Who doesn’t want to make money? Money helps in buying whatever we want and helps us lead a life we want to lead. Not only this, money brings respect and improves the standard of living. The hunger for earning money is the same for everyone, but the methods are different. Some start their own business, some go for job based on their skills, while some take the help of other platforms to show their potential to the world and capitalize on it.
And when it comes to showing your potential, what better than live streaming it? It will not only provide a better way of interaction, but also help in creating a more attached relation and easy mode to talk with one another. But then, the question arises: What to do to make an earning from livestreams? No worries, as we will provide you with the best .points that you could follow to gain name and fame from livestreaming.
1. Getting donations or tips from fans
If you want a sign that your live video streaming hobby/side gig/career is moving in the right direction, wait for your first donation or tip. It’ll feel so gratifying when you realize that someone, somewhere, is appreciating what you do enough to send you a couple of bucks.
Most live-streaming platforms and websites allow you to make money by letting viewers send you donations or tips. They usually have integrated services or even their own virtual “goods” or “currencies” viewers can use for the transaction.
Here’s a breakdown of the donation/tip systems on major platforms:
- YouTube’s main tipping service is Super Chat. Viewers can use tips to pin messages in your channel’s chat window, making them more noticeable. YouTube also lets users buy chat animations called Super Stickers, and you get a cut of each purchase.
- Twitch allows viewers to “cheer” using Bits, the platform’s virtual currency. If you’re a Twitch affiliate or a partner, you get around $0.01 for every Bit viewers use when cheering. The viewers get to write a message that appears together with a special kind of emote, a Cheemote.
- Facebook’s tipping service revolves around Stars, a type of virtual good viewers can buy and send to you, giving you $0.01 per Star. You need to be a part of Facebook’s Level Up program to enable Stars. Facebook also supports fundraising charitable donations for U.S.-based 501(c)(3) organizations.
2. Pay per view/subscriptions
The pay per view model asks fans to pay a certain amount to unlock access to an item creator’s “hidden” live content. This content is usually more special and unique than the open content (it has to be worth paying for). Similarly, a subscription gives access to all creator’s exclusive content for a period of time (think Netflix). Subscriptions are essentially scheduled monthly donations.
Some streamers take advantage of the built-in subscription features that numerous live streaming platforms offer (Vimeo Live, IBM Cloud Video, etc). A monthly subscription includes perks for viewers such as special badges, the ability to chat during subscriber-only mode, and ad-free live streams.Others rely on a facilitating service, such as Patreon. Patreon is currently one of the most influential donation platforms, shaping the financial future and freedom of many creators.
3. Affiliate programs
Affiliate programs are an excellent option to consider if you’re exploring how to make money streaming. Here is how affiliate programs work: you get a special product link (or promo code) from a sponsor, and then every time someone visits the link and buys the product — you get a percentage of the sale. Basically, it’s like working on commission.
This can be a great profit tool for live content creators. Let’s say a beauty blogger is demoing a curling iron over a live stream. Her viewers get to see exactly how the product works in real time, hence gaining more trust in the product. The affiliate program continues to work even after the stream becomes VOD content. And who knows, maybe the beauty blogger even got her curling iron for free from the sponsor as an added bonus.
4. Brand deals and sponsorships
Less controversial than regular ads, brand deals and sponsorships are another way you can earn money while streaming, by engaging with businesses in a mutually beneficial arrangement. If you have a large following on streaming platforms, brands will reach out to you with offers. And if they don’t, you can reach out to them.
When dealing with brands, it pays to be professional and detail-oriented. You’ll want to negotiate every part of the deal, to be 100% sure you’re on the same page regarding your commitment.
Some of the ways you make money by streaming through deals with brands include:
- Sponsorships, where whole streams are sponsored by a brand.
- Banners and other types of advertisements you can display during your streams or on your channel or profile page.
- Sponsored content, like when a game developer pays you to play their game.
Your audience is what will get a brand’s attention. You should be able to pull decent numbers of viewers and have a clear understanding of who they are, their interests, and the types of problems they need solved. You make money when brands agree to pay you, as one part of the deal you agree to. Be mindful of cutting deals that make you look like a sellout. Your audiences might not like that, and if you lose your audience, you lose the sponsors.
These are the most common ways using which you can make a good earning as well as reputation among the viewers. We hope this comes out handy in your live streaming journey.
