The year 2017 saw a boom in the live video industry. Once only confined to television news, sports, and shows but today we can go live at any time. Regardless of the viewers, anyone with a Facebook account can record their live video at any place and talk on a topic.
Other than the fun factor, what really attracts people to live videos is the opportunity to earn potential income. When someone comes on television, they’re paid royalties or a lump sum by the broadcaster. With Facebook and other social media platforms offering a live video feature, the earnings come a bit differently.
Update: These Tips to make money on Facebook Live video was originally published on 30 May 2017 and was last updated on 10 October 2020 with the latest techniques.
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Start Making Money on Facebook Live:
To help out those interested in earning through Facebook Live, below are a few tips and ways to get started:
1. Through Facebook itself:
Facebook itself has recently announced that it would start paying its users to go live. And this new feature is called Ad Breaks.
Within these videos, Facebook would place its own paid advertisements. The users running these live videos would get around 55% of the revenue from these advertisements.
Initially, only media companies, celebrities, and known online personalities were able to earn through Facebook directly. This limited group now is much wider. Those who are qualified enough would get notifications to go live and get paid from Facebook itself.
This is essentially the same offer that YouTube has been offering its users for quite some time now. Since Facebook has now risen to a level of rivalry in the video area with YouTube, this next step of ad placement seems logical. Going live on YouTube was the platform’s main unique selling point, which is not so unique anymore.
The way to become eligible for Ad Breaks is to get above 2000 followers. Also, the audience for each live video must be 300 or more. And these Ad Breaks can only appear on your live broadcast and should have recorded for at least 4 minutes. And after your first ad, the additional ad breaks would be available for every 5 minutes.
To include Ad breaks on your videos, you need to have set up a payment account with Facebook. You can get paid through Paypal or Bank Account. The minimum threshold for Ad Breaks payment is $100.
2. Accept Product Placements:
If you have a large enough audience, you just might be a social media influencer. This could prompt companies and organizations to contact you for indirect advertising within your video. If a huge number of people tune in to see you and what you have to offer, some venture may even sponsor your videos. They could then get a shout out at the beginning, end, or even the middle of the live stream.
For example, you could be going live in order to showcase your cooking. If you’re popular enough, some brands like Pillsbury or Betty Crocker could pay you to use their products in front of your audience. This is an excellent advertising opportunity for them and a lucrative one for you. Additionally, the free sample and supplies are likely to make your fixed costs (for baking supplies, etc.) go down quite a bit.
3. Attract More Followers/Viewers:
Whether you’re getting paychecks from Facebook or from other parties, the bottom line is you need followers. There are several services online which allow you to actually buy followers, but the most valuable audience is an organic one. If your organic reach is large, you basically have it made.
A few tips on how to attract as large an audience as possible are listed below:
- Announce your video before going live: If you’re worried that no one would tune into your live stream, announce the time and date on your page well in advance. Keep reminding your followers about the upcoming video, and encourage them to share and like your reminders. Give another special reminder an hour before you go live and another about five minutes before starting.
- Don’t go overboard: There’s a chance of turning off your viewers if you sound a bit too eager. Flooding people’s newsfeeds with the same reminder would make them irritated. Additionally, don’t make promises you can’t keep. If you promise a whole hour of excitement, that’s a really tall order. It’s better to keep things simple, interesting, and relatable.
- Write a description: If you write a fascinating description of what viewers would see in your video, that’s a plus point. You can edit the description after your broadcast in case you want to give additional information.
- Figure out the best time: Someone who seeks to earn from Facebook Live should keep an eye on the number of viewers. In case they see that the viewers at a certain time are larger in number, influence, or activity, this is valuable information. They should then try to go live at the best time in order to gain more influence and hence earn more.
4. Engage With Your Audience:
Don’t just settle for having a lot of viewers and/or followers. If you see you have quite a few ‘eyeballs’ indicating the number of viewers, ask them to say hello in the comments. Or encourage questions, give interesting answers, or even hold a Q&A session.
At the end of the broadcast, recap the whole video in order to let the stragglers catch up. It’s a good idea to do a recap halfway and three-quarters into the broadcast as well. It’s also good to have a friendly, relaxed atmosphere. Most people are on social media to take a break from their schedule. It’s good to give them what they want in the best manner possible.
5. Focus on Content:
If you don’t have good quality content, chances are you won’t be able to attract many followers. This could put a serious damper on your dreams of earning from Facebook Live. Hence, your content needs a unique point to attract viewers, as well as consistent and high quality. It doesn’t matter if the content is funny; you may find yourself losing viewers due to something crass or politically incorrect.
One should also make sure to take just the right amount of time. A short video might leave viewers hungry for more and more likely to tune in next time. However, a long video has more chances of attracting more viewers. Nevertheless, one should see when the number of viewers starts tapering off, and wrap things up before boredom sets in.
6. Facebook Stars
If you are a Game developer / Creator, then Facebook does recognize your effort and helps you make money from the live stream.
To stream your Gaming videos on Facebook you will have to join the Facebook Gaming Creator Program. Once you become a Gaming Creator you can stream videos and build community pages around the games you love. To help these emerging Gaming Creators, Facebook has its own Level Up Program which will open up the opportunity for earning money.
Facebook fans can support their favorite Gamers by sending virtual goods. Facebook has its own virtual currency called Stars. Facebook Users can buy these Facebook Stars and send it to their favorite game creators.
Gaming Creators who are eligible to receive these stars should first set up their payment account. You can do this by visiting your Streamer Dashboard. Here you can check the number of stars you have received.
However, to note, each star is equivalent to $0.01. Therefore to earn a good sum of $1000 per month, you need to 100,000 stars every month.
Earning money through Facebook Live is completely possible these days. It’s getting easier now, but just as with any means of earning, Facebook Live also demands quite a bit of work. One has to promote their videos to get more and more followers and keep working on new and better content. It’s also very hard to stay relevant in this game, so one has to stay alerted and stay in the picture at all times.
Note: This is a guest post by Scarlett Erin. If you wish to contribute to Blogheist, check our guest blogging guidelines.
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