7 Best Ways For You To Make Money Live Streaming 2021
From blogging to video making, there has never been a better time to earn money online. Now creators are discovering one of the easiest ways to earn, Live Streaming.
For years live streaming was nothing more than a hobby for gamers looking to connect online. Today, live broadcasting is quickly becoming one of the most profitable forms of content generation for both people and companies.
According to Daily Esports, live streaming increased a whopping 99% between April 2019 and April 2020. The entire live streaming industry is estimated to be worth about $70 billion today, and by 2027 it’s expected to grow to $180 billion worldwide
This brings us to a crossroads. The time for predicting live streaming's fall has passed us. Now, the only question left is do you want to be a part of this live streaming revolution? Whether your goal is to find new friends, be at the cutting edge of new content, or make your own income, we've barely begun to scratch the surface of what live streaming has to offer.
To learn how we can accomplish our goals, we asked some of the most successful live streamers on Tango Live what they have done to turn their talent into a full-time income. After hearing what they had to say we broke it down to the most popular and proven ways to generate income via streaming live.
While Tango makes it one of our top priorities to make monetization as easy as possible, every app has ways to help their users make money. Below are the easiest and most popular ways to earn money no matter where you decide to do your live stream.
Built in to nearly every live streaming platform is getting gifts from approving fans. The first time you get a gift is going to feel like a bolt of electricity running through your body! It’s a sure sign that you’re doing something right, and a great feeling to have as you begin your streaming journey.
It honestly might seem unbelievable at first, that people are willing to throw a few dollars your way as you stream, but they do! Over time these dollars add up. Not to mention, that as you get bigger you’ll likely find more loyal fans, some of whom are willing to plop down significant amounts of cash on your stream! That’s a feeling that will leave you stunned beyond belief!
Simply put - provide content people enjoy. Whether it’s art, jokes, or just chatting, people love giving gifts to deserving content creators. Basically, it all boils down to putting in effort, and caring about your audience. The golden rule of streaming - the more you care about your audience, the more they’ll care about you!
Once you’ve been given enough gifts you’ll be able to withdraw them as cash. On Tango, you have to have a minimum of $25, but you can withdraw as much as up to $2000 a day.
What’s better than getting gifts? How about having people pay you on a monthly basis to view your content? When you have people paying you a monthly subscription fee they’re going to expect special treatment and content just for them. So make sure you’re giving your subscribers unique content such as:
Tango makes having subscribers super easy. With one click you can create special streams that only they are able to enjoy. Additionally, Tango allows subscribers to have one on one chats, meaning that you can actually get to know your subscribers much more easily. You can also send them special promotions and updates about when your next stream is.
Take advantage of the opportunity to talk to and get to know your subscribers. It really is both a fantastic way to make money and connect with your audience.
For many streamers this is a dream position to be in. Many large companies are becoming wise to the fact that streaming involves a lot of trust between the user and the host. As a result, if you, the host, start promoting a company’s product or brand, a lot of people are going to be influenced into buying.
Important Tip for Sponsorships
Make sure you’re being authentic when it comes to accepting sponsorships. Don’t promote something that you don’t like. People will eventually figure out that you’re not serious about what you’re offering them, and they’re going to find it hard to trust you in the future. Don’t jeopardize your reputation over a few bucks.
Be the Voice of Authority
One way to make yourself a voice of authority is to work with companies who sell products related to your genre. If you’re a musician, then it would make sense to promote a line of guitars from a company you love. Rather than sit and wait for someone from that company to start blowing up your inbox, reach out to them. If you have a large following of people who trust you, most companies are going to be more than happy to work with you.
Affiliate programs are similar to sponsorships, but instead of just getting money to talk about or explain a company or it’s products, you are actively involved in selling it. Generally how it works is that you receive a unique promo code from a company which you advertise to your viewers during your stream.
Every time one of your followers uses the code to buy from the company you get a percentage of the purchase.
Generally profits will be anywhere between 5% to 30%. A great way to get started is to use Amazon’s Associate Program. Not only can you sell Amazon products related to your niche, but if your viewers purchase other products on Amazon after clicking your link then you get even more bonuses.
Keep in mind that this isn’t the most consistent form of income, but it is a great way to earn even more than you usually would.
If you have great content and an audience that loves it, odds are that you’ll be able to create merchandise that you can successfully sell. Just make sure that you know your audience. Figure out what kind of merchandise they’d like. Shirts are one of the most popular types of merchandise to sell, but there are also cups, hats, sunglasses, stickers, etc. Basically, anything you can put a custom design on can be made into merchandise.
Steps for Creating Merchandise
After you’ve decided which type of design you’re going to have on your merchandise to have a professional actually create it. Once it’s ready to go, the next step is to begin promoting your new product. Let people on your stream know where to go to purchase it, and perhaps have some kind of promo code for the first few buyers to get people excited.
The work doesn’t stop after everything has been purchased though, ask your fans to send you selfies of them with your merch that you can post on your social media accounts to generate even more sales.
We recommend using Spreadshop, an online shop that allows you to create and sell your own merchandise for free. You can customize your shop and have full control over the price of your products. For a small fee Spreadshop even handles the shipping for you, both throughout the United States and internationally.
One thing that motivates people to pay for streaming content is exclusivity. Rather than having the entire stream a pay-per-view type of content, have only a portion of it be paid. Leave the rest free for your loyal viewers to keep watching, something that will only encourage them to want to follow up on your new content and watch that as well.
As tempting as it might be to put your most valuable content behind a paywall and charge a premium amount for it, avoid this impulse that will only lose you viewers. Keep the payment request at a reasonable level, and you won’t have to worry about alienating any of your loyal followers while still being able to make an income from paid-only content.
If your content is so good that people are reaching out to you asking for lessons - why not do it? Creating a masterclass is easy and not costly. There are a few ways to do this via livestream: the first is to offer a one-on-one lesson with one of your higher paying viewers. This makes it easier to be certain that your student is understanding the skill you are trying to teach them, and that nothing gets lost.
The second option is to do group lessons. Although it might be a bit more confusing doing a group lesson (putting others on mute might be the key here) you are able to charge multiple people the price of having a private class. It also gives your fans the chance to meet each other and build a community from your classes.
Some streaming platforms have in-stream advertisements but they can negatively affect a stream. That being said, it is a potential revenue stream (albeit a small one, and one that you as the streamer have less control over). Additionally, many users use ad blockers and other software when viewing streams. So, even if you do use in-stream ads, make sure that it is not your only source of revenue.
So, we’ve given you numerous ways to earn, but out of all of them which is the most popular? The answer is probably going to surprise you... but the number one way that streamers earn money on nearly any app is from gifts!
If you’ve never streamed before you might be a little doubtful, but the more veteran creators are already nodding their heads.
For the most part, you can expect between $1 and $2 worth of gifts during a live stream. As you progress as a streamer you might be getting a hundred dollars a month, then a thousand. Some of the most successful streamers earn a full-time salary while others are making millions!
On Tango, users buy coins that they can use to support talented streamers. Every time a user gives 100 coins, the streamer gets 70 diamonds. Once you get 5000 diamonds you can start redeeming them for actual cash.
You need a Payoneer account (which you can set up for free) in order to turn those diamonds into cash.
You are able to make your first cash redemption after you’ve earned 5,000 diamonds ($25). After that, you can redeem up to 4,000,000 diamonds ($2,000) daily.
How Much The Average Person Earns Based on Stream Time
If you’re new to streaming then an hour probably isn’t going to be enough for you. In fact, take a look at the chart below to see just how much money the average streamer is making based on their time streaming:
Tango's Top 10 Features To Help Live Streamers:
Tango’s gifts system allows you to receive virtual goodies from your viewers and fans. These gifts translate into diamonds, the in-app currency, and more diamonds = more cash. When you’re ready to cash out, you can then turn those diamonds into real world money that you can redeem easily through Payoneer.
2. Popular Category
Live-streams on Tango are displayed to viewers through different categories of interest, including: Nearby, Popular, New, Music, and Dance. A musician, for example, can increase their exposure by ranking high in multiple categories (such as Popular and Music). In order to get into the most competitive tab (popular) you have to be consistently creating new content and gaining more views. Stick to it and it will happen to you too!
Tango’s leaderboard functionality tracks the most popular streamers of the day, the week, and all-time. It goes without saying that if you’re able to appear on this leaderboard, it’s a great way to get noticed by people who are looking for their new favorite streamer. And of course more eyeballs = more gifts and revenue!
4. Tango Moments
Tango Moments is a feature unique to Tango, so be sure to take advantage of it! Essentially acting as a sort of highlights reel that can be viewed by people even when you’re not streaming, they show the top moments during your live-streams and preserve your reactions for posterity.
Another great asset to Tango's Happy Moments feature is that these short, engaging clips can be shared directly to Instagram and other social media sites, promoting your streams and bringing in more viewers. You can also boost your income on the platform by specifically asking your viewers to send you gifts to help you create more great shareable Moments.
6. Create a Live Family
Once you’ve earned at least 10,000 diamonds you can set up an exclusive group chat that’s only available to friends of your choice. This is an ideal tool for increasing your revenue on the platform, because you can create a Live Family for your biggest fans and top gifters. This is a great way to build a supportive community on Tango and to engage with them constantly.
The advanced analytics that Tango provides gives you granular feedback on your live-streaming performance - allowing you to learn what’s working and what isn’t. You can check your daily earnings, and you can compare them with the lengths of different live-streams and the number of new followers that you received. You should keep your eyes on these statistics and try to improve upon them over time.
8. Friends and Notifications
The features in Tango are geared towards helping you develop your community and talk to your fans. You can view all of your followers in your profile, follow the most active ones back, and start chatting with them. The more you engage with your fans, the more they’ll engage with you. More engagement means that your videos will perform better and ultimately bring in more gifters which means more money for you!
9. VIP Users
Not all viewers are created equally, and Tango recognizes that, allowing you to distinguish between bronze, silver and gold VIPs to better focus on the most active gifters and supporters who can boost your income the most. You can even create special Private content that can be watched by people who pay a prepaid entry fee.
With that said, you should also treat every viewer as a VIP, which is why it is a good idea to interact with everyone and make sure to give shout outs to any new viewers when you see them. You never know what might turn them into long-term fans of yours.
10. Referral Program
Tango's Referral Program allows you to earn money by telling your friends about Tango! Every time someone signs up using your link, they’re credited to you as a referral. You then receive 10% of all of the diamonds that they earn in their streams for the next 6 months. Everybody wins!
You can access your Referral code in the Referral Program tab in the app.
While making money is definitely something that is worth considering as you begin your streaming journey, it should not be your number one priority. The truth is, that it will likely take you a long time to make the kind of money that will let you quit your day job and rely only on streaming.
Your number one goal when streaming should be to have fun. If you enjoy what you’re doing in front of the camera, then your fans will too. You’ll have the energy and the drive to get home from work and start streaming each day.
Once your fan base continues to grow you’ll find that it’s easy to make money without even having to try. Making money is the reward, not the journey itself. Streaming is about connecting with people, having fun, and putting something you're passionate about into the world. As long as you do that and follow these steps, you have the best possible chance of turning that passion into a profit. Best of luck to you!
Casual streamers will generally earn only a few dollars every time they live stream. Consistent and average streamers can earn anywhere between $100 - $2000 per month. The most popular streamers have an unlimited amount of earning potential, with some making millions of dollars a year from going live!
Tango streamers can make up to $2000 a day - and many often do! The most popular Tango streamers are able to make annual incomes of well over six figures from gifts alone.
According to restream, Esports account for 54% of the live streaming traffic. Music, sports, and entertainment are 17%, professional content is 9%, and everyday content (people filming their normal lives) is 6% of live streaming. This leaves only 14% for every other genre of streaming.