The pandemic has impacted all social media platforms, with live streaming taking center stage. Last year, the live streaming app Facebook Live surpassed 2 billion active users. The demand for live streaming content has increased due to the pandemic, as people turn to social media to connect with their loved ones. There is also a desire among individuals like you to learn how to make money streaming.
What’s interesting about live streaming is that it provides another revenue stream for creators, who typically make their money from ads, subscription fees, or merchandise sales. According to reports, some creators earn hundreds (or even thousands) of dollars per week.
There are countless possibilities to earn an income live streaming, no matter what platform you’re on. But how do you begin to make money live streaming? When thinking about monetization, the critical thing to remember is that the more viewers you get, the more revenue you’ll drive.
In this guide, you’ll learn the basics about live streaming platforms, how to create content, and the best ways other streamers are generating revenue from their social channels.
What is Live Streaming?
Technology such as live streaming allows us to watch, create, and share videos in real-time, similar to live television. You need to have a device that connects to the internet, like a smartphone or tablet, and a live streaming platform or app.
In addition to Facebook Live, Instagram Live stories, and Twitch TV (used by the gaming community), Snapchat and Tik Tok are the most popular live-streaming apps.
While pre-recorded videos may be edited and cut, live streaming is always uncensored. Some events are streamed live and are available to hundreds, if not thousands, of viewers.
Live messages appear beside the live stream so that viewers can comment and interact live. Additionally, users can share emojis and gifts in the form of coins displayed on the screen.
How Much Money Does a Live Streamer Make?
Streamers’ income levels fluctuate based on their level of effort. Some streamers have a full-time career streaming, while others do it as a hobby. The income streamers can make will also vary depending on how many subscribers they have.
Many streamers report earning an average of $3,000-$5,000 per month. There is no set monthly payment for streamer sponsorships. Sponsorship packages can include any rights-cleared content, like music, images, video, or logo placement.
Sponsors receive exposure through various formats, including pre-rolls, in-stream graphics, overlays, game overlay ads, or influencers. Sponsoring streamers can be anywhere between 1¢ to $1 per viewer per hour.
The hobby turns into a lucrative business for some, and they can earn enough to quit their day job. Either way, success comes with dedication, time, and effort.
Why Is Streaming Popular?
Several factors have fuelled the popularity of live video streaming.
Firstly, it’s becoming a mainstream phenomenon in both social and mainstream media, with many people taking advantage of its accessibility. Secondly, audiences are showing an increased interest in watching events in real-time. People expect more one-of-a-kind experiences from live video streaming as technology becomes more sophisticated.
Finally, the intimacy appeals to people’s innate desire to be part of the action and be active participants rather than passive observers.
Live streaming is on the rise, and more and more businesses and organizations realize its benefits. Many organizations have found that live video streaming allows their attendees to connect on a deeper level, and it helps boost their brand awareness.
Streaming is still beneficial for influencers and gamers as far as content creation goes. By live streaming content, you increase your audience reach exponentially. By broadcasting to a broader audience, more people are likely to tune in and interact, thus increasing engagement and (in the long run) strengthening your ability to earn more revenue.
The Best Ways To Make Money Live Streaming
There are many ways to stream online, from simple webcams to more elaborate setups. Here are a few more uncomplicated and straightforward ways to make money from live streaming to get you started.
Set Your Streams To Allow Tips
Twitch, Youtube, and Tiktok are live streaming platforms, which allow you to broadcast yourself online. These platforms will enable you to set a tip amount in your broadcast.
Many streamers encourage viewers to tip them if they enjoy their stream or if they have enjoyed the content they’ve watched. Depending on how popular you are, a stream can make you anywhere from a couple of hundred dollars to tens of thousands of dollars. However, receiving tips is somewhat erratic, and the income can vary wildly.
If you want customers to tip you directly online, the first thing you’ll need to do is integrate your PayPal account or payment gateway of choice with your social channel. You can accept online payments in whichever currency you choose, and your customers will pay in whichever currency they choose.
Feature affiliates in your live streams
If you want to leverage your viewers’ interest in live streaming, consider signing up for affiliate programs. Many live video streaming platforms, such as Twitch, offer affiliate commissions for qualified partners. These commissions usually range from 5% to 20% of revenue, meaning the more viewers your channel attracts, the more money you can make.
Of course, you can also join thousands of different affiliate programs, depending on your niche. And mention their products or services in your curated content. Each time a customer purchases from your link (or uses a discount code), you’ll earn a commission.
To take your social influence to the next level, you need to create merch that your followers want to wear. There’s a fine line between posting something cool your followers will like and posting something your followers will enjoy so much that they’ll buy it.
When you live stream, make sure your merch is visible to your viewers so they can buy it. Promoting your merch during your live streams creates FOMO, or “fear of missing out.” It also encourages people to tag their friends, creating even more buzz for your channel.
Sign Up For Ad Revenue
YouTube is a platform that streamers use to make money through ads. There are several types of advertisements on YouTube.
These include pre-roll ads, mid-roll ads, and post-roll ads. The pre-roll ads start playing before a video starts, mid-roll ads play after a video ends, and post-roll ads play after a viewer stops watching a video. With all of these opportunities comes one crucial thing: advertising.
Advertising revenue has become increasingly important to content creators, and offering video ads has become a common way to monetize content. Many creators have found great success through video advertising, and if you’re creating any content, it’s worth considering. Even if you hope to build an audience that engages without advertisements, you’ll still need to pay the bills somehow.
Offer Exclusive Content Through Paid Subscriptions
One standard channel revenue model is to create a paid subscription, where viewers pay a monthly fee to access a channel’s content. Fans can get exclusive content such as behind-the-scenes footage, early access to streams, and subscriber-only chat. Other perks can include a streaming schedule, where fans can choose when to watch a streamer’s content and how often. Streamers also get paid regularly, often through a revenue model based on the flat fee they charge per subscriber.
Most streamers sell access to their courses as digital “products.” Selling digital products is profitable for gamers who want to offer exclusive streams of game releases, tutor or teach a skill, and even musicians who wish to stream private shows. You can generate additional income by creating one-time or recurring teaching events for loyal subscribers.
Paid Sponsorships and Brand Deals
Brands love streaming, which often involves putting their content in front of a vast audience. You can be a brand ambassador or get paid to promote a brand’s products. Sponsorships and brand deals generate the most revenue because they cater specifically to your audience.
Symposium Live Streaming
Streaming live has become an increasingly lucrative business for some people who once enjoyed it as a hobby. No matter whether you use live video as a part-time income source or as a full-time career, you can achieve success with dedication and hard work.
Regardless of what channel you live stream on, creating content people love and keep watching is the best way to make money.
Symposium provides all the resources needed for successful broadcasting, from easy setup to monetization opportunities. Content creators on Symposium keep 100% of their profits, and tipping is always available. If you’re already selling merchandise online, then try integrating it into your streams too. The possibilities are endless.
Sign up for Symposium right away or download the app to start taking advantage of all the opportunities live streaming offers.