If you Google “how to make money with live streaming,” you’ll find tips on monetizing your live streaming audiences ranging from donations to earning money through sponsorships, paid advertisements, community building, and more.
While many people are getting into streaming, keep in mind that the top 5,000 channels account for 75% of all views on sites like Twitch.
This means that, while you can make money streaming, it takes a lot of effort to build a full-time income from it.
The more frequently you stream, the more chances you’ll have to get in front of people and build an audience.
But it takes time.
To assist you on your journey, we’ve compiled a list of some of our favorite ways to make money with live streaming. So let us investigate.
When it comes to making money with live streaming, there are numerous options to consider. Here’s a list of ways you can monetize your live streams.
Accepting tips is one way to monetize your live streams. Here are a few options to think about.
Remember that you can make all of these available when streaming or just a few of them.
The emphasis should be on your messaging and content. Viewers may reward you with tips if you have good content.
Those of you streaming to YouTube Live have the option of monetizing your channel through the YouTube Partner Program. You can then earn money through a variety of streaming options.
These include YouTube Super Chat, which highlights chat messages on your streams.
Another option is to purchase YouTube Super Stickers, which are digital or animated images.
Finally, there is YouTube Super Thanks, which is a “clapping” animation.
This is how these YouTube Live monetization options work.
Buy Me a Coffee is another way to make money with live streaming by leveraging tipping.
For example, when live streaming, I frequently include a scrolling ticker with a link to my page.
This can be a great way to fund your work while also monetizing your live streams.
Facebook Stars are available on platforms such as Facebook. Viewers can purchase Stars while you are streaming on Facebook Live.
When you receive a Star, Facebook will give you $0.01 USD.
You can keep track of your earnings in Creator Studio.
This method often works best if you have a large, active Facebook audience.
You can send money using PayPal, but you can also use QR codes in your live streams. Simply generate a QR code from PayPal and insert it into your live streams, such as on an overlay or in the background.
If you have the time, if you’re also building a membership site, you can earn a lot more than tips during your live streams.
Starting a membership site, on the other hand, necessitates a lot more upfront (and ongoing) effort.
However, the benefit is enormous, and you can generate MRR (Monthly Recurring Revenue) from your viewers rather than waiting for customers to tip you or use your referral link.
If you intend to release additional content, creating a membership site makes sense.
Furthermore, membership sites or membership/subscription business models are the way to go if you want to leverage the power of a community for branding and sales.
These are all high-value, high-profit business models or monetization methods that will pay you handsomely in the long run.
Once you’ve established a fully functional membership site, this can be a lucrative way to make money with live streaming.
If you don’t want to build your own membership site, here are some third-party sites you can use to create one for your live streams.
YouTube Channel Memberships enable your viewers to buy public badges, emojis, and other creator perks that you have set up on your YouTube channel.
To use memberships, first set them up on your channel and then notify your viewers when you’ve launched.
This way, you can explain how they can access your membership site as well as the benefits of joining yours.
With YouTube Channel Memberships, you can leverage your YouTube subscribers and build your live presence on a site where people go to watch videos on a regular basis.
Patreon Viewers can pay you a monthly fee in exchange for exclusive content, access to your process, and other benefits.
If you go this route, you’ll need to decide what levels of membership you’ll offer, as well as what each includes, and then make sure to keep your promises to your members.
Another way to make money with live streams is to share links to products with which you are affiliated during your live streams.
This can be a simple way to earn money through live streaming. Just make sure you follow the FTC guidelines and tell viewers about your relationship.
As an Amazon Associate, you can earn money from Amazon sales through affiliate marketing.
All you have to do is register for Amazon Live. You can then use StreamYard to run your QVC-style show on Amazon and potentially make money talking about products, sharing tutorials, and more.
According to SuperMetrics, affiliate marketing will be a $8.2 billion industry in the United States alone.
Some of the largest affiliate networks have 100,000 or more affiliates.
Furthermore, at least 80% of publishers have turned to affiliate marketing as a consistent source of income.
Nonetheless, we believe that, despite those impressive affiliate marketing statistics, many live streamers (along with bloggers and publishers) do not give affiliate marketing the attention it deserves.
Affiliate marketing is a natural fit for all of your existing live streaming ideas.
Affiliate marketing can provide a good income for those who publish (videos, blog posts, content of any kind, and live streams).
Furthermore, it has the potential to create recurring income streams for you.
Furthermore, we will go so far as to say that affiliate marketing can make you far more money than relying on ads, donations, or sponsorships.
Depending on the main topics you live stream on, you could join affiliate programs and have your audience buy products or services that are directly related to the areas you are an expert on.
Being a “product of the product” is frequently sufficient. For example, if you use StreamYard, you should think about joining our affiliate program.
If you are already a customer and use our product when speaking with your customers, you should naturally consider referring customers so that you can earn money when they use your referral link.
Sometimes your live streams are tailored to a specific demographic that a company wishes to target.
You might want to look into sponsorship opportunities with other relevant companies.
This can be a lucrative way to make money through live streaming.
While some companies will offer to sponsor your live streams, others may request that you discuss their product.
They might send you products to test out during your live streams. This can occasionally include signing a contract to pay you.
Consider your favorite brands, and if you believe your live stream would be a good fit for them, consider contacting them to inquire about brand deals or brand sponsorships. This would be beneficial to both the creator and the brand.
According to Forbes, the “creator economy” is worth at least $100 billion. There are additional tools, platforms, and opportunities available to you.
The mere possibility of “creating to sell” is an anomaly in and of itself.
You could contribute to that economy. While YouTube, Instagram, TikTok, and other platforms are all part of the creator economy, we’ll veer off and try to steer you in your own direction.
Build your own platform. Create your own audience. This is how it might look: Once you’ve built your audience, you’ll have more control.
You can be platform agnostic. You don’t have to rely on Google, Facebook, Instagram, or any other platform for your audiences or customers, for example.
You can completely control your own business by using only email marketing. Whatever you decide to sell (see below).
While affiliate marketing and brand deals can be lucrative ways to monetize your live streams, they can be time-consuming. As a result, many people are creating their own digital products.
The digital product ecosystem includes a wide range of products and services, from SaaS to online courses, membership sites to paid mastermind groups, and much more.
There are also NFTs (Non-fungible tokens) and other types of tokens.
You can package these into a digital product if you have the expertise.
Selling digital products is now easier than ever, and we see no reason why you shouldn’t give it a shot.
While it may require some initial effort, it is worthwhile to sell digital products related to your live streaming niche or topic. Here are some suggestions and examples:
* Gameplay, gameplay strategy, orlive streaming:
Create an eBook or a series of videos that delves into the technical aspects of the gameplay.
You can also teach exclusive tactics or strategies for mastering the game.
Do you require additional suggestions? Sell game cheat sheets, shortcuts, or tips to uncover master strategies.
* Live stream about products or services: Live streaming can be a hugely successful content strategy that combines the power of video with an element of live engagement with your potential customers.
While you can have as many regular live streaming sessions about your products and services as you want, as well as random Q&A live streams, you can package and sell some of your exclusive content as digital products.
* Live Streaming for Affiliate Marketing: By using live streams directly for affiliate marketing, your live streaming sessions can be a direct source of revenue.
It can persuade your audience to buy by using reviews, opinions, comparisons, or plain old “Unboxing Live Videos.”
Of course, you can combine the aforementioned live streaming strategies to expand your content marketing footprint.
Some other ideas begin with your live streams but end with far more profitable products, which brings us to…
Selling digital products is a subset of selling online courses. However, it merits an honorable mention (due to its significance). The eLearning market is expected to reach $240 billion by 2022.
Quick question: Do you believe that selling online courses, writing a book and traditionally publishing it, selling eBooks, attempting to make money from a YouTube channel, selling a book on Amazon, or making money through ads or sponsorships yields the highest profits with the least amount of effort?
The solution: sell online courses.
As a live streamer, online courses have enormous potential. Of course, there will be some preliminary work to be done.
However, if the online courses are good, they can typically self-sustain and only require a minor refresh a few times per year.
Some of your favorite creators may have been seen holding coffee mugs with their logo on them. This can be an excellent way to make money from your live streams.
For example, we have a merch store where you can buy your favorite StreamYard merchandise and clothing.
If you want to supplement your income, you could consider selling physical merchandise, also known as “merch.”
You can create a storefront on your website, or if you’re streaming to YouTube Live, you can create a merch shelf with print-on-demand services that will dropship items for you (this means they handle the printing, packaging, and shipping for you).
This can be a great way to brand your live streams and even reach new viewers as customers start wearing your merch to parties, conferences, and other events.
You can also ask your customers to share their enthusiasm for your brand on their live streams or social media channels. This can lead to an increase in viewers and, potentially, revenue.
When you use a number of the methods mentioned above, you stand to make more money from live streaming.
Remember that as you begin to build a following through live streaming, your revenue should begin to rise.
Here’s a quick rundown of some of the ways to earn money online through live streaming:
* Use the built-in live streaming monetization features found on the majority of popular social platforms or live streaming communities.
YouTube, for example, has “SuperChat.” Twitch has “Cheer,” which uses bits (the platform’s virtual currency), and Facebook has the Tipping Service, which uses Stars. Twitter, too, has a tipping feature.
* Ask your live streaming audience for tips and donations directly.
* Receive consistent payments from platforms. Through the platforms you use for live streaming distribution, your audiences can make regular payments.
YouTube, for example, has launched a channel membership program. Twitch also has a paid subscription program.
* Use third-party platforms such as Patreon, GoFundMe, or Kickstarter to raise funds from your audience (once or repeatedly).
* Use advertisements on your content to monetize your live streaming.
* Increase live streaming revenue by endorsing products or services through brand partnerships or sponsorships.
As you can see, there are numerous income streams available to live streamers.
Try some of the techniques mentioned on your streams to identify the top performers for you, and keep experimenting with different ways to make money with live streaming.