Live video began gaining popularity in 2016 but today it’s one of the biggest assets brands have to reach and engage their audience.
With the advancement of mobile technology, the speed of broadcasting, the exposure it provides and the fact that customers prefer video content (and are more likely to take an action after watching a video), it’s obvious that your business must be leveraging live streaming events.
63% of businesses are using video for marketing and you shouldn’t miss out on this golden opportunity to find more leads and grow your brand.
But why live stream? Because such type of content gives your offer and information urgency and generates a bigger audience, starts a discussion and allows you to have a better interaction with your viewers. Also, it’s not restricted in any way and can continue for as long as necessary. Live streams can also be informative and fun at the same time, whether you’re hosting a webinar, conference or just a tutorial to talk about your niche and help people with a problem.
But the benefit we want to focus on in this article is the fact that live streaming can bring additional revenue.
You can earn from sponsorships, donations, running ads during the video, capturing leads, partnering with affiliate programs or selling your own products.
While there are many ways to monetize it, one category stands out – you can make money from your live stream by offering pay-per-view access to viewers.
The pay-per-view model is ideal for businesses and individuals using live video to broadcast events. Here’s how to make the most of it:
How Pay-Per-View Works
PPV is based on subscriptions. During a live stream, you’re offering people to get access to premium content that’s hidden. It must be something more valuable than the free version.
The way you live stream is this: you record video and audio using a camera, you use a software or hardware encoder to produce a live stream, you then need a place to host your video content where people can access it (a live streaming platform like Vimeo or StreamingVideoProvider), and you accept payments.
In order to produce high-quality video, have many viewers and monetize your stream successfully, you want to make sure you do all of this right.
Use The Right Tools
For a start, have reliable equipment in order to avoid possible problems. That includes a good camera, an external mic, encoder and bandwidth.
Facebook and YouTube Live might be your starting point if you’re just building your audience now, but if you want full control over your content, a bigger reach and proper monetization opportunities, you will eventually outgrow these platforms and find a livestreaming solution that does everything for you.
All this depends on your budget. If you are serious about broadcasting your events and increasing your revenue through that, you won’t save on equipment and tools.
Another aspect of this is the ppv live streaming paywall solution you’d set up. You should configure live stream tickets or offer subscriptions for your live shows.
It’s easier for you and viewers to collect payments right in the player, which requires a built-in payment system that comes together with the livestreaming platform you choose. With a good provider, this should take just a few minutes.
Don’t Let Anyone Miss Out
What about the viewers who show up late or simply can’t be there for the live event? That’s where recording comes.
You should make a record of each of your live videos. While you can also use it for promotional purposes and feature parts of it to improve your online presence, you can also continue to earn from past live streams by giving viewers who missed the live stream a chance to watch the recording.
Streaming video accounts for over two-thirds of all internet traffic. If you want to have a bigger audience, stand out in the crowd and give your customers access to their preferred type of content online, then your brand and business should benefit from broadcasting events.
There are many free and paid solutions you can choose from such as XSplit, livestream.com, Open Broadcaster Software, Vimeo Live, and more. Whatever you choose, make sure you know what features it’s providing and look for an all-in-one solution. Also, watch out for commissions as some tools might be taking up to 10%, which might seriously affect your gross income.
Your live events are not going to be a one-time chance to build a name for yourself anymore or earn revenue. Thanks to live streaming, the pay-per-view monetization model and the chance to record the live video and share it again and again, you’re about to get ahead of the competition and maximize your branding efforts.