In the wake of the pandemic, people have been streaming video content into their electronic devices more than ever before. So much so that Cisco, 2021 estimates that nearly 82% of Internet usage will be dedicated towards streaming video by 2022. Needless to say, the video streaming market is booming with the global market value set to touch $124.6 billion by 2025 according to Techjury, 2020. Entreprises and professionals are not far behind with a report from Haivision, 2019 revealing that 53% of enterprises taking to streaming or broadcasting live video at least once every week, while nearly 29% use it every day. 4CInsights, 2019 underlines the same trend with 80% of marketing professionals agreeing that video content is of increasing relevance to the business world.
Despite all the exciting content production that’s happening every day now, content producers and businesses have barely begun to scratch the surface of the true potential of streaming content. Refer to Managed IT services Houston for more relevant resources on live streaming potential.
Let’s look at the top reasons why streaming is witnessing this massive growth spurt:
- Shifting patterns of content delivery on streaming
The days when you had to wait around all day or week for your favorite show to happen on TV are mostly gone. TV content has now become available on-demand instantly. If you want to finish work at 2 am and binge watch True Detective, you can do so. Increasingly specialized services, such as those that only stream one network’s content, such as HBO Max or Disney Plus, are on the rise. These are generally locked in a fierce competition to offer the best possible catalog of content and user experience and catalog.
Streaming also enables production companies to come closer to consumers and cater to their demands more efficiently. Schedule flexibility, reduced costs, and the device agnostic nature of streaming services also draw in consumers like moths to fire. However, as more and more players step into the streaming sphere, especially for TV content, the sheer diversification and spread of niche offerings may force consumers to eventually spend more as they are forced to subscribe to multiple services.
- Personalized content instead of standard packages
If you have seen by Amazon Prime’s Making The Cut, you are familiar with the concept of ‘shoppable’ content. The show’s designs were available for purchase after each competition leading to a highly immersive experience for viewers and enabling more than one way of generating revenue for its creators. Other shows, like Netflix’ Black Mirror has experimented with interactive content in the form of choose your own adventure narratives. Cmpare this to the stale fare of cable networks with preset programme timings and level of interactive content limited to phone calls or rare in-person participation. Also, keep in mind that even streaming services are yet to start taking advantage of recent technological advances in virtual reality and augmented reality. VR glasses, for example, could enable viewers to participate in the show as if they were immersed in the world of the show’s narrative.
- No or Limited Restrictions
Broadcast TV is subject to strong governmental control and regulations given the nature of its massive reach. Streaming content is exempt from following most such regulations, except what the companies choose to follow. While this could lead companies into potential ethical (and even legal) dilemmas, it also gives them space for a lot of freedom and creativity.
Major streaming companies already know that the secret to keeping viewers locked in is with original programming. This has led to fierce competition to both get hold of existing popular content, and create compelling original content. Netflix has been ahead of the curve with nearly 15 billion USD spent on original programming, with Apple trailing at 6 billion USD and Disney Plus spending 1 billion USD in 2020.
Now that we understand streaming is here to stay, let’s look at;
How you can get the streaming technology to play an effective role in your business:
- Customer service – With most of your customers still grappling with the aftermath of the pandemic, exceptional customer service is no longer optional for companies – it’s a necessity if you want to create customer recall. Although streaming does not automatically strike as a relevant tool for this, it can, in fact, prove highly useful. Forget long hours of frustrating phone or video chat, streaming offers a highly personalized touch to your customer interactions. You could use live streaming for new product releases or, process walk-throughs, essentially processes that need a lot of interaction with customer service personnel.
- Employee engagement – Beyond connecting with external audiences, streaming also has a potentially strong use case for internal employee engagement. This is especially beneficial in connecting to employees in remote locations (which in some cases, can be pretty much the entire workforce!) Live streaming offers major technical benefits over other communication tools, such as, video conferencing, such as Zoom or Skype calls. You could even use live streaming for large virtual employee events, or even just low-key team hangouts wherein you share playlists, or watch a movie.
- Nurturing your online community – Live streaming has a great capacity for follow on, and this makes it a great tool for building and nurturing the growth of online communities. If you are trying to build a follower base, you should keep your content always updated with new streams with relevant information about your product/ offerings, industry news, or even a degree of relevant entertainment to keep your audiences hooked. The content must be built in a way that appeals to your specific audience set and keeps their interest engaged over time.
- Products launch Events – As mentioned already, live videos are a great tool for product launches or announcements. Remember Apple’s reveal of the universal control this year? No event, no gimmick, yet, an instant hit with its own core audience. Even people disappointed with WWDC 2021 were forced to admit how cool the UC demo was. A well-edited and creative live demo can create instant recall in your audience’s mind. Cloud computing services can help in this regard.
- Improve brand awareness – You can live streaming to potentially build an emotional connection with your audience over time. This s particularly effective for younger audiences who are digital natives and to quickly disseminate information across a global network of audiences.
- Helps understanding the interests of your audience – The success, challenges and most importantly, responses to your livestreams can prove to be a critical feedback tool for your brand. Since the response is instant, it’s generally highly authentic and can help you get inside the mind of your target audience.
About Scott Young:
Scott Young, is the president of PennComp LLC, an IT consulting Houston company. Being a CPA, Six Sigma Master Blackbelt, Change Management Certified and Myers Briggs Qualified, Scott’s expertise is reflected in PennComp as a leading IT company for computer services and network integration. PennComp utilizes Six Sigma methodologies and practices in their service delivery and offers state-of-the-art monitoring and management tools to their clients. His blog can be found at https://www.penncomp.com/blog/.