<p>This study investigates optimal channel structures and pricing strategies in live stream commerce supply chains involving a live streamer and a retailer. We develop a game-theoretic model to analyze three channel configurations: display channels, where products are sold exclusively during live stream sessions; non-display channels, where products are available solely via online shelves outside live streams; and hybrid channels, which integrate both display and non-display channels. Key findings reveal that hybrid channels generally outperform pure non-display channels, but display channels may dominate under low commission rates. The commission rate critically influences channel selection: low rates favor display channels, while high rates incentivize hybrid channels. Conversely, the ratio of fan consumers dictates pricing strategies-high fan ratios support premium pricing, while low ratios necessitate low-price strategies. We further identify that mid-range brands benefit most from extended display duration and exposure, whereas high/low-end brands require less investment. Extensions addressing endogenous commission rates and retailer-managed exposure costs show that non-display channels can become optimal when commission rates are flexible, and retailers may cover exposure costs under low commissions. These insights offer actionable guidance for live streamers and retailers in optimizing channel coordination.</p>