The global live streaming market is expected to reach US $534.37 billion by 2030 while growing at over 29% CAGR. Not only the viewers’ inclination towards watching live streams is rising at a rapid rate, but it is getting adopted in diverse sectors, industries and in various ways to utilize its growing trend across the continents. It is well-justified that as stated in a report by Statista, the hours spent on mobile live streaming apps were 482.5 billion globally in 2020, while the weekly reach of live streaming videos worldwide was 30.4% in Q3 2021. It is evident that live streaming has been on the forefront for not only the entertainment sector, but several other ones like e-learning, sports, gaming, e-commerce, SaaS, and whatnot!
With various businesses, individuals and stakeholders opting for live streaming as marketing/promotion strategy to engage with audiences, promote their products, product launches, increase the audience reach for webinars, and other countless ways, it has become imperative to know and explore more about live streaming in 2022.
In this blog we are going to discuss the top 10 live streaming use cases, to not only let you know the diverse applications of live streaming but to update you about the ways you can utilize it/target the audience of these diverse sectors in case you are a live streaming service provider. So, read on to know more!
‘The art of communication is the language of leadership.’ – for every business in any sector, transparent & well-defined internal communication is one of the keys to unravel success. But with that comes the challenge – how to communicate and let others communicate while your employees are scattered around the globe, or you need to convey the highlights of your business conference to the potential global stakeholders?
Live streaming is the answer to all these, be it streaming webinar to reach out to unlimited viewers or, streaming the live demo of a product in its pre-launch stage – live streaming is what bridges the gap caused by differential time zones or geographical location, especially in this ‘work from home’ or ‘hybrid work’ culture.
Imagine a situation – you are going to launch a new feature for your existing software next month and you want to let your global audience know about it and create hype to make it a game-changer. Now, what will be the first obstacle you might face? Of course it is how to reach out to the global audience simultaneously? You can simply announce it on several platforms including social media in advance and do press releases about it. But, that will be just one part of solving the puzzle. The brand/product/feature promotion game is no longer so simple, and hence you must not want to stay behind in the global competition where every other brand is coming up with new strategies to promote their products/services/features. Live streaming product launches is one of such ideas you must adhere to. Here is a vivid example of how glorious a product/feature launch event can be through live streaming – Apple’s iPhone 13 Launch Event.
Internal meetings are no less than a routine for any business. But what if you want more participants to know about such meetings for various reasons, like you may want to convey the ideas generated from such meetings to new investors/prospects/stakeholders or, even internally? Live streaming is what helps you break all the barriers even if your organization is very large with a lot of employees or want to convey the business meeting information/outcomes to the overseas executives simultaneously and others. To know more about it, read our e-book on – Easy Guide on Live Streaming to Unlimited Viewers.
Gone are the days when written communication used to serve the purposes for employee training. Nothing can beat live streaming products/services/solutions demo/information to the employees, training them in real-time irrespective of their location or how large they are in number, or answering their queries instantly. SaaS to IT – live streaming training classes is one of the ‘new-normals’ in this digitized era.
Also Read: The Ultimate Cheat Sheet for Live Streaming in 2022
Be it a music concert or art exhibition – why not spread it across the continents to justify an artist’s art? That is exactly what live streaming does. Dua Lipa’s record-breaking virtual concert in 2020 that drew more than 5 million viewers is just a glimpse of how artists can utilize live streaming in the best way possible. Reaching out to global fans, creating the buzz over diverse platforms, targeting the customers on different social media, improving your digital presence/promotion – live streaming serve all the purposes an artist can target.
Live shopping events generated nearly US $5.6 billion sales in 2020 in the U.S. itself, and there was a sharp rise in the sales that reached over US $10 billion in 2021 and is set to reach nearly US $25 billion by 2023. In China, Live Streaming Commerce is projected to account for at least 20% of all e-commerce sales by 2026, as stated in a recent market report. There are innumerable advantages of live shopping that have made it high on trend for a while now. Some of them are as listed below –
No matter what type of products you sell, you must try it if you are yet to!
The global online learning industry grew by 900% since the time of its introduction, while the market volume is expected to reach US $325 billion by 2025. Research showed that e-learning takes 40% to 60% less time for students as well as employees than conventional learning and online regular classes, live doubt solving sessions, Q/A, and others being an integral part of e-learning are being adopted more than ever. Be it regular educational courses or online fitness classes, online live classes are taking the e-learning experience to the next level owing to its several advantages such as getting to learn from home irrespective of the geographical locations or time zones, getting better scope to learn, ask, and clear doubts in real-time, time flexibility, sharpening digital skills, and others. It is obvious that live streaming in e-learning will remain pivotal even in the coming years.
Statistics says that 78% of the internet users watch Facebook live videos, while 35% of the marketers use live videos including social media live. Not only for marketing, but conveying real-time brand stories, hosting live events, Q/A rounds, quizzes, interactive live videos, live product launch on multiple social media platforms – these are some of the ways to reach to a wide pool of audience including the exclusive audiences who are only available on the specific social media platforms, creating impactful brand presence, improving audience interaction, acquiring new customers, upselling/cross selling products through live events/flash sales/promotional offers, and better market positioning, to name a few. As per the latest data, almost 75% of the global eligible population are social media users as of 2021, while the projected number of social media users around the world is nearly 4.41 billion in 2025. With this growing popularity and usage of social media, the social media live streaming is set to remain growing in demand in the upcoming years.
Live streaming parliament sessions, knowledge sharing across public sector organizations, real-time streaming of public announcements – these are some of the use cases of live streaming in governance. One of the main areas to focus for live streaming in governance is – complying with robust data security and confidentiality. Adhering to the stringent governmental security standards such as FedRAMP (Federal Risk and Authorization Management Program), NIST (National Institute of Standards & Technology), CJIS (Criminal Justice Information Services), and others. There are several advantages of live streaming in this sector such as reaching out to the public to convey specific information, keep the events and communications going irrespective of the situation such as the pandemic, and others. In the near future, live streaming is likely to become even a more significant part of governance meetings, events, announcements, and others to utilize the technology for conveying public rules, information, safety and more.
In this digital era, live streaming holds an important part of the HR activities. Hiring global candidates, streamlining the onboarding process by conveying information through live videos, letting the employees know about the company culture, values, and related information, and others require a quality live streaming solution. Apart from these, live streaming use cases in HR extends to communicating remotely with the large number of employees for HR policies update, information transmission, or addressing compliance issues effectively. As the work from home and hybrid work culture tends to persist, this area will remain a significant use case of live streaming.
Live streaming is a new means to bridge the gap between the fans and artists, businesses and customers, globally dispersed employees and many more – marketing to brand promotion or customer engagement. As the adoption of live streaming keeps spiking across various sectors, the requirement for quality live streaming platforms is anticipated to rise even further. With a myriad of live streaming service providers available in the market, opting for a sound live streaming platform becomes even more hectic and trickier. However, detailed features, solutions and price comparison along with firsthand trying through free trials can help you make the right decision.
Muvi Live, the all-in-one live streaming solution, comes with industry-specific live streaming features that can accommodate the requirements of various sectors – SaaS to e-commerce. Auto encoding & transcoding, easy social media integration, content delivery through HLS, built in DRM, and analytics & insights are some of its feature-rich solutions to not only meet your live streaming requirements but deliver more to have competitive advantages. Take a 14-day free trial now to leverage the unlimited opportunities live streaming offers with Muvi Live (no credit card required)!
Written by: Ishita Banik
Ishita is a Content Writer with Muvi Marketing Team. Apart from business writing, she is also an acclaimed author of three best seller romantic thriller novels. In 2020, she got featured in The Hindustan Times, a leading news portal as an inspirational Indian author.
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