Streaming events online are a great way to engage with an audience, sell a product and stay relevant with customers. And streaming a virtual event is a viable alternative to holding an in-person event, but you’re probably wondering how to make a profit from streaming events. In reality, live streaming is actually one of the easiest ways to make money online!
Our team has compiled 7 easy ways to monetize your streaming event broadcasts.
Charging admission to your streaming event isn’t a bad thing either. When you charge a fee, your event now has a value attached to it. As a result, people are more likely to attend and engage in the event. So, create valuable content that meets the objectives your viewers, then build an experience your attendees will value.
Bonus Tip: Choose a streaming platform that allows you to sell tickets directly through the platform you are streaming on. Look for a simple purchase process that is integrated into the attendee registration.
Selling a subscription is a good way to drive more value and bring in a higher cost per ticket. How it works: viewers pay a monthly or annual fee and in return, they have unlimited access to your content - whether live streaming or on-demand. This model is especially great for live-streamed sporting events! Viewers never have to miss a game due to a conflict in schedules. Additionally, there is a higher perceived value in purchasing a subscription to the recurring event instead of buying tickets individually.
Keep your subscribers on your website by hosting this content on your own website with a white label video player. Private label video streaming allows you to customize with your branding and color scheme. Best of all, you stand to gain a consistent flow of traffic to your website.
Create interactive components for the attendee experience through live chatting notifications and live polling. Get immediate feedback and tailor the content to better suit the audience. Organizers who are constantly improving their events also bring in more revenue! Cha-Ching!
People everywhere are willing to pay for the things they care about. Viewers are usually willing to support the continuation of your event when their expectations have been met. We recommend asking for donations before and during the event, while viewers are still participating in the event.
Consider selling raffle tickets for your fund drive. Raffle off signed merchandise, exclusive access or meet and greet sessions. Identify value added experiences and giveaways that will resonate with your viewers. Furthermore, set a goal for donations and communicate the status of reaching that goal during the event to inspire participation.
Video ads are one of the easiest things to implement to bring in additional revenue for your event. Limit these video spots to one minute to ensure engagement. Be sure to match up your advertisers with their target audience so you are serving up relevant information.
You may want to consider offering advertisers the ability to play companion ads. These are banners that often appear at the bottom or on the side of the screen. Offer the additional exposure as a part of an added value package to advertisers.
Sponsorships are a great way to bring in revenue while streaming. With the current limitations on in-person gatherings, brands are seeking out new ways to promote their product or services, and they will pay dearly for access to your targeted audience. Think of your sponsors as partners on the event. You are providing exposure to a targeted audience, while they are providing a fee for this exposure to help cover the cost for the event. Sponsorships are more personal than advertisements. They should provide exclusive exposure and an endorsement from the organizer. Sponsorships are a win-win, you make money for your event and they reach a new audience.
Bonus Tip: Sell sponsorship packages! Packages may include different or multiple logo placements, video spots, sponsored profiles, and sponsored speaker slots. Creating a variety of sponsorship packages allows businesses big and small to broadcast themselves at your event. Give them options!
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Recommended Read: Virtual Event Formats – A comprehensive summary of the virtual event formats and how they match up with goals and objectives for different types of virtual and hybrid events. |
Affiliate links are an excellent option to consider if your viewers are likely to purchase a product or service as a result of attending your event. For example, say during your event you make a recommendation to buy a book, download an app, or buy a t-shirt. Set up an affiliate link before the event to make a claim on the percentage of those sales. How it works, you would get a special link from the seller and then every time one of your viewers visits the link and buys the product you get a percentage of the sale. It’s just like making a commission selling products. This is especially effective when live streaming. The viewers get to see the product in action and you can direct them to purchase it immediately. Affiliate links are a super easy way to make additional money off your streaming events.
Bonus Tip: Use affiliate links to sell additional tickets to your event. Identify advocates for your event. These might be social media influencers or even industry experts that have an audience or following. Give them an affiliate link to promote your event to their audience. In return, they will receive a percentage of those ticket sales. This is a great way to boost sales and grow your audience.
Selling merchandise is one of the most common revenue models for making money while live streaming. Why? Your attendees are a captive audience. Leverage this opportunity to cross-promote products or sell t-shirts, mugs, books and basically anything you have that is relevant to your viewers. Gift presenters with merchandise to wear while they are presenting and make sure they send viewers directly to the purchase option.
Bonus Tip: Utilize a streaming platform with express guest checkout. Here you can share affiliate links, sell merchandise, and fully manage profit. Make it easy for yourself and for your viewers.
While many events have moved to virtual environments, there are still a plethora of ways to make a profit from these online events. Whether you decide to charge an entry fee, start a subscription-based service, or sell products, be sure to take advantage of all the ways to make money off of streaming your event. Include a few of these tips to maximize your profit.