With the rapid growth of online entertainment live streaming, how to continuously innovate and achieve long-term sustainability has become a major challenge for the industry. Augmented reality (AR) technology offers users immersive interactive experiences and potentially addresses this challenge. The aim of this study is to explore how AR technology influences key components of user online experience—immersion and intention to pay—using survey data. Building upon the Hedonic Motivation System Adoption Model (HMSAM), this research incorporates aesthetic variables to theoretically expand the model in order to gain a deeper understanding of the mechanisms influencing user behavior. A questionnaire survey was conducted to collect 450 valid samples. Detailed analysis was conducted using structural equation modeling. The findings confirm that aesthetic design significantly impacts users’ judgments of content value and perceived ease of use, generating positive effects at the perceptual level. Additionally, AR applications enhance the quality of user experience, thereby stimulating intrinsic motivations such as curiosity and joy. Further analysis indicates that users’ curiosity and perceived behavioral control directly influence the level of immersion and intention to pay. Overall, the research results offer important insights into industry applications. This study successfully expands the HMSAM theoretically by incorporating aesthetic variables to enhance the explanatory power of user judgment mechanisms. The analytical framework proposed aids in understanding the potential mechanisms of new technologies on customer experience and commercial value creation. The research findings provide guidelines for technological design and marketing strategies of streaming platforms.