Nearly every social media platform affords users the opportunity to go live with video – and businesses have taken notice.
While pre-recording a video gives you the opportunity to script, edit, and caption your content before it goes out, live streaming video acknowledges a sense of immediacy that pre-recorded content cannot. Live video is more conversational, allows for viewer engagement, and is better-suited for quick reactions, so it’s no wonder why everyone from educators to event marketers have relied on live video streaming to meet their goals in 2020.
Still need to be convinced before you turn on your camera and launch a new Facebook Live? Here are a few statistics on live streaming video that you can’t afford to ignore.
1. The Video Live Streaming Industry Has Increased by 99% in 2020
If you take away any statistic from this blog post, this one should be it.
According to a roundup of data from Twitch, YouTube, Facebook, and Mixer by Daily Esports, there has been a 99% year-over-year growth in hours of live stream video watched between April 2019 and April 2020. Given that this data was compiled just a month after nationwide school and workplace closings went into effect, it’s safe to assume this growth has steadily increased throughout 2020.
This statistic is noteworthy for a few reasons, but primarily, it suggests that live streaming growth was a trend prior to the global health crisis. As a result, this metric should serve as encouragement for marketers and businesses to invest more resources into live video production, as the demand has only continued to grow.
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2. The Video Streaming Industry Will Be Worth $184 billion by 2027
Typically, the toughest hurdle to overcome when procuring buy-in for new initiatives is ROI potential. This statistic should put any financial doubts to rest.
MediaKix reports that “the streaming industry is estimated to reach $124.6 billion by 2025,” while Grand View Research reports that “the global video streaming market size is expected to reach USD 184.27 billion by 2027,” noting that “the live video segment is expected to portray the maximum and fastest growth over the forecast period.”
Given the applications of live streaming in this new decade so far, that number isn’t unrealistic. Teachers and students, event organizers and attendees, and even businesses and their engaged social media followers are streaming and consuming live video content now more than ever.
This increased supply of live-streamed video content has resulted in an increased audience size, an increased investment opportunity from advertisers and sponsors, and an increased interest in improving the live streaming process from tech entrepreneurs and software designers looking to disrupt the industry.
3. 67% of Live Viewers Are Likely to Buy a Ticket to an Event
While the events and live music industries are struggling due to fears and restrictions regarding crowd size, there’s an opportunity to use live streaming to not only maintain your potential events audience, but also grow it.
Eventbrite reports that two-thirds of live concert or event video viewers are more likely to buy a ticket, so while event marketers and professionals are understandably nervous right now, there’s a way to utilize live video to build a foundation for subsequent success. By this logic, making an event available via video live stream for a reduced cost (or even no cost) could drive more registrants and attendees due to the reduced barrier to entry.
If you’re able to hold on to this next-year attendee return rate of 67%, companies and event specialists can use live streaming to significantly grow their audience with a virtual event – and build up an informed and excited base of potential paying registrants next time around.
4. The 80% of Consumers Prefer Live Videos to Blog Posts
As a blogger, I was hesitant to include this statistic – but the fact of the matter is that “80% of consumers would rather watch a live video than read a blog,” according to 99firms.
This statistic probably doesn’t hold as true for SEO-focused pieces of content like how-to guides, but for content focused on news and trends, live video is a starkly better solution than a blog post, for a few obvious reasons:
- They’re Immediate: While a blog post can serve as a round-up for an event or coverage for industry news, live video on the scene (or immediately capturing the aftermath) live video is more timely and eye-catching.
- It’s Less Work for Marketers: Bloggers take hours to research, write, edit, and publish a blog post. Grabbing a phone or opening up your laptop camera to provide quick insights takes seconds to set up, and zero time to edit before streaming.
- Video Can Provide More Context: Important elements of storytelling, such as body language and inflection, are nearly impossible to convey with a blog post. Since we rely on these indicators during communication, it’s only natural to flock towards a video rather than written copy.
5. More Than 50% of Students Have Attended School Virtually in the Fall of 2020
Citing a study from Burbio, CNBC reported that 52% of students went into the new school year as virtual-only learners. Since classes began, that percentage has shifted in one direction or the other in various parts of the country – but the clear majority of students either have learned or are currently learning in a completely remote classroom.
Some districts are even doubling down on remote learning, with Boston Public Schools announcing a shift to fully-remote learning after a rise in Massachusetts cases, despite a previous model that offered in-person learning. Since students and teachers are relying on video for school, this decision suggests that video live streaming in education will likely remain a key component in many major cities’ schools until these municipalities feel comfortable reopening their classrooms.
Capitalize on Live Streaming Demand with Captioning
Since live streaming video is going nowhere but up in terms of relevancy, your organization should be fully equipped to make the live streaming experience as impactful to as many viewers as possible.
This is where captioning for live video comes in. The many benefits of captioning – from meeting accessibility standards to maintaining viewer attention – have traditionally come from pre-recorded video. However, it’s now possible to easily caption live videos to appeal to even more streamers with your live video.
Make sure you’re following the best practices for live auto captioning quality to further accelerate the growth of your live audience – and keep them around longer.