Do you know that the first live video streaming happened when people watched VHS cassettes on CRT TVs? It is also the time that we connect to the internet using a dial-up modem. A band in Palo Alto, California, named “Severe Tire Damage” together with their colleagues at Xerox PARC performed the first live video streaming on 24 June 1993. They broadcasted it through a network called Mbone, a shorter term for the multicast backbone. The band’s gig was seen as far as Australia.
In 1995, RealNetwork developed the first media player for live video streaming – RealPlayer. They used it to broadcast the first live baseball game between the New York Yankees and the Seattle Mariners. In 1997, the company launched the first commercialized live video streaming through RealVideo. The true birth of live video streaming happened on 08 November 1999. Bill Clinton participated in the first ever presidential webcast, an online political discussion produced by the Democratic Leadership Council and Excite@Home Network. In 2007, the first live video streaming platform, Livestream (now Vimeo), premiered.
YouTube hosted live video streaming in 2008. It played a big role in making it known. Twitch TV was launched in 2011. It enabled live video game streaming. Restream.io allowed creators to broadcast on multiple platforms. Twitter acquired the live streaming application Periscope in 2015. In 2016, both Facebook and Instagram adopted live video streaming services as well. Since then, live video streaming has evolved as the new marketing trend.
WHY LIVE VIDEO STREAMING IS THE NEW MARKETING TREND
- Live Video Streaming holds the viewers’ attention around 10x to 20x longer than pre-recorded videos.
- The average viewing time for Live video streaming is now 26.4 minutes per session. It grew by 93%.
- There are 7 out of 10 people who view live video streaming daily.
- Around 80% of social media users would rather watch a brand’s live video than read a blog. This is because they find videos more helpful when comparing products online. About 1 in 5 of them discover a new brand or product after watching a social media live stream.
- Live video streaming boosts influencer marketing engagement 2x.
- As such, 75% of marketers use live streaming as a part of their marketing strategy. 79% of them believed that live videos facilitated a more authentic connection with their targeted viewers. While 61% of them planned to repurpose live video content later.
A digital marketing speaker Hong Kong also noted the following statistics:
- Around 45% of live video streaming audiences are willing to pay for live videos of their favorite performer, speaker, or sports team. This may be the reason why businesses using live video streaming grow their revenue 49 percent faster than non-video users.
- Live events have boomed during the COVID-19 pandemic. At the beginning of the lockdown, 1 out of 10 people in the UK and the US began live video streaming on their own. Between January and August 2020, social media live broadcast has grown by 1468%. This is because virtual events have accommodated people who cannot attend physical events because of the lockdown and social distancing measures.
According to a social media agency Hong Kong, live video streaming among social media networks is popular among the younger generation, but it is also now attracting older viewers slowly. People ages 18 to 34 or millennials are the largest group of live content users. 63% of them watch live video streams regularly. Around 34% of Generation Z or those born between 1997 to 2015 have shown interest in social media’s live video streaming. Among live stream viewers, 26% watch via Facebook, 15% use Snapchat, 13% watch via Instagram, and 13% use Twitter.
The live video streaming statistics above clearly paint a picture that it is a vibrant industry on the rise. Among brands and businesses, it may be a wise start to incorporate live video streaming if you are looking for ways to connect to your target audiences.
The New Marketing Trends in Live Video Streaming 2021
The year 2020 has proven that live video streaming is the way of the future. As it continues to dominate digital marketing, here are the new marketing trends in live video streaming 2021.
Monetizing Live Video Content
Many social media networks have added features and tools to help advertisers and creators monetize their live video streams. Facebook Stars allow viewers to send tips to the host during a live event. The king of social media will them $0.01 for every star received. Twitter has also rolled out a tip jar button. This is a new way for users to receive and send tips. They are primarily designed for use on ticketed Spaces, live audio rooms on Twitter, but they have also been popular among Twitter’s live stream feeds.
This is a new trend and word for live video streaming on social media platforms. It was a merger between live video streaming and eCommerce. Brands and businesses have integrated their shopping features like in-stream catalogs, product tags, and shop buttons during a live broadcast. These functions help them promote their products in real-time. They also help brands communicate directly with the live audiences to make a purchase without leaving the live video stream. Louis Vuitton is the first international brand to use a live video streaming model. The brand showcased its Summer 2020 Collection via live video streaming on Tmall, a Chinese retail app.