Build Your Brand and Profit with Live Streaming
The live streaming market is now one of the fastest growing economic spheres, projected to be worth nearly $250 billion in five years. That’s the same as all the cash that Apple has on hand in 2022. How much of that money can be yours?
Don’t expect to get rich quick. You may be one of the many live streamers who makes a few dollars here and there with partnerships, collaborations and brand connections, so you probably know that very few live streamers make their living with that and nothing else. If you’re on Commix or considering it, you have ambitions of growing your audience and widening your network - so you should consider profit as well as pleasure in the second half of 2022 and beyond.
Create your own brand products. Custom products serve your brand in many ways. There is always the retail value of merchandise like apparel and housewares, which make live streamers an average of $10,000 to $20,000 per year. There’s also the exposure to your brand that this merchandise gets you when your followers wear, use or post it. If you’re considering this option, make sure your brand identity and graphics are well-established - you dilute it if you change them later without a complete rebranding.
Finally, and perhaps most importantly, there’s your profile as a live streamer in your specific area of interest. Consider digital products like e-books, courses or tutorials that you can offer or promote with non-live videos on YouTube and build up your brand to increase its value. These products can also be subjects for live streaming when you don’t have other scheduled content to offer, and there’s little to no overhead cost compared to making and shipping merch.
Get sponsorship for your live streams. Commix is the ideal place to connect with brands and get their representatives interested in your work. So why not monetize that interest? Sponsors, who are usually brand partners, are often willing to pay for a positive mention - or “shout-out” - in your live stream. A stream with a shout-out can be worth up to $50 per 1000 views to you from a serious sponsor (we recommend accepting no less than $20), but keep in mind the sponsor will probably want some control over your content.
If you’re still getting started, focus on building your following - the larger your audience, the more you’ll get from a sponsor. Also, work towards establishing yourself as a subject expert in the product or service that a potential sponsor offers. For example, I once posted a poll on Instagram and asked my followers to vote for their favorite among four product makers, then followed up with my opinions and rankings. Within a month, I had sponsorship offers from three of the four companies - even the one that I ranked last!
Become a brand affiliate. This is related to sponsorship, but with a direct focus on how much your live stream does for the sponsor’s sales. You live stream content promoting their product, along with a unique link. The sponsor then looks at the traffic from the link, and you get a commission of any sales that came from it.
It’s a low-risk way to monetize your live stream, and trusted programs like the one at Amazon makes it even easier. You’re not looking at a lot of money here (usually 5% to 25% of the sales you generate), but it’s often a good step to building your own reputation as an influencer and moving towards more profitable sponsorships.
All of these options are expected to remain at the top of the list into 2023, so start building your brand now and it will pay off. If it doesn’t pay right away, remember: you’re building a business when you’re looking to make your live stream a profit center, and business building takes time. Keep checking in with the Commix blog for more information on how to stay ahead in this growing market.