With the expansion of digital platforms and changing media consumption patterns among youth, game streaming as one of the most rapidly growing emerging media fields has attracted policymakers' attention. The absence of a clear system for guiding this domain has brought about cultural, social, and security challenges. With the rapid expansion of the game streaming phenomenon in Iran and the lack of systematic regulatory mechanisms, a strategic gap is felt in the governance of digital media. This article was conducted with the aim of designing a localized regulatory model for game streaming within the framework of collaborative governance theory. The research was carried out using qualitative methods and a grounded theory approach. Data were collected through semi-structured interviews with experts and documentary analysis, and analyzed through coding stages. The findings showed that regulation of this domain is influenced by technological, cultural, economic, and legal components, and the role of diverse actors such as regulatory institutions, platforms, and users is key. Consequently, the final model emphasizes institutional interaction, legal transparency, infrastructure development, and maintaining balance between oversight and creativity.