This study examines how active participation, financial commitment, and passive participation in the leading social live-streaming service, Twitch.tv, relate to individuals' psychological well-being. The three dimensions of social capital-structural, relational, and cognitive-as well as parasocial relationship are explored as mediators. Cross-sectional survey data from 396 respondents was analyzed by comparing two fully saturated structural equation models. Findings indicate actively participating in a favorite streamers' Chat is positively associated with increased well-being. Structural social capital, or having more social interaction ties, positively mediates the relationship between active participation and well-being, as well as financial commitment and well-being. Greater cognitive social capital, or shared values and goals with a favorite streamer, is related to decreased well-being. Parasocial relationship does not significantly mediate the relationship between use and well-being. Our results demonstrate the importance of tangible social ties over the perceived relationships or identification with a favorite streamer.