Live streaming is only about inviting people and playing video games. It also a hobby for someone, and for some, it is an excellent source of earning money. The post briefs you on five different ways you can make money on live streaming. Did you know that lots of creators are using live streaming to generate some nice additional income? For some people, it’s a lot of extra income. For other people, it’s enough to cover maybe a car payment or perhaps some money to put aside so that they can take a nice vacation somewhere. Before we discuss making money first, I would like to suggest making your stream stand out from other people. A simple step that you can buy Youtube live viewers for your stream or Facebook stream. More viewer means more reach for your video.
How you decide to monetize and precisely what is it that you offer to your viewers. The post discusses five ways that you can monetize your live streams. These areas follow:
1. Fan Donation and Super Chat:
Fan donation and super chats are the first ways people often get started with monetizing their live streams. The donation for this one can be significant; however, you need to part of the YouTube partner program. But if someone is enjoying your stream, they can tip you or donate to you during your live stream.
It can happen through built-in systems like YouTube and twitch, or you can use third-party systems to accept donations. A few examples of third-party donation systems are stream labs, buy me a coffee, etc. You may think that how a $5 donation can help you. It can be understood, but if you scale it across many viewers, it can quickly add up.
The only bad thing about this type of donation is, it can generate extra work for you. There will be some obligation that you might feel for people giving you the gifts. You may need to do something a little bit extra for the person that gives you the donations. It is called an obligation. It’s not a big deal, but some people will feel like they have the go-ahead to invade some of your personal space just because they gave you five dollars.
On the other hand, the remarkable thing is that you don’t necessarily have to structure to where you’re giving in returns. For example, you can make it to where they donate; they’re just giving to the cause instead of expecting something in return.
Doing it this way cuts out any additional work that you might need to do, and it truly supports you as a creator. But if you do offer something about yourself in return, then there is an excellent chance that you will get more donations.
2. Affiliate Marketing:
If you are not very familiar with affiliate marketing, it is the term when you send someone to a product or service online. And when they go through your link, you will get a commission if that person makes a purchase. You can use this in live streams by reviewing products or highlighting the specific product and services you use personally.
The bad thing about affiliate marketing is it can take some time to generate any real income from affiliate marketing unless you already have a lot of traffic coming in. It also depends on what you promote is not something that has recurring revenue every single month. And it can put you on the hamster wheel that constantly trying to sell whatever it is that you are promoting.
3. Selling Merchandise:
Merchandise is trendy. People love to support their favourite creators by getting their merchandise, especially if you are clever with your designs. Selling merchandise is not necessarily just putting your logo on a T-shirt and having people buy that. Merchandise of sale is more about finding things that would resonate with your core audience, making merchandise around that. It could be catchphrases or other things that only your audience would understand or have a specific type of person watching your content.
Another thing you can do with merchandise is if you think about things that the audience would think are clever. Merchandise is excellent, but you will typically need a bigger presence or many viewers in your live stream to make merchandise pay off.
You also need a designer if you don’t know how to make the design yourself. But once you get the ball rolling, merchandise can have a snowball effect of sorts when other people in the community. Start saying other people are wearing that merchandise and posting on social media about it. It has the social proof effect of other people seeing other people wearing your stuff.
Brands will indeed pay you to mention them or put their products or services or even their logos in your live streams. If you have a much-targeted audience, reaching out to brands for sponsorships is a great way to bring more exposure to those brands. You can connect your viewers with companies that you trust and make you some extra money in the process.
Working with brands is incredible, but it does come with extra responsibilities and requirements. For example, if you want to be pivot with the type of content that you’re making. And if you have a contract and will still have time in that contract, then what you need to do once you start making that pivot is you will need to try and find a way to work that sponsor into the new type of content you are making.
You can also make the old type of content that they signed up for those particular videos, but you need to ensure that you agree with the agreement you made. But the remarkable thing about working with sponsors is the consistency. If you can work out long-term brand deals or become a brand ambassador, then you can make dependable income every month without having to go and chase down new deals all the time.
5. Exclusive Private Live Streams:
With exclusive live streams, you can create special access to you for your viewers. It can be in the form of Q&A or special events that you only let paid members participate in. You can even turn it into a club where exclusive live streams are one of the perks. The cool thing about exclusive live streams is their recurring revenue, and they can add up over a concise period. They can be something that you can depend on in terms of revenue whereas sponsorship, might run out at the end of the contract.
Exclusive live streams are also really good because they allow you to have that intimate connection with your paying members. On the other hand, public streams can get crowded because there are so many public streams. So it is not easy to give attention to a specific viewer.
Also, with the exclusive live streams, every person you talk to in those live streams is proven to be into your content enough to purchase access to your live stream. It means they are also good candidates for any future promotions that you might have.
Ever since live streaming is available for the public, it has created many opportunities for people on the internet to make money. You can pick any of the above money-making methods and try them on several streaming platforms. You only need to create quality content for your audience. And once you build an audience base, then make enough money while streaming live.