inception of online sales, ad revenue has been used across the Internet. Advertising is a great way to earn money while live streaming, but it should not be the sole source of income. First and foremost, you must choose the right streaming platform for your needs. Not every platform offers ad placement, and some are openly against it. If you choose to go this route, YouTube, Facebook Live, and Twitch all offer in-stream ad options.
Whether you choose pre-roll or mid-roll advertisements, your revenue is calculated by the number of people who watch them. Unfortunately, viewers can use ad-blockers which prevent some from showing. Another thing to consider is how ad revenue is calculated. For example, mid-roll ad monetization is based on the total cost per thousand views. If you don’t have a huge following yet, this will not be a significant source of income for you. It takes time and a huge number of live viewers to achieve a large profit margin. Since your payout is dependent upon the number of views, you should consider using advertisements in addition to other methods to earn money while live streaming.
Subscriptions and Pay Per View Content
If you want to offer subscriptions or pay-per-view content, then you must meet certain community requirements. With this model, people can pay a set fee to access content that is not available in the live stream. Viewers are paying extra money to unlock content that is special and unique from what is available for free. When people pay for a subscription, they expect to receive special perks for their support.
You have several options of how you can set up access to your exclusive content. If you decide on subscriptions for monthly donations, viewers will have unlimited access to your content for a set period of time. Another option is to allow access to specific content for a one-time donation. Patreon has become an influential platform and a favorite among creators. Keep in mind that creators must work even harder to retain their paying audience. Teaser videos and previews are a great way to promote content behind the paywall and attract more subscribers.
Sponsorship and Brand Deals
Many online creators dream of getting a sponsorship deal from a large company. It is an excellent way to earn money while live streaming as well as with VOD content. It is a mutually beneficial arrangement for both parties. The sponsor receives a brand promotion and can reach a broader audience through your viewership. When you review their products, it appears to be more trustworthy to your following. In exchange, creators receive cash and free product. The terms of sponsorship and brand deals vary based on the company, the specificity of your channel, and the number of followers you have.
If you are entertaining offers, here are a few things to keep in mind. It is best to stay in your niche and tie into the general them of your content. You don’t want to risk your reputation or alienate viewers if it appears you are “selling out.” If your channel is still growing, it may take time before you are approached with an offer. Don’t be afraid to reach out to companies if you aren’t getting the attention you want. When you do receive an offer, be sure to negotiate the minute details. The fine print could mean the difference between a huge payday and be left out in the cold.
Affiliate Programs
Another option to earn money while live streaming is through affiliate programs. It’s a simple concept that could generate significant income. First, you get a special product link or promo code from sponsors to put it in your live stream. Then, every time someone visits the link or buys the product, you earn a percentage. In essence, you are working on commission. Affiliate programs are a great profit tool because it continues working after you live stream becomes VOD content. You may even get free products from sponsors or bonuses. Just be sure to keep it relative to your content so it doesn’t appear to be a blatant money grab.
Merch Sales
This last option is a great way to make money and promote your channel. You can create and sell your own merchandise to get your name out there. Be sure to wear your merch during live streaming and out in public. To earn money while live streaming, include links to the sites where people can purchase your products. Some streaming platforms even offer tools and tips to boost merch sales. It is important to note that your profit margin on merch sales directly depends on your level of involvement. If you take charge of building the site, designing the merch, and utilizing opportunities through your platforms, you can create a huge revenue source.
Bonus Tip
The best way to increase your earning potential is by diversifying your income revenue streams. The more tools you use, the more money you can earn. Combining different methods not only generates more income but also helps you determine which is best suited for your needs.
Read More
- How to Make and Sell Tutorial Videos Online
- How to get more YouTube Subscribers?
- How Much Do YouTubers Actually Make?
Jenny Smedra is an avid world traveler, ESL teacher, former archaeologist, and freelance writer. Choosing a life abroad had strengthened her commitment to finding ways to bring people together across language and cultural barriers. While most of her time is dedicated to either working with children, she also enjoys good friends, good food, and new adventures.