Live-streaming is evolving at a rapid pace. Why should your business invest in it?
“Instead of freaking out about these constraints, embrace them. Let them guide you.” – Basecamp
From Youtube to Netflix and from Netflix to Tik Tok, videos are now becoming a new normal for our day to day lives. Things have evolved so much that Cisco projects that by 2022, videos will be conquering 79% of all internet traffic.
A report from Stream Elements stated the industry had nearly 1.2 billion hours of live streaming video in 2019. The trend has accelerated in 2020 according to Forbes reports the social distancing measures have increased the streaming by at least 12% and internet usage by 70% with new normal of staying home. Businesses are noticing the change in the trend and are opting for live video, In fact, one report found that companies have increased 53% of their budgets for live streaming events.
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“Today, every company is a media company”
This statement especially applies to this current world; the work-from-home labor force has tripled in the past 15 years. With everyone adjusting to the transition of working remotely through different challenges, such as different time zones and bandwidth connection. The only way to keep everyone engaged virtually is through video.
Video conferencing vs. Live-streaming
Now, video is so significantly important because we all want to stay connected and engaged. However, how can different industries utilize video conferencing and live-streaming?
First, let’s understand the difference between the two. Video conferencing is intended to be a collaborative two-way communication experience replicating the feeling of an in-person meeting. Unfortunately, video conferencing limits its audience capacity due to bandwidth issues.
Live-streaming, on the other hand, is designed to showcase one stream to everyone. Live-streaming is an equal comparison to the experience of a concert. Here, the audience does not expect to have a personal, two-way conversation with the host/presenter. They can interact through likes, comments, or separate chat features, “but they are not part of the show”.
Here are a few examples of how video supports the vision, mission, and goals of each industry:
For example, in the business industry, the company would typically utilize video-conferencing because each team member has their own task to complete and has the need to communicate one-on-one. Whereas in the arts & culture industry, people want to showcase their talent or work, so they host live concerts or live stories on Instagram.
Note: This thought leadership article was inspired by a white paper published by Vimeo.com & LiveStream.com.