The numbers on live-steaming are out! SteamElements, a streaming platform used by internet celebrities like TimTheTatman and Haris Heller brought out a report along with Arsenal.gg. It turns out, the live streaming industry has proven to be at an all time high. So developing live streaming app is a perfect idea to start with.
A whopping 45% month-on-month growth! Check out the numbers below.
Before the COVID-19 pandemic, live streaming, particularly e-gaming, had shown a 40% year-on-year growth in 2019. It has now increased to 45% just month-on-month.
It’s not just a boom for gaming companies! The entertainment sector which was earlier mourning over the postponement of Guns N’ Roses concert or the Tokyo Olympics may also end up benefiting from live streaming.
Did you know? BTS’s (the globally renowned korean boy band) recently live streamed their concert. They ended up generating $20 million (approx) via paid live streaming shows, exceeding the revenue generated from erstwhile in-person concerts.
Hence, it can be said that the Live Steam industry is showing exceptional growth even during these dark times.
But, Why Is the Live Streaming Industry Booming?
Yes, COVID-19, lockdown, and WFH have pushed people to spend more free time at home. Which has led to the ultimate surge of people seeking entertainment, edu-tainment, gaming, on-demand apps and streaming (live or not). But there are other factors involved that added to an already increased revenue share of over 60% in 2019.
Some popular reasons:
- Rapid increase in internet speed in many parts of the world, allowing access to high quality streams even in remote areas.
- Abundant ad-free content.
- Watch-time feasibility, less frequent buffering, and live pause options.
Such unique qualities make the experience seamless and more friendly, compared to other conventional platforms.
Live Stream Is Connecting People Virtually During COVID-19
Since some people are still stuck in their homes because of the pandemic, communication with the outside world has become limited. Hence, many live-streaming platforms have become a popular place where people interact in real time. Apart from that –
- Several streaming giants like Twitch, Youtube Gaming can connect 10 million+ users at a single event, hence facilitating large scale communication.
- People from different geographical areas can connect through live broadcasting.
- The mass and celebrity gap is also decreasing, thanks to live-streaming. V Live is one such live streaming app that allows celebrities based in a particular country to broadcast live video and live chat with their fans.
Unlocking New Avenues For Businesses
As established in the earlier section, live streaming portals and apps are able to connect with the masses virtually. Imagine the marketing potential it has, especially when you want to launch a product. For example: General Electronics (GE) live streamed the launch of Chevy Volt EV on Facebook.
Here are some companies that can definitely benefit from live streaming –
In the beginning of this post, we established that the gaming industry is the biggest beneficiary of this boom.
Valorant is the newest game that has been launched, and is one of the top streaming games as per April 2020. If, even the newer ones can make such a big impact, then the live streaming world is the oyster for gaming companies.
Staying and working at home can lead to a lot of unhealthy habits. Since gyms, fitness centers and dance classes are closed during the lockdown, people are looking for alternative options online. Trainers, teachers and fitness instructors are conducting classes virtually.
Since universities, colleges and schools are shut, online learning is the only way to education. Several Learning Management Systems like Moodle, Schoology, Google Classroom are using live-steaming for adequate student-teacher interaction.
As mentioned in the start of this blog, many musicians, stand-up comedians, dancers are using live-streaming service to connect with their audience and do what they do best: entertain. Tanmay Bhat, an Indian Comedian’s major chunk of content currently consists of live streams.
What The Future Holds
Since offline mediums for shopping, entertainment and business will still take time to become completely functional.
Digital is the only place to be and live streaming is just another platform that is highly consumed, feedback-driven, interactive and can fill the lack of human touch to some extent.
If used in the right way, live-streaming will change the way companies interact with their millennial and gen Z customers.