Not all modes of passive income have to be related to large financial institutions or even real estate markets. Your favorite and most enjoyable hobbies are now capable of earning you passive income too!
Arts, crafts, digital design, listening to music and playing video games are all potential income sources if you know how to position yourself in these industries. With the internet, oftentimes all you need is a computer, a smartphone, and an internet following.
Streaming is something nearly everyone does in modern times. You can stream videos from anywhere on your smartphone through social media platforms like Facebook, Instagram, TikTok, or video streaming services like YouTube and Twitch. Every video you watch on Twitch or YouTube is considered a video that is being “streamed.” What’s more, every song you play on Spotify or Apple Music is considered to be “streamed” as well. So, how do you turn various streaming options into passive income opportunities in 2023?
Live streaming yourself playing your favorite video games and commenting on graphics, tips and insights might earn you big money. The global video game industry was worth a whopping $300+ billion. In 2021, the U.S. video game market size exceeded 85 billion dollars. YouTube and Twitch offer excellent advertising opportunities for people streaming video game performances and live commentaries. Influencers use this concept to make money every day.
Donations are also possible and yet another excellent way to turn your hobbies into a source of viable passive income. There are plenty of crowdfunding and crowdsourcing platforms that you can use to make your case and allow the public to make donations, such as kickstarter.com and gofundme.com.
Streaming yourself, putting on makeup, trying on new clothing, testing the new Apple iPhone, and even reviewing new albums are all ways to earn passive income. Live streaming “house concerts,” and other types of music performances is highly popular today, especially in modern times where even intimate music events are often digital. Patreon helps you build a community of paying fans and followers, who receive merchandise, private concerts, interviews, Q&As and more in exchange for regular donations to your cause.
To enjoy even more success with this type of passive income you should also:
- Maintain a regular streaming schedule.
- Stay on top of current trends.
- Be personable and stay engaged with your audiences.
- Actively pursue brand-based donations and sponsorships.
Maximize these types of passive income streams by using a smart-technology-equipped device and a high-quality internet connection. You might also need an additional video camera such as a GoPro Hero 9.