Live streaming business is an effective way to generate a sustainable income for many people around the globe. Not only businesses but also individuals are making a good sum of money out of it. Individuals spend minimal time, investment and effort to produce visual content and make money out of the same content in different ways. Here are 8 ways to generate revenue from live streaming.
Advertising:
This is the most common way people use across different platforms to generate revenue and it remains effective. Radio and television have been using this method of monetization long before internet existed. In live streaming, ads can be placed at the beginning of the video, in between the video stream or displayed at the end of the stream. Inserting ads is a simple task using the live streaming software. There are quite a few free streaming software providers in the market who are open for a free trial with basic features of their software. vMix, StreamHash, Telestream are some of those. Out of these, Streamhash is open for a free trial of basic features for an unlimited amount of time. This gives much room to decide on the businesses if you are planning to have more than one. Also, it is always good to try a product before purchasing a full version of it.
Live Access on a Pay-Per-View Basis:
Brands using live streaming charge viewers on a pay-per-view basis to get live access to their stream. This has gained momentum from the time mobile devices with an internet connection became a common thing. When people get to watch live events on the go at their convenience, paying money for it is fine with them. Events conducted for a short duration can also bring in a good sum of money when hundreds of people pay to get access to watching it.
Sell The Video Recording:
When people miss the live broadcast of an event or conference, the recording can be sold to them individually. Selling also works well when it is the kind of content that people would want to own. This generates significant amount of income. When you use live streaming software to create your own live streaming website and app, it is easy to integrate payments into it. Most of the software providers in the market have universally accepted payment systems integrated in their software by default. If you are planning to sell your video recording on a large scale basis, then it is wise to integrate another local payment gateway in your website to make it easy for your audience. Renting out video content is also common these days. So, if renting suits some or all of your videos, this should also work well.
Re-Broadcast Session Live:
Re-broadcasting a session live is a good method to generate buzz and drive more sales if original broadcast did not meet the goal. Re-broadcasting doesn’t necessarily have to be on-demand but works better during a single window of access.
- Offer Discounts:
Promotional offers, discounts and coupons drive more sales in all businesses. Live streaming software makes it easy to generate coupon codes which could otherwise prove to be a mammoth task unless you are a technically savvy person. One of the software is DaCast that has the option to easily generate coupon codes which can be redeemed at a time period decided by you. Whereas another live streaming software, Streamhash, is fully customizable allowing you to add any features to support your business and aid in the incremental generation of revenue.
Crowdfunding:
This is one of the most innovating ways to make money from live streaming. Indiegogo, Kickstarter and Patreon are some of the websites that are used for this. Donations can be as one-time, with options to slide into a subscription model.
Sell Recorded Content to Other Broadcasters:
Broadcasters are always on the look-out to buy video content to rebroadcast. Selling your content to other distributors on radio, television and internet is an effective way to generate revenue.
Ticket Live Streaming:
When you live stream seminars, workshops or classes, you can reach out to people across demographics. Ticketing the stream can cover your expenses and bring in profits. People are more than willing to pay to learn, engage, interact and be part of events that will add value to their skill set and improvise their social life, especially when they can do it from the comfort of their home. A lot of brands are already capitalising on this. Live streaming software for YouTube has helped a lot of people rake in profits. The same software can be used as a TV broadcasting software. XSplit is one of the video streaming software that supports this.
Trying these ways to find which ones work best for you. Check this space for fun live stream ideas and live streaming tips.