The first live streaming is dated back on June 24, 1993, when the garage band Severe Tire Damage streamed their performance live over the internet. With time, live streaming has evolved and grown to not only emerge as a whole new industry, but has changed diverse existing sectors in various ways.
As stated in a recent market report, the global live streaming industry value is set to reach $534.37 billion by 2030 while growing at a CAGR of 29.3%. One of the key driving factors that spurred the growth of this sector is the wide adoption of live streaming in various industries and domains.
One of such main use cases of live streaming can be noticed in the business domain. Businesses have been opting for live streaming in multiple ways and for multiple purposes. If you too are running a business with a digital presence and digital audience, then you must know the ways live streaming is being utilized by the businesses, or why live streaming for business is one of the most relevant topics in 2023.
Live Streaming for Business: How Businesses are Leveraging It
Businesses have been utilizing live streaming in various ways for a while now. Here we are going to list out the top 5 ways businesses are leveraging live streaming.
1. Live Interviews, Interactions & QA
With the growing popularity of remote and hybrid work culture, live interviews have become more relevant than ever. Statistics say that nearly 60% of the HR managers opt for video interviewing during the hiring process, while video interviews are 6 times faster than the offline interviews.
While live videos are important to let you assess the skills and talents of the candidates by sharing it with your internal teams and members, live streaming interviews with the relevant industry leaders, and personalities help you with brand recognition, lead generation, and more.
Also, you can add the relevant CTAs along with such live interviews to let the audience take the various actions such as buying, taking or upgrading subscription, contacting, making an inquiry etc.
Live interactions and Q/A, on the other hand, are important for the businesses to engage with the end-users, answer their queries, and improving the customer experience significantly. No doubt that it helps in word of mouth promotion and reducing the customer attrition rate. You can conduct such live sessions on a timely basis to make the most out of them.
Also Read: How to Increase Your Video ROI in 2023?
2. Live Product Launches
Statistics say that 68% of the people prefer learning about a new product from videos. And even the leading brands like Apple, Puma, and others are leveraging this by conducting live product launch events.
In a recent survey, 65% of the consumers claimed that live product events help them understand a product better and gain knowledge about it. Also, live product events are a great way to reach a wide audience base, taking them through the product features, solutions, and roadmaps, and making a strong digital presence of your brand.
Furthermore, such live events help businesses reach to the global audience of various demographics and of different time zones, boost sales of the new products, upselling, cross selling and create the needed hype among the target audience. You can also do SEO optimization of such videos to aid in your business’s marketing.
3. Live Media Briefings, Reports, and Announcements
Conducting live media briefings, reports, and announcements are a good practice for any business to establish a good media presence, and market presence. Not only these kind of live events are highly useful for keeping your customers and potential audience informed about the company details, updates, and highlights, but also impactful to drive participation from the potential stakeholders, investors, or businesspersons.
4. Live Global Company Meetings & Townhalls
Global company meetings that include crucial information, discussion, planning, and other highlights are no less than a asset for any company. Such meetings are not just meant to be held and forgotten but can be needed to be reached to the other potential stakeholders to make them more purposeful. Live streaming comes into the play here. You can easily make such global meetings reach out to unlimited audience by live streaming them and reach your relevant business goals efficiently.
Townhalls are no more an option for the businesses, but has become a part of the regular company activities. Live streaming such townhall meetings is a great idea if your company size is medium to big with a lot of employees. Such meetings help in sharing a company’s vision, mission, planning, ongoing project discussion, and other relevant information for a better work culture that lets you align with your business goals better.
5. Live Streaming of Conferences
Business conferences play a crucial role for any business as they let you connect with the industry peers, potential stakeholders, leads and customers and let you keep your business going and growing. While virtual business conferences are effective for the global participants, the traditional online meeting apps come with the limitation in the number of participants. By live streaming your business conferences, you can overcome this limitation and reach out to even a wider audience base with potential target audience, connections, and leads.
Also Read: How to Create a Live Streaming Studio: A Complete Guide
Live Stream with Muvi Live to Take Your Business to the Next Level
Undoubtedly live streaming has taken over the business sectors as it helps in achieving various business objectives while maintaining a positive brand appearance. To leverage the unlimited opportunities live streaming offers, you need to start by opting for a good live streaming platform that offers several competitive advantages along with the basic solutions.
Muvi Live, an industry-grade live streaming platform, not only comes with all the top solutions to implement the above-mentioned live events but even more. Live video recording, DVR-enabled live streaming, audience engagement tools, SEO optimization tools, and analytics & insights are some of the key solutions offered by Muvi Live.
Furthermore, Muvi Live offers a completely no-coding solution that fits your business requirements well. Sign up for a 14-day free trial now, to live stream with Muvi Live (no credit card needed).