4 Strategies for Live Video Monetization
Live video is more popular than ever. According to our survey with New York Magazine, 80% of respondents would rather watch live video from a brand than read a blog. Live video offers a direct, personal connection with your audience. No matter what industry or platform you’re creating for, nearly half of live video audiences would pay for live, exclusive, on-demand video from a favorite team, speaker, or performer – giving you the opportunity to monetize your live stream and improve your video monetization platform.
Video monetization can create real revenue for your brand and perform consistently.
- 70% of consumers who live stream do so at least once per day.
- One in five Facebook videos is live.
- 67% of people say the quality of the video they’re watching is the most important factor of a live stream.
With so many options available to you, it can be hard to strategize your online video monetization. You can start monetizing your live videos with solutions built for your brand or organization at any size or stage of the growth process. But first, it’s a good idea to study up on streaming monetization and how exactly your videos can make you.
Why You Should Monetize Your Live Video Content
Start monetizing your videos
There used to be a huge barrier to entry for companies that wanted to get started with video. But in today’s world, creating and streaming live video is entirely accessible to small businesses and independent creators. There has never been a more even playing field for those looking to start their own live-streamed show.
Video monetization platforms can help you produce professional-looking live stream videos and help you access the platforms of your choice. With platforms like Vimeo, you don’t have to think too hard about how you’ll distribute your content once it goes live. You’ll also have the ability to allow your audience to access your content later, creating an additional revenue stream.
Live streaming revenue
Streaming video already accounts for two-thirds of the world’s internet traffic, and the video live streaming industry has increased by 99% in 2020. Successful brands are seizing this opportunity, diving head-first into the live video gold rush. Livestream’s end-to-end solution of platform and hardware is the perfect toolkit for monetizing your digital content. With our live stream monetization options, you can tailor your live video strategy to meet your needs and connect with your audience at every step.
And now that there’s a pause on live events – industries are actively pursuing different ways to keep fans engaged and make money. When we think about live streaming revenue, it’s easy to think of industries that traditionally lend themselves to that model. But there is more incentive and need to invest in a digital retail strategy that includes live stream.
As an example, makeup retailer Maybelline experimented with live stream selling and sold 10,000 lipsticks in two hours by combining live streaming with real-time chat and one-click purchases to create seamless digital shopping experiences. They were able to generate nearly $100,000 in revenue in two hours.
Want more info on how live video can help you grow revenue? Our Livestream Learn webinar, “OTT Streaming with the Experts,” features advice and insights from thought leaders across the over-the-top streaming industry. Read more about our webinar and watch the full show.
Grow your fanbase
By incorporating live video into your content production, you will be able to distribute this medium to many different platforms, including social media.
Aside from Facebook, Instagram, Twitter, YouTube, and LinkedIn, emerging platforms like Twitch.tv cater to audiences interested in live streaming. When it comes to live video, there are endless possibilities to keep your audience engaged with your brand.
How to Make Money With Live Videos
Now that we’ve covered why you should monetize your live stream, we have to get into the how. There are many different ways to make money from your live videos, and finding the right model for your business will help you to grow. Here are a few of the most popular monetization models:
Online donations are fast-becoming a considerable source of revenue for content creators. Online giving is growing 13% each year. Livestream’s donations feature makes it easy for organizations to accept donations from their viewers. Both the Livestream event page and the live player embed feature a built-in “donate” button so your viewers can show appreciation without navigating away from your broadcast.
Philadelphia’s Enon Tabernacle Baptist Church is one of the many organizations using this feature. Ireland-based, live music streaming startup CENTRSTAGE also uses donations to support the independent musicians who broadcast on their platform.
2. Ads with Google Double-Click for Publishers
Think advertisements are just for corporate broadcasters? Think again. Google Doubleclick for Publishers, or DFP, lets you run ads at any point during your live event. Adding short advertisements to your live broadcast recreates the familiar look and feel of traditional television for a fast-growing digital audience.
Mid-roll advertisements are especially effective. According to AdAge, viewers watch mid-roll ads 90% of the time, compared a 78% completion rate for pre-roll ads. It’s easy to sync your Google DFP account from within your Livestream account settings. Once your settings are configured, you can trigger Google DFP from within Livestream’s Studio software.
Independent networks like BeTerrific Live and the LawNewz Network use DFP throughout their live shows. BeTerrific Live broadcasts five days a week on Livestream to a worldwide audience, with viewers tuning in from as far afield as Thailand and Brazil.
The LawNewz Network broadcasts live courtroom coverage of the nation’s top criminal cases. Their Livestream channel and live player embed are home to a dedicated community of viewers. That audience helps LawNewz Network grow revenue with advertisements on their live player.
3. Lead Capture
According to Hubspot, adding live video to your marketing stack increases customer conversion by 80% or more. Live video brings a dynamic component to your marketing strategy, engaging viewers whether they tune in on desktop or mobile. But how do you continue the conversation after your broadcast has ended?
We built Livestream’s lead capture feature with the marketer in mind. You can add a customized lead capture form on your live player with the push of a button. Adding a lead capture form will “gate” your live video stream, requiring viewers to fill out the form before viewing your broadcast. This gives you a clearer picture of your demographics and can help you target your post-show follow-up.
NFL’s New Orleans Saints are already using lead capture to better understand their audience. Their pre-and-post-game broadcasts routinely attract thousands of viewers. Streaming behind-the-scenes content gives Saints fans more opportunities to connect with their favorite team. With lead capture, the Saints’ marketing organization uses these valuable insights to better target their email campaigns to customers who have engaged with their video.
4. Pay-Per-View Model
If you’re using live video to broadcast events, think of a pay-per-view service as a virtual box office. Livestream Enterprise subscribers can easily add pay-per-view to their events using one of our partners’ payment processing and content entitlement systems.
Boxing legend Oscar de la Hoya’s Golden Boy Promotions has revolutionized online sports broadcasting. They augment their in-person ticket sales and grow online revenue with a pay-per-view model for their Ring TV Live network. Golden Boy alternates between free broadcasts and traditional pay-per-view programming (also known as a “Freemium Model”), enticing viewers with a free sample before converting them to paying subscribers with premium content.
This is a similar approach that brands like Ultimate Fighting Champions use, broadcasting smaller fights on Fox Sports 1 before switching to a pay-per-view network for their main event. With Livestream’s Simulcast feature, you can stream a portion of your content to multiple social channels before driving viewership back to a pay-per-view stream.
Grow your live streaming revenue
After building a relationship with your audience, you have a significant opportunity to grow your revenue stream by continually producing live video content. Building a video strategy will ensure that the two-way dialog between you and your customers continues into the long-term.