Making money from streaming and turning your hobby into a full-time job is probably the dream of every streamer. Working while having fun, it would seem, what could be better? But it's not as easy as you might think at first glance. It takes a lot of time to promote your channel and make it successful. You really have to work hard to achieve this goal. Try to create content specifically for your subscribers. Show them that you appreciate their support. Thank your subscribers. And you'll do great. But the most important thing is to take it seriously as a business! And the rest we'll help you with. Live Streaming Monetization. Let's consider this question in more detail.
Below, we will give some useful tips...
Adapt to realities
2021. The world is experiencing a pandemic. The business and entertainment landscape is changing rapidly. Many people are out of work. The majority of the world's population, because of the COVID-19 have moved to remote work. Therefore, earning money online these days has become more relevant than ever. And the competition has increased at the same time many times over. That's why now the global streaming trends have also changed. If you think that to monetize your channel you can just play games and invite subscribers, then we hasten to warn you - today this is not enough!
You need to be more creative to stand out from the general mass of streamers. And also your content should be really interesting. After all, the struggle for people's attention increases day by day! Use our tips, try using multiple platforms and luck is sure to smile on you. But winning over an audience is only half the battle, you also need to keep it. So your content should be something that people will want to watch.
However, despite the seeming simplicity, if you're a beginner streamer, don't be in a hurry to quit your full-time job just yet. Start using streaming as an alternative and eventually you will succeed. And then your hobby will become your source of income. And for some, even a full-time career.
Of course, there are top streamers on Twitch who make a lot of money from streaming. But it's a long and painstaking job. And not many channels can boast the constant attention of the audience.
Payouts from audience
If you want to turn streaming into your profession, you shouldn't count on tips. You need a steady income for a long-term career. Actually, the payouts from your viewers aren't that big, but you'll get more and more over time.
Some platforms support those streamers who are members of their special programs. But to do so, you must meet all the requirements. Such programs will help you receive regular payments.
And now, consider those platforms that have such programs:
1) Twitch. If you are an affiliate or partner of Twitch, you will be able to generate income through their paid subscription program. Viewers can even get one subscription for free, through Twitch Prime.
2) YouTube. To allow users to subscribe to channels with monthly payments, YouTube has introduced a channel membership program. If you can meet their requirements and become a member of the partner program, with this opportunity provided by the website, you will be able to enjoy additional features or functions of YouTube. And you'll get a portion of the revenue from the video ads shown in the stream. But to become a member of their program, you must have no rule violation warnings, your channel must have more than 1,000 subscribers and more than 4,000 hours of viewing in a year.
3) Facebook. If you get the right number of viewers who return to your broadcast every week, Facebook Gaming now has a Fan Subscriptions feature designed specifically for those who create gaming content.
You are a beginning streamer. And you have your first subscribers. That's a good thing. But how do you know if your business is becoming successful? If you already get donations and tips, it means that you are on the right way and people appreciate your work. The best proof is that they're proving it with money!
Most platforms you can use for streaming are suited for viewers to send donations and tips. The platforms already have special services in-built for these purposes. On some websites, they have introduced their virtual currency and even virtual goods. It is through such transactions, streamers receive a significant portion of their income. Most importantly, when receiving donations be sure to praise your viewers for this. You can highlight such a person during the broadcast, answering questions from the audience.
These days, donation and tip systems are available on many well-known platforms (even on Tik Tok). But streamers use mostly a few that have such a service. These are Facebook, YouTube, Twitch, etc.
We'll talk about the most basic ones:
For example, on Twitch, the audience can cheer on their favorite streamers with Bits. This is a virtual currency of its own on Twitch, with which viewers support the streamers. And if you're an affiliate or partner of Twitch, you'll also get a little money for every bit you receive. If you use YouTube, there's a tipping service called Super Chat. In it, with tips, your audience can pin their messages to your channel's chat. That way they get more visibility. On YouTube, you can get a cut of your purchases. Also, for an additional fee, viewers can buy chat animations there – Super Stickers. These Super Stickers (as well as paid messages) appear in the chat for some time.
Facebook has its tipping service. There is a type of virtual good there, called Stars. Your audience can buy them and then send them to you. For each Star, you also get money ($00.1). But not everyone can get a Star. To do so, you need to become a member of Facebook Level Up.
Make money with ads
If you think that only top streamers can make money from advertising, then hasten to reassure you - everyone can do it! You just need to find the right social media or a good streaming platform and then you too can earn income through advertising. But don't forget that some viewers can block your ads with ad-blocking software. After all, not all people want to see pop-up ads. Note, not all platforms on the Internet offer ads to creators, but there are plenty of those that you want to. For example - YouTube, Google, Facebook, Twitch, etc.
Now, let's look at some of them:
For example, on Twitch, you can use in-stream ads. They also have native ads. On YouTube, use overlay or display ads. Ads on that platform can be mid-roll or pre-roll ads. On Facebook will give you the opportunity to put in-stream advertising through Facebook Live, if you fit them in the size of the audience (at least 10 thousand subscribers) and the number of views (at least 30 thousand in 2 months). In this social media, you can use for example Brand Collabs Manager. This marketplace will help you discover partners to connect with (brands or other creators) and promote your content products.
Donation/subscriptions with 3P websites
Some streamers don't want to get paid through such platforms or don't even want to participate in partnership programs. If you fall into this category, you need some other platform. With it, you can easily process payments from your fans (subscriptions and donations) and create paid or free content for them. It is only up to you to choose such a platform. There are quite a few options. We'll list the ones most often used by streamers. For example, Patreon, Kickstarter, Streamlabs, GoFundMe, Crowdfunder, Indiegogo, etc.
Let's try to understand some of them:
A Patreon account, allows you to regularly receive funds from fans for your project, collect one-time donations, or use it to distribute content for a paid subscription. You can set up monthly contributions there, which will provide you with a steady income. And for your subscribers, called "patrons," you can provide exclusive content. By the way, Patreon offers perks for extra revenue. But most importantly, their subscription system does not require you to participate in any partnership programs.
If you are interested in one-time donations, then you are better off using the special Streamlabs platform. There are various payment options at your service. In addition, Streamlabs can be integrated with platforms like Twitter, YouTube, Facebook, or Twitch.
And to get money for an unfinished project, you will need a platform such as GoFundMe (Kickstarter is also suitable). Especially for this purpose, you can create a page on these platforms to effectively promote your project with broadcasts. There you can raise funds through a crowdfunding scheme. And don't forget to reward those viewers who support you...
What is merch? Selling merchandise is another lucrative way to make money on a stream. And many platforms even provide help with this. But first, you have to decide what type of merchandise you're going to sell during your broadcasts. It can be as digital goods like e-books and music. Or you can sell your gamer-themed stuff like toys, t-shirts, mugs, action figures, posters, and other merchandise. By the way, the YouTube merch shelf can help you with this.
But first, you have to create your online store (for example on Shopify) or your brand, or you can collaborate with famous stores to use their capabilities. Then you'll earn commissions by selling through other companies (e.g. CafePress, RedBubble, Zazzle, etc.). Choose a reliable merch company that will produce, ship, and store your merchandise for a share of the profits. The main thing is that this company must be approved by the platform on which you stream.
However, we want to warn you that in addition to selling, you'll need to think carefully about all phases of this business - shipping, design, production, and even inventory management. And you will have to personally participate in all these stages. But in the end, the merch will be able to bring you a good profit.
Besides advertising, there are other ways for streamers to make money from collaborations are sponsorships or deals with any brand. If you're a beginner streamer, you'll have to work hard to get a company interested in making a profitable deal with them. But if you regularly gather a large number of viewers on your channel, well-known brands may offer you a contract. The main thing is to take the deal seriously, checking every point scrupulously.
There are several proven ways to earn a deal with companies and brands. For example, you can put sponsored content on your channel and the developer will pay you if you play in his game. You can also display banners during your broadcasts. Or you can put ads on your profile page and your channel. And if you're lucky, some brands may even sponsor entire streams. The main thing here is to get brands to pay attention to you. Once you've made a deal, follow through on your commitments carefully. And don't push any products on your audience, you're not a salesperson. Otherwise, people may just turn away from you. And then, along with the audience, the sponsors will leave.
There is such a thing as affiliate sales. With the help of this program, you too can earn on your stream. When you join an affiliate program, the company will give you a code or link. And you will only need to mention a promo code or a coupon code during your broadcast, which viewers will be able to use when making a purchase.
But before that, don't forget to put the code and affiliate link in the description of your stream. That way, if you become a member of an affiliate program, you can still get a good commission just for the fact that the customer will either buy something by clicking such a link. But remember, the purpose of your channel is not just sales! The main thing is quality content, which is sure to attract viewers and sponsors to you.
By the way, not all streaming platforms make an agreement with an affiliate program. So they may not receive income from your affiliate sales. So try to make sure that the services and products you advertise match your streaming.
The COVID-19 has had a big impact on businesses and people's lives in general. New ways for streamers to make money have emerged. For example, you can use paid access by selling tickets to your live content. This is in increasing demand these days. And most platforms support this trend too. And it doesn't just apply to game content.
All you have to do is create interesting live content that viewers will pay for. And you can even sell tickets to your streams. But remember, your paid content has to be different from your free content. Try to attract viewers with the uniqueness of your content. But first, find a platform through which you sell tickets for your streams. Special websites can help you with this. Today there are several streaming platforms, which already have built-in functions of selling tickets (such as Vimeo, BoxCast, Dacast). But for the streaming associated with gaming better fit Streamtick. With it, you'll be able to sell tickets on platforms like YouTube Live, Twitter, Facebook.
But note, all of this will only be effective if you already have a loyal audience. Otherwise, you'll just alienate your first viewers.
Share your skills
Live streaming is now used everywhere, allowing experts in any field to share their knowledge by earning live content. That's why vloggers, influencers, and podcasters are very popular right now. For example, athletes or cooks, get income from paid training and streams. After all, their broadcasts are watched by people with a variety of interests. So viewers learn and get the necessary knowledge.
You, too, could take an example from them and share your gamer skills with the audience. Try holding paid online masterclasses or live training sessions. You could even train someone personally (then those who want to can pay you to train them) or offer them a package for a month (if they support you on Patreon). Try using co-streaming to teach someone the game skills. Chat during the broadcast (you can use AMA "ask me anything" for a quick real-time response) or take call-ins. By the way, recently even non-gamers who “just Chat” have taken their niche on Twitch in the very popular category “Just chatting” …
P.S. Remember our advice, work hard, try new methods, and don't hesitate to use the help of professional platforms, for example, Twads.GG. And then you'll be sure to monetize your live stream!