Streaming is a prevalent form of content consumption. When the software was first developed, it was truly innovative, and it heralded a change in the way consumers consume. Streaming transmits data – usually audio or visual – as continuous flow; this allows recipients to watch or listen almost immediately without waiting for the content to download.
As the popularity of streaming grew, it became apparent that it would make those who utilised it a lot of money. To join the bandwagon and start to make your own money by streaming, read on.
Launch Your Own Platform
This is easily the most profitable way to make money from streaming content. This will allow you to host your livestreams, charge a subscription, retain all marketing control, and, best of all, you get all of your profits. Most people start off using a third party platform; however, you often have to pay to use them, and they keep a significant portion of your profits.
If you want to create your own platform but are unsure of where to start, there are plenty of online resources that can help you. For example, Red Bee Media offer OTT services; they can help you create and launch your platform and reach a bigger audience and advise you on monetising your content.
Merch & Other Products
Once you are experiencing relative success, you can begin to create your own products as another stream of revenue. This can take on several forms; if you have cultivated a popular brand, you could create merchandise such as clothing, accessories and mugs for your fans to buy. You can create books or digital products to help others emulate your success or learn from you in other ways, depending on your streaming genre.
It is important that you wait until the right time to create these products. They cost money to create, and if you make them too early, they may not sell, and you can even lose money by investing in them. You also need to charge the right price as if they are too expensive; your audience won’t pay for them.
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Sponsorships can be an extremely lucrative form of income for content creators. To earn money from sponsorships, most creators will be expected to mention the sponsor, introduce their product, and sell it via personal anecdote. Sponsorships can pay a flat fee or use commission, or pay by views. The right payment for you will depend on the number of views that you are receiving. Sponsors usually only reach out to content creators who can guarantee thousands of views.
There can be downsides to sponsorships too. Some sponsors will want a say in the video or content their product appears in and even after as you will remain affiliated with their products. On occasion, accepting a sponsorship from the wrong sponsor has even been known to cost creators subscribers. Instead of seeing the sponsorship as a bag of money, try to consider what your audience will think of it too before you commit to promoting the brand.
Some creators also use Patreon as a form of income. It is a site that allows fans to donate money to their favourite creators. These donations are often a rolling monthly pledge and can vary in size. Depending on the amount of money someone is willing to give, they can receive things in return. Some content creators give them access to exclusive content or a shoutout. You could also gift them merchandise or other products as a thank you. Patreon is best used as supplementary income as it is not consistent, and there is no guarantee that you would earn that much on there.
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To make streaming your full-time job or primary source of income, you need to be turning a profit. It can take some time for you to reach this goal, most people start out with a second income to allow them to bring money in whilst they build their platform and fan base. Success does not often happen overnight, so persevere.