Earn money with live streaming

Now that many events are offered via live streaming, organizers are wondering how to make money with it.

We advise the confident use of a paywall and give 7 more tips for successful implementation.

Whether it's workshops, yoga classes or seminars: Since the corona-induced conversion of their events to the web, many providers have struggled to monetize them. Our advice is therefore to consistently ask event participants to pay in the virtual space - and to confidently set up a paywall. It fulfills the function of a digital cash register. Attendees must pay a certain amount digitally before the event begins or can participate with a voucher code they have already paid for. If you want to build your business digitally, at least partially in the long term, not least in the wake of the corona pandemic, you can't avoid pay-per-view events. You can make just as much money with virtual events as you can with traditional analog events. However, event organizers need to implement the payment barrier in a standardized and straightforward way so that pay-per-view can become the status quo for livestreaming. It would be a mistake to classify digital as a poor makeshift version just because of the new medium.

With good concepts and a suitable webinar platform, it is possible to lead livestreaming permanently out of the shadow of free culture. Remember digital newspaper offerings or the long futile attempt to earn money from streaming music and videos. In the meantime, monetization is no longer an obstacle for users and is also accepted. Experience shows that behavioral changes usually take place after 60 days and become a habit. Free trial offers are not taboo, but should be limited in time and marked accordingly. However, the introduction of a paywall is only one success factor among many.

What costs nothing is worth nothing. Conversely, however, everyone who pays for an event expects quality, with event organizers having to invest first, as with any new business model. This applies to technical issues such as professional camera and microphone equipment, as well as to the content of the program and the event concept, which must compensate for the obligatory loss of momentum when transferred to the online environment. Those who ask users to pay must provide not only professional technology, but also good content and proper implementation. In the following, we show what is important to make payment for virtual events work better in the future.

Dramaturgy: Keeping participants happy with highlights

The event program must be structured in such a way that it motivates people to participate until the end. Provide an overview of what attendees can expect. Announce highlights and place them in the middle or at the end of the program. Highlights can include: practical tips, a tangible benefit for participants, or action items. But a special interview with a guest or a summary can also be an incentive.

Another option is to offer small surprises or a special benefit for all viewers who participate until the end of the program. This could be a download code, access to more content, or a presentation of research findings, for example. All that matters is: keep your promise.

Content is king: Offer exciting content

At the end of the day, it's the content that counts - and that also needs to be prepared. After all, feedback from participants is more important for online events than for analog events. No easy task for organizers who have only worked with analog in the past. Honest self-criticism can help: "Ask yourself: When do you click on a YouTube video?" Probably when the title sounds exciting. And if the first few seconds confirm that what was promised is delivered, viewers will stay tuned. If not, the video will be abandoned. It is therefore very beneficial to take a critical look at your own concept: "Is the program interesting for the target group? Is the content presented in a compact way? And would I, as a viewer, continue to listen?

Moderation: guide you entertainingly through the program

Both online and offline, and especially for longer events, a moderator is recommended to guide participants through the program so they don't lose their bearings or even interest. Unlike online events, at face-to-face events, sometimes a less-than-entertaining moderator or a bumpy program is forgiven. At online events, however, poor moderation can have immediate consequences: When in doubt, attendees simply close their laptops. So it can be worthwhile to get professional support for a product presentation, webinar or symposium.

Diversity - in the program and in the staging

It's not for nothing that experts compare the average attention span of media use with the performance of a goldfish. One should therefore take the changed behavior into account when designing programs. The trend is increasingly toward short information bites and video clips. It's best to look at good online formats for inspiration. An illustrative example is the so-called TED Talks, where each speaker has 18 minutes to present a topic in detail and excitingly with a PowerPoint presentation.

Reduce to the essentials

Often it seems impossible to cut even further - but most of the time you can. Try to see it as a sporting challenge to squeeze the essence out of the content. The well-known TED Talk format is limited to 18 minutes for a reason. That's a good orientation. If this is not possible, divide the program into small blocks corresponding to these times.

Interaction: Turning viewers into participants

Unlike face-to-face events, there is no eye contact between speaker and audience at online events. The screen as a medium also suggests a "lean back" attitude, i.e. passive media consumption, as is often the case with television or radio. Since passivity is the opposite of an event experience, organizers need to turn viewers into active participants. The feeling of being able to influence what happens on stage or on screen leads to greater engagement. This, in turn, sharpens participants' perceptions and cognitive abilities. Last but not least, interaction is important because it creates the sense of community that is essential to events and very difficult to create in the online environment. Technically, participants can be integrated into the event via virtual whiteboards, screen sharing, moderated and private chats, or video.

The audience should be briefly included at the beginning of the event so that the participants immediately have the feeling that a joint event is taking place and not a purely frontal presentation: "Which city are the participants from? Who connected via laptop, who via tablet? Who has experience with the topic? Start with a few simple questions as an interactive icebreaker and you'll have the audience on your side right away.

Opinion visualization

Attention can also be maintained if the content is visualized during the event. Let attendees vote and answer questions. Show the results directly in the stream and read out good comments from the live chat. Also, designate an editor who can coordinate interactions and forward individual posts to the moderator.

 

We hope these tips will help you stage your next online event in an exciting way and confidently charge a fee for participation. By the way: if you want to approach the topic slowly, simply ask your participants for a donation - preferably via PayPal. Many users are willing to donate if they like the event.

 

Do you want to livestream your event and earn money?

We will be happy to advise you.

Contact us at 030 - 60 98 36 74 or info@eventnet.de