Live streams are, more often than not, free. One can log onto Twitch or Youtube and join thousands of live streams without requiring a ticket. So charging for your live stream seems illogical, right?
Live streaming is slated to become a $70 billion dollar industry by 2021, and more and more people are turning to live streaming as their primary source of content.
As audiences begin to embrace the value of live streaming, now is the perfect time to present yourself as a consistent source of high quality knowledge or entertainment for a small fee.
Whether you’re a business conference, event planner, independent musician or entertainer, live streaming is a way to distribute your content, while allowing your audience to interact with you and give real time feedback.
If you’re having trouble presenting your stream in a unique light, we’ve compiled some ways that you can offer a unique experience and sell tickets to your next live stream.
Collaborate and get multiple people on your stream
Why stream alone?
The key thing about monetizing your live stream is that it needs to offer something of value, where your attendees feel they received a return on their investment. Whether it be valuable knowledge or quality entertainment.
One way you can do that is by collaborating with multiple experts or creators. By doing this, your live stream is immediately more unique than any free stream. You have created an experience that incorporates multiple styles and perspectives, giving your audience an experience they have never seen before.
Another great thing about live streaming is that your guests can come from anywhere in the world and all it costs is their time.
Once you’ve booked your guests, the next step would be to create a plan for your livestream. It’s more than just putting a guest on; you still need to give your audience a unique experience.
For businesses, consider hosting an interactive workshop with your guests, or create a panel.
For entertainers, you can do a collaborative performance, like an ensemble. Here are some more tips for musicians looking to live stream.
Provide a gift or reward
Give your viewers a token of appreciation.
Going off of providing unique value to your audience, nothing says value like a gift. At any conference, one will typically receive a gift bag, as a thank you and to provide a tangible item that represents their return on investment from attending that conference. Why not include this in your virtual event?
The item doesn’t have to be physical, there are plenty of great digital gifts you can provide. Gift cards, ebooks and free trials are some examples of digital gifts you can offer your attendees.
This principle can also apply to entertainers, even though guests attending a show won’t typically receive a gift. Artists can offer discounts on merchandise, exclusive EP downloads, posters, or discounts on future shows.
You want to provide value to your paying attendees, regardless of what gift you are offering, but having this ensures all guests leave happy, even if they weren’t satisfied with the content.
Try using a Subscription model
Consistent and quality content for your paying audience.
The subscription model has been a popular trend among entrepreneurs for the last few years. It offers businesses a steady stream of income, but also requires you give something of value to your customers.
A live stream can be one of your offerings, if you decide to go the subscription route. One service that can facilitate your subscription model is Patreon, which has live streaming capabilities for your patrons. Read here on how to use live streaming with patreon.
Another option for subscription-based streaming is on Twitch. Twitch has a service where premium members can subscribe to a streamer, and receive a small revenue from that subscription. This is geared more towards entertainment live streaming, as Twitch’s audience skews younger. Read this medium article on how musicians can better utilize Twitch.
Tell your audience why you are charging for your stream.
Live streaming is an exceptionally personal form of content. That is why being personal in your approach for marketing your live stream can be beneficial, especially for entertainers.
One example of this is with Erykah Badu and her Quarantine Concert Series. She only offered tickets for $2, where she made it clear that all the proceeds will be going to her, as a means to support her during the COVID-19 Pandemic.
Businesses can also take this approach, by specifying that ticket revenue is going towards offering high quality courses and seminars, with experts from all over the world.
Building a personal connection with your desired audience is key when it comes to selling tickets to your live stream, beyond any guest or gift you can offer. Remember that so many other companies and artists are offering streams for free. Give your audience more reason to purchase a ticket from you.
If you decide to go the paid route for your live stream, remember that you are competing with the hordes of free options out there, but that doesn’t mean you can’t be successful.
Give your audience a quality and unique experience that is clearly better than the free offerings. It is a highly intimate form of content that closely unites creator and viewer.
The audience that is willing to pay for your ticket will be the ones that trust you the most, so be transparent and give them a quality stream.