<p>This study draws on the self-determination and cognitive load frameworks as the overarching theoretical lens to explain how characteristics of <i>danmaku</i> affect performance in the serious live streaming context. Extrinsic characteristics including pseudosynchoronicity, succinct expressiveness, immediate response, and anonymity and intrinsic characteristics involving perceived relaxation and perceived playfulness are first identified under the tenet of cue utilization theory. These characteristics are supposed to affect engagement through self-determination (perceived autonomy, competence, and relatedness) and cognitive load (extrinsic cognitive load and intrinsic cognitive load) from both the positive and negative perspectives, and engagement encompassing behavioral, emotional, and cognitive engagement finally shapes performance. The Partial Least Square Structural Equation Model approach is employed to validate the research model. Data were collected via a survey of 468 valid responses who own the experience of live online learning. The results demonstrate some interesting and different effects by <i>danmaku</i> under the serious live streaming setting. The findings add more knowledge to extant literature and speak practically to the goals of managers.</p>