A guide to how ticketing works on Lounges as well as a few pointers on some strategies that can help better monetise your content
Lounges is proud to empower creators by allowing them to maintain full ownership of their content, as well as the way it is priced on the platform. This feature reinforces your control over how your content is used and distributed, ensuring your intellectual property rights are protected.
How to set the price
We do not prescribe how much your talent is worth, that is for you to decide. You can adjust the price you want to charge your audience by pressing on the "-" and "+" icons or by directly typing in the price in the provided field. Please note that for simplicity, all prices are expressed in whole numbers with the lowest charge starting from £1 up to £100 (this helps prevent any fraud or money laundering).
Should you want to set the stream for free, simply click on the "-" icon until the price shows as seen below:
Changing the price
To ensure fairness to all viewers, you cannot edit the price of your Lounge event once it has been created. If you feel strongly about changing the price, you will need to re-create the event and cancel the previous one, but please be aware that cancelling an event will trigger an automatic refunds to ticket holders (more on cancelling events in this article: link)
If you need more support with this, feel free to reach out to us.
The power of tips
Don't forget your audience will always have the possibility of donating more money during your live event or on-demand video. In some cases, it's worth it to have a low or non-existent fee for entry and promote your event as one where viewers can support you however much they want, via the tip function.
Make sure they know how to do so during the event though! The tip button should appear on the left side of their screen.
Find out more about our tips on how to make tips at this article: link.
Free content
In some cases, you might not want to focus on ticket sales, but rather on visibility and exposure. Putting a charge on your stream, even if very low, can still pose a barrier for some hesitant viewers. If you want to maximise the size of your audience, we recommend setting up your event for free. As mentioned in the above section, you may make up for it revenue-wise by encouraging your large audience to tip.
Free streams may also help you build your audience and community as you first start on Lounges. Some viewers may be sceptical but would happily give your event a go if it's free at first. If you are just debuting as an artist and don't have much of a dedicated fanbase, it may also help you build your audience while diversifying the type of content you put out.
What's the right price?
Think about what you would pay for similar content from your favourite creators; what value is being provided and how exclusive is your content? You also need to consider the duration of the event and value for money.
When it comes to sharing your content, it's crucial to have a well-thought-out monetisation strategy. Here are some key considerations:
- Value Assessment: Assess the value of your content and how it fits into your overall monetisation strategy. You may consider these questions:
Will you be sharing exclusive and new content? How long will you go live for? How often do you do similar livestreams? Will your event have a high production value? Will you be sharing the same content on other channels?
As an example, for 30min livestreams taking place at our streaming studio (find out more about that here: link), we recommend a ticket price between 2 and 6 pounds. - Avoiding Conflicting Offers: Offering the same content both behind a paywall on Lounges and for free on other platforms can lead to confusion and discourage viewers from supporting your work on the platform. Carefully plan your content distribution to avoid conflicting offers.
- Exclusive Content: Consider creating exclusive content for your Lounges audience to incentivise support. Providing unique, high-quality content can attract loyal followers and consistent revenue.
In conclusion, content freedom on Lounges empowers creators to take control of their work and strategically share it with their audience. By carefully considering how you leverage your content and ensuring your offerings align with your goals, you can maximize the potential of your creative journey on Lounges.tv while respecting your audience and maintaining your artistic integrity.
If you are still encountering issues or would like to leave any feedback on this article, feel free to get in touch.