With people being pushed to working from home in 2020, it goes without saying that the live streaming market sky-rocketed to new heights since. One of the most notable in-app features to really hit the markets is live video streaming. Now that 2021 is here, live streaming isn’t going anywhere. A post-pandemic world will rely on real-time video for marketing and entertainment, making it more important than ever for businesses just like yours to monetize your live stream and get plugged into the fast-growing video marketing world.
If you’re wondering how you can increase your live stream engagement and monetize your live stream, here’s how to use your platform to do exactly that.
Live Streaming Platforms
Choosing the right live streaming platform is pertinent to your live streaming strategy. Beyond free social media platforms with live streaming capabilities like Facebook, YouTube, and Instagram you also have a variety of white label live streaming solutions to choose from.
You probably already know what live streaming on Facebook or Instagram entails. It has enough features for you to interact with your viewers and collect the basic analytics after the live stream ends. Best of all, it’s free to use and already exists on a platform with a large user base.
Now, what’s a white label live streaming platform?
A white label platform is essentially a platform developed for you by a white label service provider. Although it is developed by them, you will get to fully own the platform and its data as well as have it designed in your branding. No traces of the branding of the white label service will be found.
A white label live streaming service provider will create and customize the live streaming technology and platform according to your requirements.
While this comes with a longer invoice than live streaming on Facebook would, having your own curated live streaming platform has perks that would make it a worthy investment.
In having your own platform, you will get to have all the features and specifications you need, such as live shopping, live trivia, or live gaming. In-depth data and analytics will be easily retrievable as and when you need it.
Your branding will stay intact too, as you control the UI and UX of the platform.
Engage with Your Viewers
It takes a village to grow a business. Without a strong community, your business won’t continue to grow in the digital world.
Live videos blend the opportunity to grow your platform with the opportunity to maximize your earnings. You want to get your followers to talk about your live streams. Providing followers with fun, thought-provoking live videos encourages them to talk about your videos after they’ve watched them.
Ask viewers questions and get to know them. This information can be used to adjust your content in ways that keep your followers anticipating the next live stream.
Inviting viewers to participate in the discussions and sharing your live streams can also increase your follower base.
Use Interactive Features
Free live streaming apps come furnished with a variety of interactive features that you can use to increase user engagement.
Interactive games and contests are especially trendy on in-app social media platforms like TikTok.
On your own white label platform, you can have more direct live video monetization features such as virtual gifts and other forms of in-app purchases. Not only will this allow direct conversions, but it promotes user engagement as well.
Another feature to boost monetization and engagement would be live shopping functionality. This is a feature that allows your viewers to open an in-stream catalog, and cart out instantly without leaving the live stream. You can manage stocks easily through a content management system, with no coding required.
This is contrasting to selling on free platforms like Facebook, where stock-taking is manual.
More Monetization Ideas
Aside from live selling, you can monetize live streams by implementing advertisements, tiered subscription fees, pay-per-view, or in-app purchases.
These are popular methods that you can easily implement, but only if you have your own live streaming platform.
Reach Any Audience
At the end of the day, there are many ways to monetize your live stream. In fact, one of the biggest reasons that live streaming is taking off is how profitable they are.
No matter your industry, the live streaming opportunities are endless.
By developing content with your audience’s interests in mind, you can cultivate a stronger connection between them and your brand.
If you need more details on how to get your own white labeled platform for live streaming or a customized SDK live streaming solution, BeLive Technology will deliver whatever you need.