Whether you’re a numbers person or not, one thing is certain: live streaming isn’t going away. If anything, live streaming for businesses is set to continue its explosion as more and more brands tap into the power of live video.
So, if you’re not already aware, here’s the lowdown on why live streaming is the future for businesses – and how you can get involved.
What is live streaming?
In its simplest sense, live streaming can be summed up in a few words: broadcasting video over the internet.
As the name suggests, the broadcast is live. The person, people or brands streaming video do so in real time, so what the audience sees is happening in the moment. What started as a way for gamers to share blow-by-blow gaming action, has morphed into a lucrative channel for companies too.
Live streaming for businesses has exploded in recent years. Marketers, events professionals and content creators have awoken to the possibilities of connecting with their audience through live video. And with the live streaming industry predicted to reach a value of $330.51 billion by 2030, for those willing to embrace live streaming the rewards are potentially massive.
Why live streaming matters
While the numbers surrounding live streaming are impressive, they form only part of the picture. So, why does live streaming matter? What makes live streaming for businesses such a potential goldmine?
It’s worth a look at how live streaming fits in with customers, employees and strategic objectives. There are four key reasons businesses need to pay attention to live streaming:
1. A change in content preferences
Video has long been touted as the new kid on the block when it comes to marketing. The truth is, it’s here to stay and it has been for a while. In 2022, customers expect to see video. In fact, they want more of it: Wyzowl published figures indicating that 85% of consumers want to see more videos from brands.
And if you think it’s only B2C businesses that need to pay attention, think again. Between February and April 2020, the number of LinkedIn Lives almost doubled, shooting up by 158%. The sudden burst of activity, of course, coincided with the outbreak of the COVID-19 pandemic and the wave of lockdowns that swept the globe. The pandemic may have accelerated the shift towards video, but that doesn’t make it any less significant.
The upswing in live streaming on a platform as business-oriented as LinkedIn shows that content palates are changing. Consumers, be they citizens or business professionals, have a taste for live video content and they want more.
2. Growth of video consumption fuels video-making
It’s not only consumer behaviour that has driven the boom in live streaming. Video generation has followed suit, feeding and sustaining the appetite for video content. In 2022, live video is expected to account for a 17% share of all internet traffic (Cisco). That’s a phenomenal growth rate, and makes it hard for businesses and marketers to ignore live streaming as a viable channel for business development.
And while live streaming is a powerful tool for marketers, that’s not the only reason live streaming is important for businesses.
Among enterprises, 55% use live video for their company or division-wide broadcasts (Haivision). With remote working, geographically dispersed workforces, and concerns over carbon emissions connected to travel it’s hardly surprising that live streaming is the alternative. It offers the next best thing to being there.There’s no doubt: live content is engaging – it’s a secret that television producers have known for years! Live streaming for businesses is a great way to keep employees up to date, celebrate success and turn your employees into advocates!
3. Live video generates sales
If we think of live streaming as a tool for marketers, we also have to think about sales. Video is a key driver of purchase decisions for many consumers. From products to services, tangible goods to apps, video is a deciding factor for many wavering customers:
– 84% of people say that they’ve been convinced to buy a product or service by watching a brand’s video
– 79% of people say they’ve been convinced to buy or download a piece of software or app by watching a video
Engaging with video content signals a strong intent to buy. For customers on the fence, they might need a little encouragement to decide. What better way to guide your prospects to a decision than to stream live video? Answer queries, reassure buyers and demonstrate your credibility, all in one swift broadcast.
4. Video links to company growth
Increased sales, better engagement, loyal employees… that all sounds great, but what about the bottom line? Marketers, we hear you!
Persuading your superiors to invest in something new can be tough. And if you do succeed in getting the budget signed off, you’d better be able to demonstrate ROI…
Perhaps this might help you: companies that use video grow revenue 49% faster than non-video users. Not only that, marketers who incorporate video into their campaigns enjoy 34% higher conversion rates (Wordstream).
Video content isn’t simply a ‘nice to have’. Live streaming offers a powerful, meaningful and measurable way to stimulate growth.
Live streaming trends
Whether you’re new to live streaming or you’ve been streaming for a while, keeping up to date with the latest trends gives you an advantage.
- Shorter video lengths – long videos aren’t usually a good idea, especially when you target prospects early in the funnel. However, the rise and rise of TikTok has spawned a trend towards shorter streams. Your audience, marketing objective and business strategy will inform the length of your streams. However, for social platforms, shorter is better or you risk losing people.
- Quality matters – not only do viewers expect to see video content, they expect to see quality too. Nobody wants to watch a poor-quality stream with terrible video and inaudible sound. 5G and ever-improving broadband connections mean viewer expectations keep pace with technology. Deliver quality broadcasts and win over your audience.
New streaming destinations – as live streaming becomes more popular, the number of streaming destinations increase. Perhaps the biggest trend in 2022 is the shift towards more corporate streaming destinations such as LinkedIn. And with good reason too: LinkedIn Live videos get 7x more reactions and 24x more comments than regular video. That’s some serious organic reach and major bang for your buck.
Businesses can’t ignore live streaming
As the statistics above demonstrate, live streaming is a force to be reckoned with. Whether it’s the meteoric rise of the medium, the new audiences that can be reached with live video or the promise of bottom-line growth, businesses can’t afford to ignore live streaming.
But perhaps the most powerful aspect of live streaming is the seamless join between streaming, marketing, sales and events.
Broadcasting a company hands-on to your whole staff? Live streaming makes it easy to engage people in events as they happen.
Launching a new service? Live streaming lets you explain exactly what’s involved and gives your audience confidence.
Have a sales target to hit? With so many consumers using video to make purchase decisions, live video builds a unique bridge between marketing and sales.
You can’t ignore live streaming – so get involved
Live streaming isn’t going away. Why not get ahead of the game and maximise the opportunities your competitors miss?Join our community of like-minded professionals and be the first to access Beam. Our Early Adopters Program is built for the disruptors, the forward-thinkers, for those who expect more. With advanced access to a quality streaming platform and future new releases, you can take advantage of the benefits of live streaming before anyone else.