Live Streaming can be lucrative. According to a report published by Grand View Research, Inc., the livestream industry is expected to reach $124 billion by 2025. Although live streaming has been around for many years, its popularity has surged over the past few years. And this leading trend is spanning all industries, including food, fashion, financial services, beauty, healthcare, tourism, real estate, education, fitness, etc.
So, what are the best ways to make money live streaming?
Live shopping combines the best of e-commerce, social media and live video because it promotes and sells products or services to viewers. They are similar to regular streams, but have added features that allow viewers to buy the products or services they see in the livestream.
Shoppable livestreams are effective for brands with products to sell or content creators that promote products for multiple brands. Shopping videos can be streamed on social media apps like Instagram, YouTube and TikTok. Dedicated live shopping platforms like TalkShopLive, Shopshops, Amazon Live and Popshop offer apps or web-based livestreaming with shopping features.
Many live streaming platforms and websites allow viewers to send donations or tips. They have integrated services or their own virtual “goods” or “currencies” that viewers can use for the transaction. For example, Twitch viewers “cheer” using Bits, the platform’s virtual currency. Twitch affiliates make money on every Bit that viewers use when cheering. Super Chats, YouTube’s tipping tool, enables viewers to have their comments highlighted during livestream broadcasts.
Some live streaming platforms have membership programs and paid subscriptions to earn regular payments. Other live streaming platforms offer advertising programs that generate money. These advertisements play when viewers click on the livestream. Essentially, viewers have to watch the ad before watching the streamed content. Sometimes ads play during the livestream or appear as banners across the top of the livestream.
Brand deals and sponsorships are another way to financially benefit from live streaming. By partnering with companies in a mutually beneficial arrangement, paid deals can be negotiated for sponsorships and sponsored content during livestreams.
Additionally, memberships with some affiliate programs pay a commission every time a viewer clicks on live streamed content and makes a purchase. It can be through a link or promo code viewers provided when joining the program.
Another way to make money live streaming is creating and selling merchandise. These goods can range from t-shirts and mugs to digital products like music and e-books. Sharing knowledge through livestreamed seminars or workshops can be profitable as well, as can being a mentor or coach. Money can be earned from sharing the skills, knowledge and expertise that other people want to learn. While it can be in a group format, spending time one-on-one with someone who is paying for lessons or coaching sessions is also a common arrangement. Even training others how to do live streaming can be marketable.
To use livestreaming to make money, one or all of these methods can be useful – and utilize one or several streaming platforms all at once. When it comes to live streaming and making money, remember that audience is important. To be most effective, consider the viewers, platform, style and value being provided. And be sure to share content based on what people want.