In this article, all the possibilities for monetization as a live streamer are discussed. This is not limited to just during live streams; however, the focus is primarily on live streaming.
Interactivity During Streams
Using Tips/Donations/Bits/Subs (memberships for YouTube Live)
Reaction: You can enable some viewers to pay for reactions or acts you perform on stream. For example, some streamers twerk while others perform flips.
Sound Alert: Ideally, if you’re an outdoor IRL streamer, you would play this via your speaker in real life for the viewers to hear it from that speaker. You have multiple options to set these up. “Blerps” and “Sound Alerts” are two Twitch extensions that come to mind but keep in mind commissions to their use. I recommend setting up a list of specific bit/tip amounts which triggers a specific sound you added to your StreamElements or StreamLabs.
Media: This would allow viewers to input a YouTube video. Ideally, if you enable security settings to restrict it to music-only labeled videos, it would play on the chat phone. I don’t recommend having it on the OBS side because the video could trigger DMCA further, and some videos with nudity are allowed on YouTube but not on Twitch, which would play on the stream.
Overlay Animation+Sound: This is ideally for the viewers/chatters to enjoy mostly as you won’t be able to hear or see this unless you have a chat notification when it’s played. This would be set up on your OBS.
Outside of the Stream
I won’t mention the obvious e-girl platforms as you should already know what they are.
Typically, in my experience observing the live creator market, viewers won’t invest more than outside of their ecosystem. These other platforms (Patreon or other paid subscription platforms) can be beneficial only if you’re a big live streamer, i.e., 500 average viewers or more. Below are good options for 75+ average viewers.
Merch: Such as working with easy POD (print-on-demand) services. Ideally, live streamers use StreamElements or StreamLabs to make it the cheapest and easiest option. But bigger streamers should invest in a more established option such as being built into your own website.
Collaborations/Sponsorships: If you’re new to this, it’s more like a job where you should have experience before approaching brands/small businesses. For example, charity streams or working with startups would be the best way to build up a resume to show you can handle sponsorship campaigns with bigger brands.
Direct Advertising: This is not ideal for smaller creators/streamers. This is more ideal for the larger streamers that can sell space on panel/chat command/overlay space to advertisers.
Affiliate Programs (semi-sponsorships): Many companies out there offer affiliate programs. I would first recommend looking up businesses that you already are a consumer of. If not, see if other companies that do offer these programs and see what products you genuinely benefit your day to day. Then you can simply promote it on stream directly or indirectly and advise you to use your code. i.e. GamerSubs or other sponsorship opportunities offered in StreamElements program.
Wishlist (indirect monetization): Throne or just using an Amazon wishlist is what I use and recommend. If you use just Amazon, ensure it’s properly set up to not show your home address; otherwise, get a PO Box. Throne will not share your home address as a middleman service.
Treat Stream (indirect monetization): A middleman service where your viewers will place an order (your curated menu from your local restaurants). Treat stream will place the order on your behalf and deliver it to your home address. But note there is a security flaw; if a stream sniper/viewer places this order and knows which restaurant it is, they can potentially follow the delivery driver from the restaurant. It’s unlikely and very difficult to do this to the correct address, but this was told to me from another streamer.