The magazine, which is run by volunteers aged between 14 and 24, is offering ad space to compensate for reductions in its funding from Lewisham Council.
02 has bought a double-page, co-created advertorial for the November issue that will also run in the following three issues, while YouTube has sponsored a feature about humorous YouTube virals.
Red Bull has also taken a slot in the November edition and has commissioned Live's designers to create ads for the three subsequent issues, giving the young volunteers the opportunity to answer a professional brief.
Channel 4 Education has also secured a back page ad to promote SuperMe, its online game that hopes to reach and offer support to unhappy and disillusioned teenagers.
Mira Jessani, senior account executive, Livity, said: "The move to introduce advertising was triggered by local funding cuts, but it was also motivated by a desire to create a more sustainable model for the title generally.
"We don't want to rely on funding – closing the magazine would never be an option for us."
Live was set up in 2001 by Livity, a socially responsible youth communications agency in South London that works with young people to co-create campaigns, content and communities. The agency offers an open-door policy to any young person wishing to contribute.
The volunteers are mentored by professional journalists such as Rahul Uerman, previously club editor of Metro, and Emma Warren, who works on the radio show 'Pic 'N Mix' for IPC's NME Radio.
The title is distributed via schools, colleges, youth centres and street teams.
The November issue, led by an interview with East Londoner and rapper Tinchy Stryder, has been allocated a print run of 35,000 and will be available in North and West London for the first time, in addition to its current distribution area in South and East London.
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