Live.me claims to be the “highest grossing live streaming app ever in the U.S.” Now, thanks to its latest announcement, we can put a dollar figure on that gross. The mobile streaming platform says it has now processed more than $1 million in payouts to creators through its virtual “gift” system.
The economy of Live.me is based around coins, which fans can use to buy virtual diamonds for their favorite broadcasters. Once users pass certain benchmarks, they can convert diamonds into cash. Now, just seven months after Live.me’s launch, its creative community has withdrawn more than $1 million worth of diamonds.
While gifts are the primary in-platform mechanism through which Live.me broadcasters haul in revenue, the app is opening up new money-making avenues. It recently announced the launch of a store through which broadcasters can sell the merchandise they show off on their streams. “Our goal with Live.me is to provide broadcasters the tools and resources necessary to produce the content their fans will enjoy, while allowing them to turn their passion into a profession,” said Khudor Annous, Head of Marketing and Partnerships at Live.me, in a press release.