How Can You Make Money Live Streaming?
The common misconception behind live streaming is that people can only make money if they have a long-developed following and a larger audience. However, more people have proven that live streaming has been expanding, estimating to bolster and double in growth to become more than a $70 billion industry by 2021.
With the decline of cable subscriptions, live streaming has transformed the ways people can now interact and watch their favorite instructors, chefs, musicians, comedians, and more. Live streaming has become a proven money-making strategy while people participate in doing what they love and cater to more niche audiences.
The First Step: Sell Tickets to a Live Stream
To get started, there needs to be a developed concept or thought-out idea about the general purpose of why you are live streaming. The most important part of building content and publishing topics is making sure the content will be of value to the audience. Whether it’s teaching yoga, making a cooking demo, streaming a comedy skit, the event for which you are promoting can make money.
Streaming platforms don’t need to be constricted to huge concerts and events in order to generate revenue. The key component in the introduction of live-streaming is to make sure you have developed a long term concept that you can remain consistent with. Research has shown that people have been spending more time watching live videos with a 48% increase in streaming compared to last year.
“... 48% increase in people that are streaming live videos compared to last year.”
Investing in good equipment, coming up with ideas that allow you to stream often, and remaining consistent with your audience are important factors when considering live streaming. By uploading consistent content, audiences will begin to identify your work and will want to continue to purchase tickets. This will eventually lead to a wider audience and fan base.
Diving Deeper Into Live Streaming Revenue
Bumps Along The Road
While trying to develop a revenue from live streaming, people can establish regular viewer payments or ads to convert their streams into a money-making business. The catch for doing so comes when streaming platforms begin to implement qualifications and requirements in order for hosts to be able to participate in that money-making process.
A platform like YouTube has requirements that limit the way people can begin to make money by requiring people to have at least 1,000 subscribers before they can start to monetize.
A further inconvenience that comes with getting into live streaming is the amount of time it takes to begin making money on most streaming platforms. Without the large base of viewers or name recognition with sponsored ads, the process can become discouraging.
The annual growth rate of the live streaming market is estimated to increase by 3.2% by 2023, developing into 24,837 million USD. The popularity of live-streaming is there, you just need to know where you can best accomplish your goals. With a platform like PromoStream, hosts can create their events and sell tickets with ease. Making money has never been easier. With availability from any platform, people can stream on any device anywhere!
Events are not limited to attendance capacity and can generate revenue by broadcasting in-person events. Hosts are able to make money by allowing people who cannot attend the event in person to buy tickets and join in through their virtual options.
Get Started Now with our Free Guide
Launch your first ticketed live stream successfully with the help of our free resource. Download this PDF to learn how to set up your first stream. This guide will assist you with everything from determining your event type to what equipment to use.