Communicating and collaborating with people has become much simpler today with the popularity of modern technology and social media. Live streaming is quickly gaining momentum and that is why visionary businesses are creating live streaming platforms and these businesses have high chances to succeed with the right planning and approach. It has never been easier for streamers to stream the live content of their choice and generate revenue.
Thousands of streamers are flocking to social media platforms and exclusive live streaming platforms like Twitch for the same. While these live streaming platforms offer immense opportunity to grow their brand and make money, changing payment structures and less stable income makes it difficult to reap success. Well, whether you are a business or live streamer looking to create your personal brand, it is time to get ahead of the curve and create an exclusive live streaming website.
With the live streaming industry expected to hit $70.5 billion by 2021, there is no wonder that more businesses are looking for effective ways of building a streaming platform. So the question arises- how to make a live streaming website. In this blog, we will discuss the importance of creating a live streaming website, must-have features, business model, cost to create your own live streaming website, and a lot more.
Powerful advantages of live streaming
Live streaming is quickly gaining momentum among people who are always looking for brand new and innovative ways of delivering content. Social media platforms are the key source of live video content and live streaming is becoming a daily activity that facilitates social interaction. The number of viewership accessing live streaming is set to grow further and is changing consumer behavior to a great extent.
When it comes to the type of content live-streamed, here are the common types of content that are broadcasted live.
Currently, more brands are experimenting with live videos and the advantages that it offers is not just for businesses, but for users as well. Let’s quickly discuss the real power of live streaming and its effectiveness.
Viewers consume live content on your time
One of the biggest benefits of live broadcasts is that your viewers consume the live streams on your time as opposed to when it is convenient for them. This implies that you are engaging with the audience who care about your brand and find your content extremely helpful. This helps to automatically target people who are more likely to follow you further or convert.
Reach highly targeted niches
As we said just now, as users consume live content on your time, it is a deliberate choice that they make. It takes more commitment from your viewers as they must tune in at the time you decide regardless of whether it is convenient for them or not. Hence, this interest and dedication applies an automatic filter that opts out random audiences away.
Requires less production time
Live streaming takes less production time when compared with any other form of content like on demand videos, podcasts, or even blogs. While it might take hours to write a blog post and a lot more than that to create on demand videos, live streaming takes very little time to produce interactive and engaging content. If you want to produce a 5-minute live stream, it just takes 5 minutes and that’s it.
Better user engagement, that too in real-time
One of the primary reasons why live streaming is continuously making waves in content marketing is due to its capability to provide real-time user engagement. The real-time nature and the engagement factor makes live streaming interactive and a great way for you to engage in direct conversation with your users.
Considering the costs to produce live streams, it is quite cheap compared to on demand videos. If you are doing it in a small set up, you just need a smartphone with a good camera and an internet connection, and an active account with a chosen live streaming platform to stream your content live. Whereas, if you need more of a sophisticated set up to produce professional-styled videos, you might need a few more additional equipment.
It is important to be able to track live streaming in terms of viewership and behavior of your users. Most professional live streaming services come with analytics dashboards and tracking tools to help you evaluate the outcome of your live videos. This data will help you identify more clearly who your audience really is. Assessing the performance of your broadcasts will help you refine your overall content and strategy.
Another advantage of live streaming is that; it is a great way to make money. One way is to charge your users to watch your live videos just like they would pay for a live show ticket. If you are building a streaming platform, you will have more control over choosing the monetization strategy that works for you and your goals. Whether you are a business looking to promote their brand or improvise marketing efforts or an independent streamer interested in making some extra money by cashing in on their hobby, monetizing live streaming is an excellent idea.
Repurpose your content
Live streams can be easily repurposed to other forms of content one the broadcast ends. Once transformed it can be published as on demand videos and uploaded to video streaming platforms like YouTube, the choices are actually limitless. Hence, it is always recommended to repurpose live content to broaden the reach of your message even long after your live broadcast ends.
Why you need to create a live streaming website in 2020
Facebook Live, YouTube Live, Periscope, Instagram Live, Periscope- there is no shortage of live streaming websites to select from, but they all share a common problem. They come with a lot of restrictions for users. When you make a live streaming website of your own, you gain control over the experience and the audience.
Having your own live streaming platform allows you to:
- Build an interactive community of users
- Secure the long term future of your brand
- Keep the revenue generated with yourself
Having your own live streaming platform stops you from being at the mercy of some third-party platform and allows you to take complete control over the activities you do.
Building a live streaming platform- Must-Have Features to build a live streaming website
How to make a live streaming platform that is appealing and functional at the same time? The platform must have a lot of features to make the users satisfied and engaged.
When it comes to must-have features of a live streaming website, there are mainly 2 types- Basic and advanced. Basic features are the essential features that must satisfy the expectations of users from the site. It is common to release basic features and get the user’s feedback after which you can upgrade your website and go forward with adding advanced features. The web functionality and the features you add to your live streaming website affect the final cost.
Let’s look into some of the must-have features to build a live streaming website.
Signing in up via email id, the phone number is a must-have feature for all live streaming platforms. Once registered, users must be able to login and create user profiles. To make it more convenient for your users, integrate social login sign-ups, too.
A search is another essential feature that will help users filter and find relevant content. Integrate a content recommendation algorithm that will offer recommendations based on user interests and previously viewed videos.
Seamless Live streaming
Integrate functionality of seamless live streaming without buffering for a great viewing experience.
Peer to Peer Comment/ Real-time Chat System
The feature helps your uses to chat with each which helps to increase your brand value.
Ensure your live streaming platform is compatible with various digital devices of different screen sizes.
After creating an account, users can create user-profiles and follow each other. When the users you follow attend a live session, you will be notified about the same.
Integrate the functionality of modifying settings for users to make your live streaming website more user friendly. For example, users can set the account to public or private, turn message alerts, block users, etc.
When you want to make a live streaming website, security is one of the most important aspects you need to consider. Integrate multiple security strategies to make sure you protect the videos in your platform and the payment information of your users.
Dynamic Admin Panel
An efficient admin dash is necessary to manage users effectively. Admin panel makes editing videos, moderating, and deleting content, banning users, etc. easy.
Analytics is an essential feature that must be an integral part of the streaming platform. With the right analytics tools, you can understand the user behavior and the performance of your live videos based on the information you get.
Integrate secure payment gateways to make payments to access your live streaming. You can integrate payment gateways like Stripe, PayPal, or Braintree.
Push notifications can be used to alert your users about the new video releases, discounts on membership, live stream reminders, and other important information.
Develop scalable live streaming apps, both iOS, and Android that meet the tech and business requirements.
How To Create A Live Streaming Website
If you are planning on how to start a live streaming business, the first thing you need is a full-fledged streaming platform to power your offerings. To put your own live streams and attract other streaming in the industry to broadcast on your platform, you must build a live streaming site around a specific niche. It can be a personal platform for your personal brand or a platform for other streamers as well.
Using ready-made scripts that are easily available in the industry to create your live streaming platform is the best development approach. Ready-made solutions allow you to customize the script to integrate unique features and functionalities to your live streaming platform according to your needs in simple steps and affordable cost.
How does a live streaming video website make money?
Live streaming is not only streaming videos live and inviting other people to watch you, it is a great revenue stream to make money. How to create a live streaming site that is lucrative and brings in a significant amount of revenue? The money you can make from your live streaming website depends on the monetization techniques you adopt. In addition to the business models of your streaming platform, your live streaming platform must have good content as well.
Here are some of the monetization strategies you can implement when building a live streaming platform.
Most live streaming websites make money through subscriptions. The subscription monetization model works in a way where your viewers can access your live streams by making quarterly, monthly, or yearly payments. You can combine a subscription business model with a free model where some live streams are offered to viewers for free but they need to pay to access exclusive content unlimitedly.
Pay-per-view or transactional revenue model is where your viewers have to pay for individual videos they want to watch.
Revenue from ads
Advertising revenue is a great way to fund your live videos. You can integrate ads to your live streaming platform to start earning the advertising money. To get the best results, you need to exercise more control so that you don’t go overboard with advertisements during your streaming, annoying your customers. It is not the best idea to place ads as the sole monetization option for live streaming especially when you are starting out.
Brand deals and sponsorships
Brand deals and sponsorships are another great way you can engage with other brands in a mutually beneficial arrangement where you can generate revenue as well. If you have a large following on your live streaming platform and you have established a brand name for yourself, brands will come in search of you with offers. You don’t have to wait for people to approach, you can reach out to them as well.
Some of the ways you can make money through brand deals and sponsorships are:
Sponsorships– Where your entire live streams are sponsored by a particular brand.
Banner ads– You can display advertisements during your streams on your live streaming platform.
Sponsored content– You get paid by sponsors when you live stream their content.
However, when you choose the sponsorships, make sure it directly resonates with the interests of your audience. If your audience doesn’t like your content and if you lose them, you will lose the sponsors as well. When selecting the live streaming provider to partner with, ensure they offer support for the monetization strategies you want to implement.
Join an affiliate program
Affiliate programs have become a standard component of most online businesses. Affiliate marketing is when you promote products and make money as an affiliate. It works this way- You place the affiliate link in your live streams and whenever a viewer of yours purchases from the link, you get a share of the revenue. Instead of posting links, you can integrate a coupon code that your viewers can use when they shop from the brands you are promoting.
Cost to create your own live streaming website
Now, it is time to consider the most important aspect, what would be the cost of creating a live streaming site or how to start a live streaming business cost-effectively. As we have already seen, building a live streaming site using a clone script is an affordable and cost-efficient approach. Choose a live streaming provider with a blend of expertise and proficiency to customize services according to your requirements.
Besides software charges, here are some of the costs you have to bear when looking for how to create a live streaming website.
When building a live streaming platform, you need a unique domain name for your live streaming site. Having a simple and relevant domain name makes it easy for your users to find you. You can buy your domain name from sites like GoDaddy and the price would come around $10-$30 annually.
When looking for how to start a live streaming website, one of the most important aspects you need to consider is the security of your website. You need to secure your live streaming site with an SSL certificate to show your visitors your site is authentic and trustworthy. You can purchase SSL certificates from Go daddy or from Wildcard which would come around $50-$75 annually.
To host your live streams, you need the service of a reliable hosting service provider. Consider reputed cloud solutions like Digital Ocean that would cost somewhere around $20 per month.
App Developer Account (Play Store and App store cost)
Along with your live streaming website, you also have to launch mobile applications. To submit your live streaming app to the Apple store and Google play store, you need to create app developer accounts that come for a price. The price of creating an account for the Apple store comes around $99 annually and the Google Play store is $25 which is a one-time fee.
Ready to Start your own live streaming website?
How StreamHash can help you create a live streaming website
StreamNow from StreamHash is the live streaming software with which you can create a live streaming website of your own. It is a fully responsive one-stop solution that includes all the features and functionalities that servers as a UStream or Twitch clone. The flawless live streaming software comes with both advanced and unique features for fastest and bufferless live streaming. It comes with features like social login sign-ups, seamless live streaming, real-time chat system, monetization, payment gateway integrations, profile settings, admin panel, push notifications, native apps, and other features.
Here are some of the reasons why StreamHash makes a great live streaming provider for your business.
Customization to any degree
If you want to create your own live streaming website with the basic and advanced features customized according to your unique business requirements and goals, there is no other better solution than StreamNow from StreamHash. StreamHash offers complete customization over the features you need in your live streaming platform.
With adequate expertise in the video streaming industry and reputed client base, StreamHash has the experience to create professionally styled live streaming websites in different niches including entertainment, fitness, online teaching, religion, and astrology.
If you wonder how to create my own live streaming website on a budget, StreamNow makes an excellent cost-effective live streaming solution. The price varies from $499 to $999 for a deluxe and premium version respectively which is quite cost-efficient when compared to the total cost to develop your live streaming platform from scratch.
Great customer support
StreamHash offers your excellent technical support and assistance both during the initial consultation time and once the product is delivered to you. Our expert team will be at your service to assist you with the customizations and the guidance you require even after the product delivery.
Live streaming is quickly gaining momentum and becoming more popular year by year, and so is the live streaming website. Live broadcasting is expanding into every industry like entertainment, education, online retail, religion, sports, and a lot more. With the immense popularity the technology enjoys, the number of entrepreneurs looking for how to start a live streaming business is increasing as well.
However, creating a live streaming platform requires an excellent business vision, a well-prepared business plan, and advanced technology to offer a highly live streaming experience to your viewers. If you need expert assistance and guidance on creating a live streaming website, do not hesitate, get in touch with us. We are here to guide you through the entire process of creating a professional and functional live streaming website to power your business.