In an ever-changing digital world, it’s important to be informed about the latest technology trends. New social media apps, entertainment services, and live streaming platforms have transformed how we receive information, interact with peers, and spend our free time.
But what if you could take your live stream and turn it into real money, fast?
Sounds pretty good, right?
Live streaming revenue is likely to increase in the next few years and you have the opportunity to benefit. Keep reading to find out how to make money live streaming.
Your Live Stream Audience
The information below applies to all individuals and companies that wish to monetize their live stream.
How to Make Money Live Streaming
Below you will find a list of 7 ways you can make money from your live stream. Some of these techniques are designed for specific platforms, such as YouTube or Instagram. And other techniques are designed for a smaller, niche audience or a larger, broad audience.
Regardless of the specifics of your live stream, you can use it to make money. Here are a few ideas on how.
Live streaming sponsors will pay influencers or experts in their field for their content. Usually sponsors work with individuals that have established an audience of several hundred to several thousand followers or more. They realize that their product or service will get more attention through one live stream than some other traditional media outlets like commercials or print ads.
Sponsorship for a live stream can mean a few different things. First, a sponsor could pay an individual to talk about their product during the live stream. For example, a gaming-focused live stream might be sponsored by an ergonomic chair company. On the live stream, gamers repeatedly mention that their live stream is made possible by the ergonomic chair company.
Sometimes, sponsorship is a bit more sneaky. In the same example as above, an energy drink company could sponsor the live stream as long as the gamers are drinking the energy drink during the stream. They don’t necessarily have to talk about the drink, but it’s visible to the audience.
3. Product Reviews
Similar to traditional sponsorship, companies may pay an individual to review their product or service on a live stream. So if you’re wondering how to get paid on Instagram – this is for you.
Companies want attention on the value and popularity of their product or service. One of the best ways to do this is to get real, live feedback from someone using it.
4. Subscription Services
Some live stream videos are accessible for free. Others, require a subscription. Once you have established a strong number of followers, you may be able to ask for a small subscription fee from viewers.
The subscribers pay $5 a month and get access to all live stream content. And that is how you get paid on Youtube! Well, it’s a bit more complicated than that, but that’s the general idea.
And it doesn’t have to be Youtube. Whatever platform you choose to host your live stream there is likely a way to get paid per subscriber. Having subscribers can also give you more leverage when trying to work with sponsorships.
5. Make the Live Stream Accessible
Most of the monetization strategies for live streams depend on viewers. And viewers depend on the accessibility to the stream. For example, a high school basketball live stream should be easy to access from a variety of platforms so that all parents, players, and enthusiasts can watch.
Creating great content on a live stream is a good first step. But if no one can find where you host your live stream, you’ll never make money. So make it easy to find for anyone with an internet connection.
You can sell products during your live stream. If you own a business or sell a specific product or service, this is a great strategy for you. During your live stream, let the audience know where they buy your product.
This strategy also works if you aren’t selling your own products. Sponsors or interested affiliates can ask you to include links to their product page during the live stream so that customers can click and buy directly.
Showing customers where and how to buy products can increase total sales and put more money in your pocket!
You can play ads before, during, or after your live stream. While some viewers might be put off by ads, they can be very effective to sell products.
Advertisers will pay individuals with popular live streams to show an ad as part of the stream. The individual doesn’t necessarily have to use or talk about the product – they just have to facilitate the ad being played or set up as a banner.
Choose your advertisers carefully. You want ads that are going to be useful and relevant to your audience and followers. The more successful the ad is, the more likely the advertiser will come back to work with you again.
Make Money Streaming
Now you know how to make money live streaming, so it’s time to put your plan into action. You have great content to offer and should be paid for your effort. But it’s up to you to take advantage of potential revenue from live streaming.
Remember to be patient – live streaming success doesn’t happen overnight. But with consistent content and enough followers, you’ll be making money before you know it!
Want more digital advertising advice? Check out our other blog articles!