From any smart device in the world, you can easily watch the day away at home in different places of the world or can check rare artifacts in a museum overseas. All then go to live streaming or broadcasting live video in real-time. Explore the article to know why the music sector is turning to live streaming to increase user engagement and revenue.
The global live-streaming market is projected to reach around 247,275 million by 2027. The market is growing continuously at 28.1% CAGR throughout the forecasted period. Live streaming has been around us since the early days of the internet. But increasingly, streaming businesses are now stepping ahead to catch the potential of video streams to promote their product sales.
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One of the pilgrims was the e-commerce giant Alibaba, while in 2016, Taobao Live was launched. Later in 2020, many live online platforms saw significant growth during the pandemic. From 2020, the number of businesses that have adopted live streaming on the platform has jumped, said the head of Taobao Live Product at Alibaba Group.
Key Platforms Driving Music Live Streaming
Several digital platforms have played a pivotal role in this transformation, offering both artists and fans a space to connect virtually. The most prominent platforms for music live streaming include:
Twitch
Originally a platform for gaming, Twitch has successfully diversified into live music events, enabling musicians to stream their performances to a global audience. Artists use Twitch for everything from impromptu jam sessions to full-scale concerts, interacting with fans via live chats and donations.
YouTube
YouTube has long been the go-to platform for music videos, but it has also seen an increase in live streaming, with many artists broadcasting their performances or behind-the-scenes content directly to their subscribers. Super Chats and membership features of an app like YouTube Music have become valuable tools for artists to monetize their live streams, offering fans ways to support creators directly.
Instagram & Facebook
Social media platforms have quickly integrated live streaming into their ecosystems, with Instagram Live and Facebook Live allowing musicians to reach their audience instantly. These platforms encourage fan interaction, which is a key driver of engagement during live events.
How to Make Money with Live Streaming: Explore Effective Ways Right Here!
Innovations like artificial intelligence, blockchain technology, and many others have developed video quality and are assumed to boost market growth, according to the Grand View Report.
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Artificial Intelligence plays an imperative role in voice-overs, editing, scriptwriting, cinematography, and other video upload and production factors. Various streaming solution providers use modern technology to improve the content quality and to provide a great user experience at the same time.
These days, large brands can profit financially from large audiences, but it doesn’t guarantee profit for those whose final product is streaming content. Online video content creators who want to get worth for their streaming need to opt for practical ways that help them engage more users and at the same time drive revenue for their business. Listed below are a few of the effective methods you can consider to make money through your streaming content.
Run Ads
Undoubtedly pre and mid-roll ads have found their way into live video. The revenue is calculated based on the cumulative number of viewers who view the ads. Facebook added the ad capability to the live videos. During the live broadcast, certain streamers can view the option to take a short break and play ads.
Users will be shown a concise Facebook video ad; then, the live broadcast will resume. Unfortunately, not every content creator will qualify; you can have around 50,000 followers and have reached 300 or concurrent viewers in a live video. You might have a Facebook Page, and your current live video can reach at least 300 concurrent viewers. If all of these standards are met, you can take an ad break.
Fan Donations
A recent Deloitte report shows that live-streaming revenue amounted to around $7.4 billion in 2018. It shows around 47% increase in recent years. The study also shows that “the primary revenue model for the market is anticipated to be tipping, whereby viewers donate funds to performers.”
The ease with which fans these days can support their favorite artists with donations is indeed game-changing. The new revenue model enables those who love building music, videos, art, as well as other types of content to learn how to make money streaming, get rewarded for their work, and turn their passion into a profession.
Pay Per Subscriptions
Pay per subscription model asks video streaming platform users to pay a certain amount to unlock an introduction to an item creator’s “hidden” live content. The content is more special and unique compared to the open one.
In the same manner, a subscription provides access to all content creators’ content for a particular period. However, the subscription provides access to all creator’s selected content for a while (think Netflix). Subscriptions are essentially helping you generate more revenue and sales in no time.
Donations and Tips
A music streaming platform like Spotify and Twitch allows fans to donate or tip during live streams. Features like YouTube’s Super Chat or Twitch’s Bits system let viewers send money directly to their favorite creators while they are performing, creating a more personalized way for fans to support their artists.
Affiliate Programs
Affiliate programs are the best option to consider if you are exploring how to make money through streaming. Affiliate programs work to help you get an extraordinary product link, and promo codes from a sponsor, and every time someone visits the link and buys the product or services, you get some percentage of the sale. It is much like working for a commission.
Conclusion
Ever since the beginning of the web, people have looked for opportunities to do interesting things online and earn great money in the process. If you are looking to use live streaming to generate income, you can choose any of the methods from the list or can choose any of them.
It ultimately depends upon you whether you are moving to advanced options to generate more revenue and engage more customers or not. You can also use the platform to earn more money on different streaming platforms at once. But keep in mind that you have to create engaging content that your customers love to see. Once you build the audience, you are required to make sure to keep it. When it comes to making money through live streaming, your targeted audience is the best asset.
Dilshad Durani is a technology strategist and content creator at Alphanso Technology specializing in innovative music streaming software and video streaming script development. Passionate about the intersection of AI and blockchain, she explores how emerging technologies shape our digital future.
