To make live streaming a business, you need to figure out how to monetize it from day one. Just like any business, if you don’t know how to monetize it, you won’t be profitable or sustainable. It’s important to note that making money from live streaming takes time and is likely not a business that will generate revenue on day one. Live streaming can be as profitable as you want it to be and depends on the work or goals you establish from the start.
The following are the numerous ways to monetize your live stream:
Donations
Donations can come in many forms for streamers. Depending on the platform you use, this can look different. For example, “Bits,” a virtual good a viewer can purchase on Twitch to show their support for their favorite streamer through animated emojis, badges, and recognition.
These bits are then transformed into currency for the streamer; 300 bits translates to $3 for the streamer. You can also add basic donation options with a PayPal button. Usually, this option can be added right away to help smaller content creators grow and gain support.
Another way to ask for donations is through a Patreon. This is a membership platform that allows you to set a membership fee in exchange for certain perks. These perks often include exclusive content, early releases, or time with the content creator. This is also an option you can set up on day one, so your viewers can support your content in a more personal but professional way.
Affiliate Programs, Sponsorships, and Subscriptions
Once you get the following, you can partner with different companies through affiliate coupons or sponsored posts. Your viewers can then pay to subscribe to your channel. This is by far the most substantial way to make revenue on Twitch. Still, you will need to be in the affiliate program, which includes having 50 followers, an average of three concurrent viewers in the last thirty days, and 500 total broadcast minutes and seven unique broadcasting days within the previous thirty days.
Ad Revenue
Platforms such as YouTube and Twitch will pay their content creators in their partner programs a portion of the revenue generated during their live streams from pre-roll, mid-roll, or display and overlay ads. For example, on Twitch, creators can expect around 250 dollars per 100 subscribers and 55% from the ad revenue generated on YouTube.
Pay-Per-View Streaming
This is where you have your viewers pay to attend your event. Platforms like Zoom and Facebook allow you to set a fee to attend events. PPV streaming is wonderful for people who want to make money with their music or other highly researched and produced content. However, this option is usually used for specific events. Setting a fee to watch every one of your streams is likely not a good idea unless you already have a large business and following.
Remember that just because you add monetization to your stream doesn’t mean you will automatically be successful. It would help if you still keep your audience at the center of your attention and focus. Yes, you want and need revenue to run a business, but if you can’t provide value or entertainment to your audience, you won’t get there anyway. Therefore, you should always keep your audience in mind when picking the right monetization strategies for your live stream.
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