Live streaming is captivating the internet and has become a common addition to most social media platforms. Live streaming allows you to watch, create, and share videos in real-time. All you need to set up a live streaming website is a laptop, tablet, or smartphone and a platform (a website or an app) to broadcast live from.
Social media platforms are an excellent platform to host your live videos, especially when you are starting out. However, when you use live streaming to promote your business on social platforms, you cannot control the audience or the experience. That is why setting up your own live streaming website is important instead of relying on live streaming services of YouTube, Facebook, or Instagram.
To grow your business, you can create your live streaming site based on a particular niche and invite other streamers to be a part of it. Or you can grow your live streaming website as your personal brand that hosts your live broadcasts. No matter what your business requirements are, this blog is a guide on how to set up a live streaming website in 4 simple steps.
4 Steps to create a live streaming website:
1. Begin by choosing a niche
When you are creating a live streaming website, get the basics right. Start by choosing a niche to set up your live streaming service. For example, you can launch a game live streaming website or a sport streaming website to cater to a specific audience. To find the right niche, consider performing in-depth market research to know your audience and their preferences. You can either choose niches that are popular or micro-niches that remain unserved.
2. Revenue generation methods to implement
Getting to a level where you are paid to live stream videos takes effort, time, and that special element that compels people to watch. Here are some of the most common ways to make money through your live streaming website.
Ads are one of the major revenue sources that back the live streaming platforms. If you have a live streaming website of your own, why not use ads to fund your streaming activities. If you are joining any other streaming platforms, pick the platform wisely as not all of them offer ads.
However, while deploying ads in your live streams you have to be extremely careful. This is because viewers have the choice to use ad-blocking software to prevent certain ads from displaying. Hence, it is not the best idea to have ads as the primary monetization option for your live streaming.
Donations from fans
Another revenue strategy you can adopt is to earn donations from your audience. If you are using live streaming software to create your own website, you can easily set up a donation button and start accepting money. While allowing content creators to accept donations from their fans, you can take a share of the total amount.
Another great way to make money from streaming videos is by providing your viewers access to your content through a subscription fee. Set up your own streaming platform based on a subscription business model to generate a noteworthy amount of income with no third parties involved.
Sponsorships and brand associations
Sponsorships and brand associations are some of the best ways to make money from your live streaming site. Once you establish your live streaming website and have created a brand name in the market, you can start approaching brands for sponsorships.
As you get popular, brands will come in search of you to associate with. You can negotiate with brands to create the best deals that will be beneficial for your audiences and you as a brand. When you collaborate with brands, make sure you create advertisements that your audience can resonate with so that they feel interrupted during the live streams.
Joining affiliate programs will help you make money from commissions each time a viewer of yours makes a purchase through the affiliate link you placed. It doesn’t really have to be a link; it can even be a coupon code or a promo code that they can use to purchase the products or services you are promoting.
3. Build a customized live streaming website
To create a live streaming website with the customization you require, you must choose a professional live streaming solution with white label properties. White label solution is a ready-made software solution that comes with all the essential features and functionalities you require to create your own live streaming platform. It can help you customize the design, color schemes, branding, etc. according to your unique needs.
A good live video streaming software must match most of your criteria and perform the core functions you require. The best software provides the right tools to take your live streaming game to a new level- if you are willing to invest in it.
4. Plan your live streaming schedule
Live streaming offers the real-time viewing experience viewers crave. Hence, you must consider the interests and preferences of your viewers when planning your live broadcasting experience. Create a schedule and stick to it and notify your viewers about your live streams in advance. This will help your viewers to know the exact time to expect you online. Plan timing of your live broadcasts, and the content as well.
You can live stream live events, Q&A sessions, interactive sessions with popular influencers in your same industry, or even behind the scene sessions of live events, or anything creative.
Even with a good streaming setup, it takes consistency and time to build a desirable size audience. However, there is no doubt that it is a brilliant opportunity for businesses to enter the video streaming industry.
Live broadcasting is becoming a scope for entrepreneurs to build and launch a live streaming business. The trend of live streaming is to stay here for long. You would be missing out on huge opportunities if you are not investing in the lucrative live streaming industry.