All of a sudden, everyone wants to go live. Whether it is about covering a Birthday party at home or launching a new car in the market, live streaming has grappled broadcasters at all levels. And, why wouldn’t it be? It is more advanced, relatable, and more convincing.
The world has already seen the impact of video content and loved every bit of it. Now, it seems to be quite ready to move on and embrace live online video streaming. Here are some statistics to back this finding:
- Live video streaming may become a $183bn dollar industry by 2027. (Source:https://reports.valuates.com/) .
- There has been an almost 100% increase in live streaming use from 2019 to 2020.
- 5G networks are slowly spreading their reach. These are going to increase the viewability of live-streamed videos by 100x. (Source:https://www.streamingmedia.com/Articles/Editorial/Featured-Articles/What-Will-5G-Mean-for-the-Broadcast-and-OTT-Video-World-130075.aspx )
- 63% of millennial users consume and create live streaming videos, according to Statista.
- Twitch, an online gaming streaming solution, has its 80% viewer base belonging to the 13-35 age group. (Source:https://www.nielsen.com/us/en/)
These numbers are pandemic-fueled, agreed, but are a curtain raiser of newer trends. On the one hand, the consumers have switched to live streaming platforms to entertain, inform and educate themselves. And on the other, the businesses are adopting this tool to be there where their customers hang out.
If you have not yet started planning for online video streaming, you might miss the following advantages:
1. Establishing real-time connection with the audience
Through a live streaming platform, the makers give a real-time view of what businesses are up to. As a part of business promotion, you can live stream the otherwise inaccessible areas of an event to the audience. A walkthrough to behind-the-scenes preparations for a photoshoot, or a launch event, can win businesses the appreciation and acknowledgment for their hard work.
The audience can connect with the whole preparation process. To clear the minutest of doubt, it can also ask questions through comments. With the inclusion of e-commerce features, like ‘pre-order’ or ‘buy,’ or ‘book a table,’ ‘book ticket,’ the businesses can offer buyers the convenience of being the first user of the newest consumables introduced.
2. Add credibility to online reputation management efforts
Ditch all the automated replies and cliched ‘We are looking into the matter,’ and address customer issues in real-time. Using a live streaming platform, you can manage your online reputation with incredible finesse. Nothing can beat a real executive talking directly to the consumers on camera or showing them how to use that newly introduced IoT solution.
With instant connectivity and response, you can resolve issues before they blow out of proportion. The use of live streaming videos also places the business as a technologically advanced, sophisticated solution provider.
Solving issues is not the sole motive of live online video streaming. You can use it to introduce a new idea or share your vision. It helps dissolve geographical barriers and enter newer, more promising markets.
3. Gather response and measure results instantly and clearly
Simply integrating analytics features like the number of views, likes and shares can help you know a great deal about your content’s effectiveness. There is no other promotional tool that could give you responses and figures so quickly and crisply.
You can gather responses and also the sources instantly. With online video streaming, you can make it available to offline viewers and have a complete picture to analyze. The critical information possible to achieve real-time is:
- Geographical regions where it is being viewed more
- The age group of people logged on to the event
- Percentage of people showing further interest
- Event abandonment percentage too
Also, you get the unfiltered, complete, and real data employable for product or experience enhancement in the coming time.
4. Consolidating online and offline environments
Sharing a slice of a real event on an online medium allows you to have the best of both worlds on one platform. An event in physical space may be threatened by several factors (most recent being a pandemic and ensuing lockdown situation); but, the sign at your online platform reads ‘Open’ with no exception.
Further, a live streaming platform presents the human side of your business to your audience. It looks much more relatable than an online banner flashing the message.
And to top it all, you achieve better utilization of your physical props by presenting them in an online space.
The list does not end here, interestingly. The live streaming platform takes away all the issues like costly endorsement deals, a decorated space’s expenses, and event organization hassles typical of a physical world. Thus, you strike the gold at the cost of nickel.
Live online video streaming is that double scoop you always yearn to have in your promotional tool cone. It does take a lot of research, and confirmed results make the whole process look exceptionally meaningful. Adding extras to the profit margin comes as a bonus.