Running a successful live stream isn’t always easy these days. The competition is massive and viewers are easily bored or distracted. Besides that, lots of video streaming platforms offer live content for free. Therefore, a pressing issue for broadcasters is how to keep their audience happy and engaged while still making money.
So how can you monetize your viewers besides asking for enormous subscription fees?
We’ve summarized six simple and extremely effective options for you.
Let’s begin with a classic: Advertisements.
Before you start wondering what kind of tip this is – of course, everyone knows that you can make money with advertising – we’re not talking about normal, static banner ads here. What if ads could actually be fun and entertaining? With interactive ads, you have a win-win situation. On the one hand, your viewers receive advertising that doesn’t feel like advertising, but is more like a small mini-game. On the other hand, you also earn money with it. Sounds great, doesn’t it?
We are all familiar with the struggle that a message sometimes gets lost in the daily flood of data. When chatting online in a live chat with thousands of others, it’s even harder to get your point across. This can lead to a frustrated and passive audience. The “pinned messages” feature in our Spect8 side panel ensures that messages get through to everyone. Users have the ability to highlight what they have to say by pinning it to the top of the chat for a certain time. Through that they get the opportunity to bring their message across and stand out from thousands of other fans. And most importantly, as a broadcaster you will generate a new source of income.
Have you ever shopped online while watching TV? Statistically, most people shop online between 6pm and 8pm – especially while watching their favorite movie or series. So why not give them the same opportunity during a live stream? The Spect8 side panel comes with an integrated merchandise store, so your viewers can easily shop while watching your stream. Because of the disparity between the emotionally charged atmosphere during a game or competition and the lower level of attention during breaks or latency periods, viewers are more likely to make a purchase. Furthermore, it enhances the user experience for customers who are eager to buy, as they can search for their favorite items while streaming, instead of having to open a new tab first.
Selling digital items is nothing new. Everyone knows there are digital courses or books you can buy online. What boosts this, however, is the sale of digital goods during a live stream. Digital items like custom emojis and status icons can be used within chat messages. You can even customize them to match the look and feel of your stream. This not only results in more revenue, but also makes your stream unique and exciting.
You’ve probably heard of affiliate marketing before. You get paid for promoting something or someone on your platform if your audience converts through a link you provided. The more people click – the more money you earn. Spect8 developed a technology that automatically detects predefined keywords and does not only include further information and statistics about that keyword, but also adds affiliate links in the right place. Your audience gets provided with additional information and you have the opportunity to generate additional revenue.
The options described above show direct ways of monetizing users. What should not be underestimated, however, is the value of an active, engaged community that both attracts new users and ensures that existing users stay on the platform (and accordingly spend more money there in the long term). Gamifying elements such as polls, quizzes or soft-betting increase the fun factor and thus user engagement. Combined with a loyalty program, in which users receive discount vouchers for points earned, the likelihood of spending money increases.
Generate new revenue streams through live-on-stream monetization. Implement your own store, display interactive ads and sell digital items.
About the author:
Luisa Speitel is part of our Marketing team as a project manager. She has been a part of vAudience since 2021.