Live streaming has gained popularity through its capacity for social interaction and product promotion. This paper develops a theoretical model that explores consumers' purchasing and tipping behaviors to examine the implications of manufacturers' product pricing and channel selection strategies. Our analysis indicates that pricing strategies have significant effects on both product sales and the generation of virtual tips. Lowering prices not only boosts product sales (the selling effect) but also encourages viewers to pay tips (the tipping effect). Influencers with a larger follower base tend to offer lower product prices, thereby attracting more live-stream participants and virtual tips. Furthermore, successful collaboration between manufacturers and influencers in live-streaming is more likely when the influencer has a relatively large following. Intriguingly, our study also reveals that less influential content creators may sometimes be hesitant to partner with manufacturers, while manufacturers may not always pursue collaborations with highly influential influencers. These insights contribute to the understanding of live-stream selling and virtual tipping and offer practical guidance for live-streaming professionals in making strategic decisions.