From letting people watch sports online to allowing gamers to show themselves gaming and for others to watch them game, live streaming was once a fairly novel application. Since 2020, however, it has exploded into the mainstream as a useful technology that many businesses can utilize. With more companies investing in ways to connect to an audience live across the internet, the global live-streaming market is tipped to grow rapidly.
Valued at nearly $990 million in 2021, in five years, the live-streaming market is set to hit $4.3 billion. Given how suddenly the technology has become relevant to customers and companies alike, this may even prove to be an underestimation. More businesses manipulating live streams to suit their goals will lead to innovation in the market and make the tech even more applicable to more people.
On its very base level, live streaming technology offers a much more immersive and engaging experience to customers than any other form of mainstream online connection right now. Those who live stream regularly will find that people want to help and be helped and that storytelling becomes all of the more powerful through a live stream. Businesses can utilize this to offer a product that stands out and a connection that matters.
A product that is the live stream itself
People online seek an authentic and real experience, particularly for premium products or ones that are better in person. This is why products that are already leveraging live streaming are finding so much success. In the online casino industry, digital table games have been transformed into live table games, with the popularity being so great that there are now several studios experimenting. So, you won’t just be able to try Live Blackjack from OnAir, you can play Dead or Alive Saloon from Evolution, Live Spread-Bet Roulette from Playtech, or Live Dragon Tiger from Pragmatic Play.
With these, particularly in the ever-expanding section of live casino game shows, it’s all about putting the fact that the product is live center stage. Another area increasingly making use of the desire for these live, engaging, and interactive products is language learning. You can now get a language app that lets you watch engaging and interactive live streams with native speakers to help you to perfect your new language. As it’s all done in real-time, users get answers to their questions immediately to make for a far richer learning experience.
Making the in-house experience accessible online
A lot of people side with the internet over buying products in stores these days for one simple reason: convenience. Still, there’s a great deal lost in the experience, and enough people have had issues with orders not being as they would have hoped that there’s a gap for a more authentic experience online. This is one of the reasons why live eCommerce is picking up steam, particularly in the Asia-Pacific region. People selling goods through live streams bridges the gap between in-house experience and online convenience.
You will not only be able to offer customers the chance to access your usual in-store expertise, opinions, and ability to help find the right product, but live eCommerce also taps into the “FOMO” phenomenon. Scheduling live streams for shopping experiences that may also include exclusive discounts or products makes attendance much more desirable. Shoppers will not only get wrapped up in the thrill of the real-time experience but will also appreciate the brand more for there being help on hand to answer questions and even do some demos.
Hosting business events for all around the world
Live streaming doesn’t always need to be used to engage with the general buying public. Instead, live streams can be used to connect you to other arms of your company or to other potential business partners. LinkedIn Live is becoming a very useful platform for this kind of live stream application. You can use the features to set up live business events and send out direct invites to limit who can attend, allowing businesses to connect to your event without the need for expensive travel and accommodation. It helps to save costs on both sides while also being real and interactive enough to ensure that viewers can get the additional information that they may seek.
Set to be the future of business connections, live streaming has a great many applications already, and it seems inevitable that over the next few years, innovations will only make the tech even more useful to businesses.
