Despite the furious hurricane of live streaming tools that has swept the digital realm over the last few years, the live video space has seen few players claim their share of the market. Most applications have risen and sunk at much the same pace and there has only been a handful of live streaming platforms that have really stood out. The narrative for live broadcasting has largely been re-written by one prime player in the recent past; one who has capitalised on the digital youth movement in a big way. Live.me, a live video streaming platform built to envelop moments throughout the day has given rise to a brand-new communication paradigm for Gen Z. Its members use the live streaming software to broadcast life on the go, a far cry from conventional social media platforms geared towards chronicling special moments and memories. Live.me is a sharing tool that thrives on the essence of community.
What is Live.me?
Live.me is a live broadcasting platform that allows users to monetize live streams. The live streaming platform works in a gift economy where followers of a live stream can buy virtual gifts for stream owners as gestures of appreciation and acknowledgment. The philosophy behind this is that virtual gifts bought with money go above and beyond generic hearts and thumbs-ups. Live.me has also installed a new differential emolument feature that enables handpicked broadcasters to sell products in live streams. In the future, this feature will be extended to a greater set of streamers. Live.me works on a bilateral gift-giving model. While viewers can gift broadcasters virtual gifts, broadcasters can in turn hand out virtual coins to select viewers. The platform’s success has been largely attributed to the fact that it is not gated. Anyone can join the community, garner followers through live streams and earn on the go. Broadcasters with large followings are generating significant revenue from the live streaming platform. While Live.me has gained prominence in the digital entertainment arena, the advent of turnkey technologies has sparked myriad creative platforms. StreamNow, a superior framework developed by Streamhash, is one such example. The technology allows entrepreneurs to set up live streams quickly and economically.
Let’s Take an Example
Live.me is one of the most interactive forms of live streaming there is. Here are a few examples of communication sequences that broadcasters may favor on the platform:
Picking a random viewer for a live interaction when views touch 1,000
Promising a virtual coin drop if likes touch 100,000 within ten minutes
Promising a favor to whoever sends the highest virtual gift domination
Committing to perform, sing or dance if a certain number of viewers capture and share a stream on social media platforms like Instagram and Facebook
What Technology Powers Live.me?
What Is Live.me’s Monetization Model?
Being just over a year old, live.me has seen exponential growth since its inception. While the live streaming platform spins a margin off virtual gifts within its economy, it is continually exploring new monetization models.
How Can I Build My Own Live.me?
Despite being a business rooted in China, Live.me’s largest market in North America, where twenty-somethings have taken a special shine to the application. This goes to show that a business model can be tailored to suit a specific geographic audience. In Live.me’s case, its makers have gone to great lengths to replicate trends from China in the American market. Regionalisation has worked wonders here. Live.me has also leaned heavily on influencer-led marketing, a trend worth emulating. Celebrities like Roman Atwood and Collins Key have become loyalists of the service, using it exclusively for all their live feeds. Live.me’s noteworthy collaboration with NerdHQ this year was spotlighted on various forums. The live streaming platform supported a fundraising campaign at Comic-Con San Diego where celebrities were interviewed backstage before or after their panels. Virtual gifts sent to celebrities were sent to Operation Smile, an organization supported annually by Nerd HQ. Live.me is a brilliant model to follow if you’re gravitating towards a career in live streaming. Work on a regionalized strategy for your brand and pick one or two key spokespersons who can reinforce your message to your audience. Influencer messaging is a valuable medium to leverage.
Live.me has come a long way since its birth in early 2016. It had become the highest grossing streaming app on the Apple App Store and the Google Play Store by September 2016, a considerable feat for such a new platform. Live.me is a robust, positive business model to draw inspiration from. To build a similar live streaming platform, pick a stand-out turnkey technology. StreamNow is our top pick. Next, scan trends in your region that you could stitch into your gift economy. Infusing your ecosystem with known, recognized facets can draw users in. With a skillful marketing strategy and a sturdy streaming service, you’re already halfway to the finish line.