Live video has become a social media staple changing the way we interact with each other.
Brands, artists, and organizations are reaching new audiences with tools like Facebook Live, Instagram Live and Youtube Live.
According to Livestream experts, 81% of internet and mobile audiences watched more live video in 2016 and expect the numbers to increase drastically in the foreseeable future.
Cisco claims that global traffic from online videos will constitute over 80% of all consumer internet traffic by 2020.
Shortly after Facebook launched its live streaming video platform “Facebook Live,” The New York Times shared the following insight:
Videos represent a potentially transformational form of journalism because they let stories unfold organically, live, and with the audience able to change the experience.
A video will very soon completely take center stage as the format of choice and with the Live video being the phenomenal medium for engagement because of the rawness, immediacy, and authenticity, the future holds incredible things for this powerful new medium.
Don’t believe it? Well take a look at these stunning statistics that prove the live video is the future:
- 78% of online audiences are already watching video on Facebook Live
- “Facebook Live Stream” Search Popularity Has Risen Over 330% Since Facebook Live's Rollout
- Average time spent for video on tablets is 7.1 minutes for live streaming versus 4.1 minutes for VOD.
- Average time spent for video on the desktop is 34.5 minutes for live streaming versus 2.6 minutes for VOD.
- According to Tubular Insights, viewers spend 8X longer with live video than on-demand: 5.1 minutes for on-demand vs. 42.8 minutes for live video content. As brands compete for eyeballs in the newsfeed, live is a key differentiator.
- Live video is outpacing the growth of other types of online video, with a 113% increase in ad growth yearly.
- Users Comment On Facebook Live Videos At 10x The Rate Of Regular Videos
- Daily Watch Time For Facebook Live Broadcasts Has Grown By More Than 4x
- 1 In Every 5 Facebook Videos Is A Live Broadcast
- Between January And May 2016, Facebook Saw A 300% Increase In Live Videos From Media Companies.
Let's take at some of the reasons why.
Live Video has Low Barriers to Entry
Live video used to be complex and usually took a while to set up. You had to practically be ‘tech nerd’ to understand the technology. Also, you had to invest thousands of dollars in complex equipment.
Now, you can reach into your pocket, grab your phone, and start streaming in seconds.
TV is Moving Online and onto Social Networks
Media companies are in the attention business. The main objective is to attract attention, so it is no surprise that, with the increasing power of the internet, traditional media is now moving online.
Online broadcasting has a lot of advantages over TV. As we mentioned above, the barriers to entry is low. It’s not only cheaper, it can reach a broader audience and is not limited to a single-use device. Online broadcasting has a lot of advantages over TV.
It’s cheaper, can reach a broader audience, and doesn’t need a single-use device. Users are no longer limited to having to own a TV, they can use their smartphones or tablets instead.
Therefore, many broadcasters are now streaming live on a variety of different platforms such as social media sites, smart TVs, apps etc.
Using Live Video is More Raw and Immediate
Human beings are emotional creatures so there is always a need to connect with other humans.
Live video is a way to communicate more openly and in real-time. One major advantage of live video is the rawness and immediacy of it.
A live video provides a more tangible glimpse behind the scenes giving a feeling that you are right in the middle of the action…. like a face to face conversation.
Young People love Visual Media
It’s clear the amount of video watched online is growing rapidly and it’s biggest consumers are young folks.
The results of Animoto’s study about online and social video confirms this.
Look at these statistics:
- Millennials are three times more likely than baby boomers to watch video on mobile
- Half only watch on mobile devices
- 80 percent of millennials consider video content when researching a purchase
- 70 percent are likely to watch a company video when shopping online
- 76 percent follow brands on YouTube, and 86% follow on Facebook
As it relates to marketing, the concept of live-streaming is an intriguing one for brands because it combines video with a social media feed, two mediums that usually occupy different screens.
Facebook is already testing mid-roll advertising inside live streams. By combining social and traditional forms of advertising, marketers can reach audiences like never before making the prospect even more enticing for brands.