Discover 7 Online Monetization Methods For Virtual Concerts
If you’re reading this, you’re probably already thinking outside the box by wanting to run an online concert. Here, we’re not talking about pre-recording a session and play it back in a live stream. That’s the very undefinition of live streaming. We’re pushing through the edge of innovation for live entertainment by producing truly compelling virtual events that could captivate our fans and be financially rewarding to you in return.
Most monetization programs explained below are built-into popular social media platforms so the easiest way to start monetizing is by choosing the platform that you already have the most followers or subscribers.
So, let’s discover these online monetization options that we could employ to break the live event barrier.
It’s a given to think of YouTube as the first possible option. Introducing YouTube Partner Program, the very program that allows you to monetize your online concert, but there are some requirements you need to adhere to.
- You need to have more at least 1,000 subscribers to your channel.
- Live in a country where YouTube Partner Program is available.
- Have 4,000 valid public watch hours in the last 12 months.
- Own a Google Adsense account.
It’s the best option for you if you already meet the criteria above. But still, it is relatively easier to start monetizing here since getting YouTube subscribers isn’t as hard as getting Facebook Page likes.
Once you’re in the program, you’d be spoilt for choice on how you wish to earn money, but do note that these monetization options depend on your number of subscribers and total views. Below is quoted from YouTube FAQ page.
The percentage that you earn varies depending on the monetization feature above. For example, for video ads, you typically earn around 55% of the gross revenue that YouTube earns from the advertisers.
This latest live streaming booking site empowers online singers and musicians to be paid to live stream privately. Private means unlike broadcasting yourself publicly online, you actually earn an income by being booked by clients who want you to perform online on certain dates and times for specific venues. These clients can be an event owner, cafe, bar, club, restaurant or even a church.
This concept is particularly useful for those who need some live entertainment at their venues. Clients and artists could pick their preferred streaming platforms – YouTube, Facebook or Twitch. Clients and their guests could make song requests and dedications using the built-in web app dedicated to each musician.
At the time of this writing, live streaming musicians and singers get 100% of all the sales they earn from the site.
Twitch is also one of the most generous live streaming platforms since they offer two programs to generate revenue from your live stream – via their Partner Program or Affiliate Program where the former is an upgrade of the latter. Here’s a detailed comparison of these two programs (scroll down to the FAQ section). At the bare minimum, you still need some traction in order to monetize, such as,
- Minimum 500 total minutes broadcast in the last 30 days
- Minimum 7 unique broadcast days in the last 30 days
- An average of 3 concurrent viewers or more over the last 30 days
- Minimum 50 Followers
You could make money from these options – ads and subscriptions. Ads are the usual ads you see on the video stream and subscriptions are the monthly plan that followers pay to Twitch streamers (from $4.99 to $24.99 per month). Twitch takes 50% from these subscriptions fees from average streamers but if you’re in their top tier streamer list, they only take 30%. Do note that a paying subscriber and a free follower are different. Followers usually pay to subscribe to get an ad-free viewing (and other virtual recognitions like badges).
Facebook monetization model is available and explained here but it has its conditions that may be hard for some to meet if you’re not active on the site. The eligibility requires you to have a minimum 10,000 followers on your Facebook Page and you already have videos that are at least three minutes long and generated more than 30,000 1-minute views in total over the past two months. That’s quite a mouthful let alone a mindful.
The revenue split is you (55%) : Facebook (45%) which is similar to YouTube, but YouTube offers more monetization options.
Stageit has the most straight forward monetization model without any pre-requisite. You just need to sign-up and create your virtual concert. No eligibility check whatsoever. To make money, you sell virtual tickets in the form of virtual banknotes. Every 10 notes cost $1. Online audience buys these notes to watch your online concert.
The more notes you earned from your online show, the more the revenue percentage goes to you. You earn a minimum of 63% of the gross revenue while 83% is the maximum.
If you’re starting new and could not fit into the criteria of the monetization programs above, you can consider these options below.
In short, GoFundMe is like “Kickstarter but for people”, which basically means it’s a crowdfunding platform that to raise funds for individuals or for a cause. It is basically free because they don’t take a cut from the money you raised. They only charge a standard transaction fee of 2.9% plus $0.30 per donation to pay for credit card processing and to securely transfer the funds to you. However, GoFundMe currently only supports certain countries such as major western European and Scandinavian countries, and of course, the US, UK plus Australia.
This is the predecessor of GoFundMe and the alternative to Kickstarter. Although most crowdfunding campaigns here are catering to products and projects, some people still managed to raise significant funding on this platform. Besides, it supports more countries than GoFundMe. They take a 5% cut from all funds raised from your campaign and on top of that, you’ll be charged a payment processing fee which varies depending on the country and currency.
This newcomer to the online monetization arena has been making headways among YouTubers. It particularly targets online creators such as podcasters, video creators, writers and also musicians. Followers pay a monthly subscription fee to support these creators and from there, they take a percentage ranging from 5% to 12%.
Money is One Thing, Feature is Another
If you’ve found your platform of choice to monetize, you should also consider the different features that each platform above offers. Another consideration is the technical capability that you and your band have to successfully produce virtual concerts that are worthy of dollars and cents. For that, you should read this technical guide on how to set up your online concert.