As the year was unlocked before a couple of weeks, the experts of the world contemplated what could be this year is meant for. The next big thing was emerged in mid of the later years, “Live streaming” is going to be the next-level technology and lucrative business. On predicting the life of live streaming and OTT platform trend is highly sought-after technology that is going to take off the entire video content business.
On narrowing down, It all started a few years back where the engagement has been the point of a business goal. The live streaming trend is booming constantly at a high peak due to its essence in different sectors. Thus, the fact behind the scope of live video streaming solution is incredible where the entire world is moving to Live.
Just another fine afternoon, someone brought a question to the table “What do you think the future of video on demand vs live streaming?” The hypothetical question sparked the entire lively lunchtime. So this really got us thinking…
What would be the future of live streaming?
Yes, the live streaming is so big and the fact, it is true.
It is found that 74% percent of small businesses and marketers noticed that they receive incredible direct leads using online video platforms after using videos as a key resource. Cisco.Inc states that they will perceive an average of 80% global internet traffic through videos by end of 2019.
The live streaming trend doesn’t simply stop with engaging and entertaining, the value it creates across different industries. Apart from the fun stuff, live video streaming has gained immense prominence on businesses that leverage video content. Some industries that propelled its business using live streaming solution
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Different Sectors Gained Business Values Through Live Streaming Trend
Internal Business Collaboration
Enhance the collaboration of the organization through conducting live meetings. Short live streaming of discussions, employee training and franchise communication will bring ample engagement within employees and clients. Thus, the real-time streaming of meetings & discussion will leverage internal communication and business productivity.
- Multinational companies conduct live town hall meetings.
- Internal meet-ups are streamed live when teams are spread across time zones. This saves time and resources for them.
- New hire orientations are conducted live to introduce them to the team members and build a rapport between them.
Several education industries started using live classes strategy to stream lessons from the classroom. The live VOD platform trend has much to contribute to educational institutions through broadcasting live lessons, visual demonstrations which will increase the students’ classroom experience.
- With live chats and real-time problem-solving capability, e-learning platforms capable of live webinars are the future of education.
- Tutors can create tailored courses for students based on their preferences.
- 59% of students have completed coursework over m-learning or mobile learning which is another medium for online live streaming classes.
- YouTube channels like Learning Space Digital have found it highly profitable to have converted their business into a digital model through a SaaP service provider.
E-Commerce & Marketing
With the live streaming video on demand trend, e-commerce will see more sales through going live with their products and conducting live event concepts such as see-now-buy-now strategies. As a result of going live with products increase the online shopping experience for end-users. The live streaming trend embraces video marketing across the social media which brings customers and brands closer in contact.
- 64% of consumers said that they were likely to make a purchase after watching online videos.
- Many brands are launching premium VOD products through live streaming platforms as it gives them a chance to demonstrate the product and interact with a live audience.
- Following a mobile-first strategy for marketing is the preference for 81% of brand managers as per a study in 2017.
- Maybelline sold 10,000 lipsticks in 2 hours by roping in Chinese actor Angelababy to host a one-hour live stream over a live-streaming platform in 2016.
The live streaming strategy benefits retailers by producing live video events to create more authentic interaction with customers, audience in result engage and attract consumers. Through ideal strategies, retailers can amplify their retail marketing and also sales by live streaming on social media with help of influencers.
- Social media advertising campaigns have a much lower cost as compared to traditional platforms.
- Interactive shoppable videos are 40% more effective in driving sales and is driving the trend of live streaming in online shopping.
- Amazon Live was launched in February 2019 and featured video content from a range of brands.
- Ted Baker, a British luxury retail company, saw a 30% surge in sales after a YouTube video of its latest shoppable video features was aired.
Ranging from patient’s care in real-time to holding training sessions, live streaming in healthcare benefits in different ways. The live streaming technology can guide surgeons during surgical treatments on the offshore panel of doctors. The technology enables patients to have a direct conversation with healthcare professionals to share and diagnose treatments.
- Live chats during consultations with a remote medical professional is widening the reach of quality healthcare.
- Remote invasive procedures by specialized doctors over the live streaming platform.
- It is also a cost-effective way to train medical professionals. Dr. Shafi Ahmad from Royal London Hospital used Medical Realities, a live streaming platform while performing a virtual reality surgery.
- Hospitals regularly use live stream platforms to talk about relevant topics and to humanize medical jargon.
As the industry demands instant solutions to the problems, Q&A through real-time live video chat enables customers to receive solutions to their queries instantly. Live video customer support is trending in the years that enhance the user experience, engagement and VOD business values.
- Live chat with a knowledgeable and patient assistant trumps a voice call experience.
- Live streaming how-to videos are trending customer experience strategy in the software industry.
- Streaming a video of making a product or a behind-the-scenes experience is shown to improve customer engagement with the brand.
- Large organizations launch contests live and are reported to be preferred by 70% of companies.
Unlike other industries, the Gaming industry is quite different where the role of live video streaming is to create engagement and reach a maximum volume of users. Some platforms like Twitch has been the fact behind the importance of live streaming in gaming yields you a lucrative business. The live streams of screens and webcams are the strategies for empowering live streaming in gaming which increase the engagement.
- Professional streamers engage their subscribers with interactive games and live commentary. Revenue is earned through subscriptions and fundraising campaigns.
- Average daily watch time for live gaming websites touch 95 minutes.
- One of the top live streaming gaming websites is Twitch with 15 million daily active users.
- YouTube gaming, which started in 2015, is one of the later entrants in this segment.
The future of live video streaming is not so far. In the year 2021 video will account for about 82% of total internet traffic and live video will account 13% of all internet video traffic. In the near future, live video streaming will create an immense effect on entertainment and businesses. For effective growth in the business with live streaming trend, businesses and individuals must ensure to avail the technology in a more appropriate way to gain profit with it.