Success means different things to different people. (Though I think we can all safely agree that this NBA team nabbed it recently.)
Organizations have, in our view, hit a homerun with live stream monetization when they have:
- A carefully thought-out strategy for monetizing their stream.
- Seen the live streaming process through to the best of their ability.
- Reinvested monies earned to help cover expenses and/or improve their live stream.
Success with monetization is not about how much money you make; that’s all relative. It’s about realizing the value of your product and taking action to preserve it. Even a small profit can make a big difference in the health and growth of your live streaming program. So if you’re just starting to explore how to make money streaming online, first consider what success means to you, then go from there.
Here are a few of the industries we’ve seen that are experiencing success in this area. If you’re thinking of ways to monetize your live stream, consider taking a page out of their playbook.
Is your organization missing an opportunity to profit from its live stream? Get this free guide to learn more about your monetization options and how to know if monetization is the right move for you.
Three Industries Doing Live Stream Monetization Successfully
We’ve mentioned the Northwoods League before in this blog—the largest organized baseball league in the world. Its pay-per-view (PPV) games draw an audience of roughly a million people, and the money earned is mostly reinvested in its live streaming program. Over time, the PPV live stream has enabled the league to purchase new video equipment for all of its ballparks, which continues to boost the quality of each broadcast.
In my experience, sports organizations at all levels have great potential for generating a profit from their live streaming. Aside from having a product surrounded by a sense of urgency (most people prefer watching a live streamed game—soccer fans, check out NBCUniversal’s new premiere league pass), there are numerous ways to add value to their product and engage with fans, including:
- Producing pre- and post-game shows and interviews with players and coaches.
- Offering multiple ways for fans to pay for content (i.e. season passes or single-event passes).
- Recruiting local businesses to sponsor events and run commercial advertising.
- Tweeting highlight clips, game stats, and other items of interest to fans.
Dirt car racing, horse racing, sailboat racing, bike racing… fans love to watch high action events in real time. As a result, many of our racing clients have seen a great deal of success with their live stream monetization efforts.
There’s a lot racing organizations can do to encourage and promote their live stream, with social media being at the top of the list. For example, you could use Twitter or Facebook for pre-race promotion and to share post-race highlights; you can also attract new viewers with add-ons, like Q & A sessions with participants and fans, demonstration videos, or contests or giveaways. Social media ads and sponsorships can help generate even more revenue alongside each PPV event.
Pageant organizations have also done well with live stream monetization this year. Like the other industries mentioned, promotion of PPV events also has a lot to do with their success. Pageant organizations sometimes market to previous pageant viewers by emailing them directly about upcoming events (assuming the viewer voluntarily registered with their email address and opted in to marketing emails). This targeted approach engages customers who have already shown interest in the product, and are more likely to tune in for the next event.
Interested in learning more about how to make money streaming online?
If you’d like to know more about how your organization can get started with live stream monetization, get in touch! We’d like to partner with you to help you grow. As your partner, we’ll help solidify your live streaming goals, strategize about how best to reach them, recommend PPV pricing, and suggest a reasonable timeline in which to make it all happen. Set up a free 30-minute consultation call today to discuss your monetization options—no commitment necessary.