Live streaming commerce services that utilize social network platforms are gaining popularity in China. We examined the effect of value and perceived risk on customer satisfaction and trust, and the influence of this satisfaction and trust on customer loyalty. Perceived value was divided into economic, social, and emotional types, and the impact of each type on customer loyalty was examined separately. This study also investigated the impact of perceived risk on customer loyalty in live commerce. The research model was analyzed using structural equation modeling with 214 customers who watched real-time broadcasts on the Chinese Taobao platform. The results indicated that both customer satisfaction and trust had a significant impact on customer loyalty. Economic and emotional values played an important role in enhancing customer satisfaction and trust, respectively. However, perceived risk did not have a significant impact on either customer satisfaction or trust. Implications of our findings are discussed.