The popularity of video content has been growing immensely over the last few years. The primary reason behind that is the rapid development of video technology. In fact, the advances in that field made videos so popular that research by Cisco predicted that 80% of entire internet traffic would consist of videos by 2021. However, out of all types of video content, one had the biggest impact — live streaming video.
Nowadays, 63% of the population aged 18–34 enjoys live-streaming content daily. That makes live streams one of the most popular types of online content! And experts worldwide are aware of that. Because of such immense popularity of live broadcasting, professionals estimate that the live streaming market will be valued at about $70 billion by 2021.
With all that said, it should be crystal clear that the streaming industry is only going to get bigger. But how does that affect the world as we know it? Or better yet, what impact did live streaming have on various global industries? That is what we’re here to find out!
Without further ado, let’s get right into it!
The Impact Live Streaming Has Had on Global Industries
The growing popularity of video streams has left a mark on many huge industries worldwide, from media to education. Let’s take a look at how it impacted each of them in more detail:
Media
The rise of video and live streaming content has gradually led to a transition of traditional media forms to the online world. From newspapers, flyers, and billboards to blogs, banners, and video ads, digital media has quickly overtaken its traditional counterpart. And since digital media became so popular, when live streaming started gaining traction, it did so with a bang!
It didn’t take long for live streaming to become a staple of most news websites. Now, instead of waiting for the 6-o’clock broadcast, you can record live news at any time, anywhere. And if you combine readily accessible live content with the overwhelming reach of social media platforms, you get yourself a winning combo. The joint effort of the news and the live streaming industries has boosted the global information flow significantly.
Oh, and if you’re still skeptical, the numbers speak for themselves — breaking news comprises over half of the most-watched live content!
Entertainment
The entertainment industry also took a massive turn with the rise of live broadcasting. Namely, the popularity of traditional TV began declining with the rise of OTT services like Hulu, Roku, Netflix, Disney+, and similar.
These services offer users the ability to watch on-demand content, making them superior to traditional television. For the first time ever, viewers can now request what shows they want to enjoy at the click of a button. But what makes these services so appealing is that you can consume video content at any time. Traditional TV doesn’t offer that flexibility, unfortunately.
With all that said, it shouldn’t be surprising that OTT services blew up quickly. Experts even predict that various OTT services will have over 383 million active subscribers by 2021! Oh, and if you add the availability of different OTT platforms to all the benefits mentioned above, you can see why live streaming in the entertainment industry is a growing trend. Nowadays, you can stream your favorite films and series from a wide variety of platforms, such as phones, smart TVs, tablets, or even gaming consoles.
Education
We must not underrate the impact of live streaming on education! And if you’re wondering what it is, it’s pretty simple — this technology has opened up a plethora of learning opportunities worldwide. Today, you don’t have to visit a classroom to learn anymore. Instead, you can do it from the comfort of your home!
Live video has proven invaluable for increasing global access to education by enabling a variety of online classrooms, workshops, and schools. That has proven particularly useful for underdeveloped countries lacking learning opportunities. There, people can now interact with experts and teachers from across the world. But that is not where the benefits of live streaming for education end!
During times of crisis, such as the ongoing global pandemic, live video enabled schools and universities to continue working throughout lockdown. In fact, this technology has proven so successful that many are considering making remote learning a permanent option, even post-COVID-19.
Taking all of the above into account, it’s not far-fetched to assume that global educational systems might undergo significant changes soon.
Business
Live streaming technology brought many opportunities and quality-of-life improvements to the business realm. The most notable example would be the introduction of online live conferencing.
We all know how vital both external and internal communications are for the success of any business. So you can only imagine what happens when you facilitate that with live streaming! Thanks to this technology, companies can hold meetings and conferences with people from across the world at the click of a button. Also, they can communicate more effectively at the workplace by using live video calls. Another excellent example would be for streaming your company’s events. That would allow you to get your brand in front of more eyes and help you build credibility.
All of the mentioned above is just scratching the surface. The impact of live streaming on businesses is much more significant. Namely, the benefits of live streaming for companies and the opportunities it opens are numerous. That is why they warrant a separate section in this article.
So now, let’s inspect the ways live streaming can benefit your business.
How Live Streaming Can Benefit Your Business
Here are the five most prominent benefits of live streaming for your brand:
Better ROI and Cost-Effectiveness
Live streaming provides better ROI for video marketing experts than, for example, videos. There are multiple reasons for that:
- Live streams take less time to make — When you’re into live streaming, you don’t have to spend as much time in post-production as you do when making regular videos. Also, because live streams are spontaneous, you can make more content faster. These two factors combined mean you will have lower expenses than if you had to, for example, hire a video editor.
- Users prefer watching live streams — It’s no secret that there’s a higher demand for live video content than pre-recorded videos. Facebook Live videos see three times longer watch times than standard videos.
- Live streaming is cheap to set up — Nowadays, you can live stream even over your mobile device, so you will need minimal investment to get started. Because streaming is interactive and spontaneous, you won’t need to focus on video quality too much, which is where you can save a lot of money.
Fosters Credibility and Trust
Live streams are an excellent place to show your brand’s transparency. By giving your consumers insight into your products or a behind-the-scenes tour of your facilities, you can build trust with your audience. The open nature of live streaming also allows for active dialogue with your viewers, which is an excellent opportunity to do a live Q&A session with one of your experts! That is a surefire way to send the right message to your customers.
Builds Relationships and Boosts Brand Awareness
When live streaming, you put a face and personality to your brand. But perhaps an even more crucial aspect is that your consumers stop seeing your brand as a corporate entity. That introduction of humanity into the equation helps you build genuine relationships with your viewers. Offer them help, and guidance, and you’re sure to see them running back to you! Oh, and let’s not even mention what wonders that will do for your brand awareness!
Makes It Easier for Influencers to Engage With Their Audience
If your business relies heavily on influencer marketing or you’re an influencer yourself, live broadcasting will be invaluable to your marketing strategy!
Live streaming makes it easier for influencers to interact with their audiences. So if you are one, you will ensure a reliable line of communication with your viewers. Also, since you can engage with your audience in real-time, you’ll give them more incentive to stick around.
But if you rely on influencer marketing, that will also positively affect you. Why? Because your promoted products will reach a higher number of people, that’s why! On top of that, you could even arrange with the influencer promoting your product to give their viewers a quick demonstration on-screen. That is a surefire way to increase your conversions!
Allows for Easy and Natural Collaboration Between Content Creators
Every content marketer and creator knows the importance of collaboration. That is where live video comes into play! The impact of live streaming in this regard is manifold:
- It makes sharing ideas with your peers easier.
- Live streaming makes collabs between content creators as easy as one, two, three.
- Collab content offers excellent user experience since the viewers get an opportunity to witness multiple different viewpoints.
- By co-hosting live videos, you attract larger audiences to your show (both yours and your co-host’s).
All of that is possible thanks to live streaming technology. So if you’re planning to hold a live stream anytime soon, why not invite a friend or colleague?
Live Streaming Is Changing the World for the Better!
Whether you agree with the statement above is up to you, but we firmly stand by it! Whatever your opinion on the matter is, it’s indisputable that live streaming has had a significant impact on the world. It has influenced many global industries, such as media, entertainment, education, and business, and its benefits are numerous.
Change is already here, whether you like it or not! So if you wish for your business to stay relevant in today’s growingly digital world, live video is the way to go! And if you need a reliable live vide streaming platform for your business, we at Brid.TV can help you. Take a quick look at our live streaming offer and monetization solutions and send us an email! That way, we can help you set up and begin your free trial immediately!
We wish you the best of luck on your live-streaming journey.
Until next time!
