The streaming business probably started some years back by people that only wanted to share their arts with a larger audience. But today, it’s one of the most profitable online businesses. Content creators now leverage their gaming skills, musical talents, or arts to make money on the internet. There are stories of people who have quit their 9-6 job to become full-time streamers.
Do you have a talent or skill that you can use to entertain people? Perhaps, you’re already a streamer on YouTube, Twitch, or Facebook gaming. Are you monetizing your streaming effort? If No, read on to discover ways you can use to make money from your content. And if Yes, you can also read this article to learn more ways to increase your income from a few bucks to six figures.
Monetizing your streaming channel is not difficult. The only issue is that it takes time and consistency to build many followers. And in this game, only creators with quality content and a colossal fan base win. Taking Twitch, for instance, only 5000 channels out of more than 2 million channels get 75% of the total views. It implies that a content creator must strive to be one of the best before thinking of monetization.
Different ways to monetize your streaming business
Getting donations from your followers
If you’re not sure whether you’re fit to start monetizing your streaming channel, requesting donations from your fans is the first thing to try. By doing this, you will know if your fans are ready to pay you for your creativity. Every dime that drops into your account will serve as a sign that some people, somewhere, are appreciating your content. And they will like to see more of your art even if it comes at a price.
Almost, if not all, video streaming platforms, have a means through which fans can support their favorite creators with donations. Your YouTube followers can send you donations through the platform SuperChat service. Through SuperChat, they can pin tips in your live chat to support your channel.
Twitch streamers can get donations using the virtual currency platform, Bits. As a Twitch affiliate, you’ll get about $0.01 for every bit your viewers use when cheering on the platform. Facebook gaming also has Star, a fundraising platform through which followers can support content creators.
Using subscription campaigns to get money from viewers
After accepting donations several times, you can improve your monetization strategy by going for the subscription campaign. Subscription is when you make your viewers pledge an amount (fixed or not fixed) to enjoy your content for a set period. It could be on a monthly, weekly, or daily basis.
The major streaming platforms, speaking of Twitch, YouTube, and Facebook gaming, all have subscription payment features, but there are criteria or levels to attain before you can use them. For instance, to qualify for the Twitch paid subscription program, a content creator must be an affiliate or partner.
The same applies to streamers on YouTube. And to use this feature on Facebook, a creator must have a certain number of weekly viewers, and for now, the subscription feature is only open to a few regions.
Receiving tips and subscriptions fee via third-party platforms
Aside from the community you have on Twitch, YouTube, or Facebook, you can also build a special one on a third-party platform. And with this one, you will share great content with your biggest fans using different subscription tiers.
Platforms that provide this service include Streamlabs, Patreon, and PayPal. Patreon is specially designed for this purpose, and hence, has all the tools required to launch a hassle-free subscription campaign. PayPal and Streamlabs can also help, but these platforms naturally support one-time donations.
PayPal can still be tweaked using third-party applications and a top-tier package(Virtual terminal or PayPal Pro) to accept recurring payment. Also, there are applications that you can integrate with PayPal to provide a similar experience Patreon offers to content viewers. To learn more about the differences between these two platforms, read our article on Patreon Vs PayPal.
Revenue from ads
You can also monetize your creativity by including ads in your content as a streamer. Ads display does not guarantee much, but you can make something when you have high viewers for your videos. However, you should know that not all streaming platforms support ads to display.
YouTube is one of the very few streaming platforms that supports ads. This platform will probably be the best when it comes to in-videos and live streaming ads. You can have ads before your content and even in the middle of your live streaming. Facebook gaming is another place you can earn from ads. Twitch is also ads supportive.
Brand deals and sponsorship
You can monetize your streaming business by making advertisement deals and getting sponsorship from brands. It can be in several forms. You might have to be an influencer for the company; by making content about the company and its product. It could be one that you will have to use the product during live streams.
It involves advertisement, but it differs from ads because, in this case, you will be meeting with the brand or company to discuss the deal. You can only consider this when you have a large community of subscribers. Not just subscribers, but people you know their problems, desires, and why they keep viewing your content.
Finding a brand to partner with is not difficult- they will probably reach out to you most times. However, streamers need to be careful when signing a deal. You must understand your full responsibility in the agreement and spill out all you want in return.
Just like the last two, affiliate programs also involve advertisement. However, you only get paid when you sell. It’s a program in which a streamer advertises and sells products to earn a commission. You can do this by including the product link in your content description. And talk a bit about the product in the video or during the live stream.
But before you start advertising, you must make sure that the product belongs to an affiliate program. There are many affiliate platforms where you can get products that fall in your niche, like Amazon, Shopify, or Clickbank for digital products. You can also be an affiliate to any brand if they have a website where people can order.
Create and sell your merch
You can also make a lot from the streaming business by selling your merch. Merch is merchandise for short, and it’s a commodity that you create, advertise, and sell to your audience. It takes lots of effort and processes to have merch for your streaming channels, but it’s very profitable and promising.
You will want to choose a commodity that surrounds your contents. If you are into gaming, you can sell customized console accessories with your logo. Merch like T-shirts, mugs, and toys are also suitable for consideration. The problem with merch is creation and shipping. But you can reduce the stress by having a production and distribution line that will only take a percentage of your net profit.
Selling of courses and tutorials
Being in the niche for years or decades, you will know some information that is not readily available on the internet. You can make a lot by documenting these secrets in an eBook. And then sell it to your fans.
You can also try courses and paid tutorials. Maybe you have a streaming channel where you discuss fashion trends. You can have a course on making and designing quality tote bags or other knitted clothes.
Produce pay-per-view content
Game streamers and musicians can make a fortune using this method. As a gamer, you can create pay-per-view content, in which you will schedule a date to battle another well-known expert of the game. You make money from this by selling tickets for the event. Only people with the tickets will have the link and password to access the live event.
Musicians can sell tickets for their virtual performances. However, it would help if you made the event worth the price unless you’re going to discourage your fans from buying your pay-per-view event next time. You could also lose fans on the charge of extortion. So, you must ensure that they are satisfied.
Are you a streamer? If you’re one, you can utilize any of the above methods to turn your fun streaming channel into a money-making channel. And nothing feels easy and satisfying, like making lots of money while doing what you love. You don’t have to do everything above; select three or four ways to work best for your niche.
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