With live streaming reaching its peak in usage at the moment, monetising them has become an easy and respectable way for performers to make money during this time.
Ways to create revenue from a live stream include
• Viewer Donations
Encouraging donations on your stream can create great revenue depending on the size of your following. Live streaming platforms have integrated donation systems making it easy for viewers to gesture a donation to the performers.
• Subscription/pay per view
This method of monetisation is appealing to viewers as it’s exclusive to paying members. For the streams to be paid they need to be unique. This can include ideas such as live q&a’s or special events. As it is recurring revenue, this is probably the best way to make the most money from your streams.
• Brand deals and sponsorships
Collaborating with a brand within your niche creates great revenue opportunities. For example, naming rights and shout outs during your live stream, subtle advertising of products and services (instead of ad breaks throughout) will all be beneficial. Profit you can make depends on the specific deal with the brand as well as the size of your following.
Although artists aren’t able to perform live in venues at the moment, it’s exciting to see a new way of performing being curated online. These platforms are actively developing new ways to support musicians through this tough time.
Written by: Sienna Reichenbach