Earning money from the comfort of your house (read: bed) is no rocket science anymore. Back in the days, making money meant breaking your back as an employee or struggling through intense pressure being a business owner. Thanks to technological advancements, you can now get paid simply for live streaming.
Research suggests that today’s tech-savvy audience prefers spending 3x more time watching a live video. Interestingly, 47% of the people are streaming more live videos today than last year. Most importantly, as 2020 saw the online video boom, 2021 is not expected to be an exception. Hence, live stream monetization is a goldmine! Go live, earn money!
There are countless ways you can monetize your live streams and earn money by live streaming. Here are a few:
#1 In-Video Ads
You must have noticed the short ads that keep popping up (and irritating) while you’re watching your favorite show on YouTube. And you’re only able to skip after a wait of 5 seconds. These short clips are ads that help content creators earn. And it is one of the easiest techniques to monetize your live streams. You can do it in two ways:
- Pre, mid, and post rolls – Play these clips before, during, and after your live stream. The viewers will have no choice but to watch through these to continue watching your stream.
- Banners or companion ads – These appear on the bottom of the stream and excite and encourage your viewers to click. However, they can also be easily removed.
YouTube offers pre-roll and mid-roll ads, Facebook Live offers mid-roll ads if you meet the viewership criteria, while Twitch offers in-stream ads.
#2 Donations and Tipping
You can ask your viewers to donate while you’re live. This approach works magic for churches and other philanthropic organizations that can collect donations during their live streams. You can set up an external donation link. Once your audience clicks on it, they will be diverted toward a payment page. Moreover, many websites usually have integrated services for tipping and donations, and even virtual goods and currencies that the viewers can use for their transactions. For instance, YouTube’s Super Chat option allows the viewers to pin their comments by paying for them or purchasing Super Stickers. Similarly, Twitch has a “cheer” option for Bit, and the Twitch affiliate or partner gets paid for every Bit viewer’s cheer.
Sponsorships work best when you have a significant following on your socials. So you can collaborate with brands to endorse their products through your live streams and charge for your services. And since there are countless advertisers in the market out there, bagging a few sponsorships shouldn’t be much of a hassle. This is essentially a mutually beneficial arrangement; the brand and the streamer both make good bucks. So you get paid to live stream.
#4 Partners or Affiliate Program
You can also sign up for an affiliate program to earn money every time your follower purchases a product you endorsed on your live stream. Once an approved partner, you will be given a vanity link to share with your followers during your live videos and encourage them to purchase the products based on your personal experience and recommendation. All you have to do is speak high of the products during your live stream and share your link to your followers to get a commission. Simply make money broadcasting live.
This has emerged as the most promising revenue-making prospect during the coronavirus pandemic. With the calling off of all conferences and meetings, organizers now arrange virtual summits and conferences, charge for admission and make money on live stream. Viewers enjoy the same value as they used to during face-to-face events when they paid for tickets physically. Several sites will allow you to do this, such as TicketSpice, which can be integrated with Facebook Live and YouTube Live. And with OneStream Live, you can go live to both these platforms at the same time!
#6 Live Selling
Although a rather traditional route, live selling is still the most widely practiced way to making money through streaming. You can showcase your products live, interact with your audience to answer their queries and concerns in real-time, conduct product demos, and share how-to tutorials, all through live streams. The ultimate takeaway is a lead converted to a customer.
#7 Regular Viewer Payments
What’s better than getting paid occasionally from your viewers for your regular streams? These periodic payments might only be a couple of bucks, but if you can get enough of them, you can surely make big. For instance, you can sign up for YouTube’s channel membership program that allows the users to join channels with monthly payment. Similarly, Twitch has a paid subscription program. Your viewers can pay for watching your streams through PayPal, Amazon Pay, or credit cards.
To Wrap it Up...
The internet is full of opportunities to do interesting things make money while doing what you do best. Live streaming is currently one of the most exciting frontiers offering promising prospects of making money. The catch is to first create content that can successfully grab viewers’ attention and keep them coming back for more. When it comes to monetizing your live streams, your audience is undeniably your biggest asset.
OneStream Live offers you a cloud-based live streaming platform that allows you to multistream to over 40 social networking platforms and the web through custom RTMP settings. Time to go live and make money. Afterall, who minds a few quick bucks! 😉
OneStream Live is a cloud-based solution to live stream across 40+ Social Media Platforms simultaneously. For queries and feedback, Live Chat with our team or write to us at [email protected]