Video technology has evolved over the years, and people are increasingly consuming more and more video content. Cisco went so far as to predict that by 2021, videos would constitute about 80% of the entire internet traffic.
Have all kinds of videos contributed equally to their growing popularity? Live streaming has been responsible for creating one of the biggest impacts on video consumption in recent years. In the age group of 18-34, around 64% of the people enjoy live streams. In fact, it's estimated that by the end of 2021, the live streaming market will be valued at around $70 billion.
The Impact of Live Streaming on Media and Entertainment Industry
Live streaming has impacted almost every industry globally, but it has especially benefitted the media and entertainment industry.
Cord-cutting has been on the rise and has experienced further acceleration due to OTT platforms like Amazon Prime, Netflix, Hulu, etc.
It's estimated that OTT platforms will reach 383 million subscribers in 2021. Watching videos on demand on any device, especially smartphones, has provided users the flexibility to watch whatever they wanted at their own convenience without following the fixed timetables of traditional pay-TV.
But what is the role of live streaming in all of this? Entertainment events like beauty pageants, the Oscars, the Emmys, and sporting events are all now live-streamed on OTT platforms, in addition to traditional TV. And while you can only watch these events live on the television, you can watch them later on the online platforms, which is why they are the preferred medium for watching these events.
Media has Evolved
Media has experienced a gradual shift to the online world. Remember when you would look at your newspapers first thing in the morning to know what happened in the world while you were sleeping? Today, you can get a notification on your smart device to receive live coverage.
Social media platforms have given both the common person and media publications a medium to live-stream controversial and important news events as and when they happen. And people are hooked. They're always checking the live feeds of the accounts they follow for new information. Over half of the most-watched live content consists of breaking news!
Advantages of Live Streaming
Live streaming has become extremely popular, but what was the motivation behind businesses setting them up?
- Live streams are faster to broadcast, as you don't have to spend much time in pre-production
- Live streams are cheaper, as you don't need video editors for your videos
- Since videos can be live-streamed from mobile devices, they don't require expensive equipment to be set up, thus minimizing the required investment
- Users prefer live streams over pre-recorded videos. Forbes states that Facebook live videos are watched three times more than pre-recorded
Can You Monetize Your Live Streaming Videos?
Advertisers follow viewers. If you have enough people watching your live stream, be rest assured, advertisers will reach out to you. You can also show programmatic in-stream ads, in addition to securing direct deals with brands. And once you have a large enough user base, you can always charge a subscription fee for access to your platform. Since live streams are valuable to viewers, they will not shy away from paying for quality content.
Businesses often get overwhelmed when building their own platform. If you're one of those looking to create your own live-streaming platform absolutely hassle-free and with no prior coding experience, MAZ is here to help you.