Going Live In 3, 2, 1: How Live Video Is Taking Over!

Josh Lomax
May 6, 2022

Going Live In 3, 2, 1: How Live Video Is Taking Over!

We’ve said it many times already - live video is on the up. This may come as a surprise to some but live video has seen a rise in consumption, especially since the coronavirus pandemic swept the world off its feet.

Live video has been predicted to be the next big thing for quite some time now and it looks like it’s finally beginning to live up to the hype.

It has been predicted that the live streaming industry will be valued at $184.3 billion by 2027

It has also been estimated by Cisco, that live video is expected to grow 15-fold by 2022 and reach a 17% share of all internet traffic.

This growth was only helped by the terrible pandemic the world experienced over the past couple of years. 

Now we have a new order - online digital communication.

As it turns out, live video can do it all.

Need to meet up with your employees to discuss business? You can do this live using a platform like Zoom or Microsoft Teams.

Want to show your friends and family something new and interesting in your life? You can do this using a platform like Facebook Live.

Fancy attending a music festival without leaving your living room? Well there’s a good chance you can do this using a platform like YouTube to watch exclusive music events, just like Coachella did in 2019

Long story short? Live streaming can do it all.

So, what exactly does this have to do with you and your business?

Let’s find out.

82% of consumers prefer to see live videos from a brand than social posts (Influencer Marketing Hub)

How much attention and effort do you put into your own social media content?

I’m going to safely assume if you’re reading this article, that it’s quite a lot and rightfully so.

Social media is extremely important in this generation. That’s never going to change.

Nevertheless, consider the statistic above.

Now, how much attention and effort do you put into live streaming video content?

Again, I’m going to assume here that if you’re reading this article, it’s not a whole lot.

According to research by Restream.io, professional content accounts for around 9% of all online live streaming content.

That’s such a low percentage considering the clear demand for live content from brands.

If there’s one thing to take from this, it’s that it’s probably time to get some live content planned!

67% of consumers are more likely to purchase a ticket for an event or concert after watching a live video (Eventbrite)

It may be tempting to scroll past this statistic if you don’t work in the event or music industry but we’d urge you to really think about this for a second.

The fact that just under three quarters of consumers are more likely to make a purchase from you after watching a live stream is almost unbelievable.

Think back to our Coachella example in 2019, this was YouTube’s most viewed event to date (at the time) with around 89 million views.

It doesn’t need to be said but those are crazy numbers.

The point here is that if live streaming is effective enough to influence 67% of consumers, just how effective could it be for you and your business?

It is undoubtedly worth trying.

Consumers watch live video 10-20 times longer than on-demand content (IBM)

This is another big statistic to think about.

Video production in general is huge right now, regardless of the format. 

Believe me, we’ve spoken about this enough times already.

So when live video is reporting a 10-20 time longer watch time? It’s time to take notice.

One of the biggest issues all creators face today is their audience's attention span. 

We’re not going to get into a long debate here about how audience behavior has changed but one thing is for certain - audience retention time has dropped. According to a study by Microsoft, audience attention has dropped by 25% over the previous few years to an astounding 8 seconds.

This means in most cases you have only 8 seconds to capture your audience's attention otherwise the rest of your content will be pointless, as nobody will be watching it.

So when live streaming is offering you a 10-20 times longer watching time, it’s probably a good idea to take it.

80% of people would rather watch a live video from a brand than read their blog (TechJury)

Now forget you’re reading a blog for a second.

This is something we should all be considering. I wish I had a planned live stream to point you to but alas, I don't.

When you consider how popular business blogs are, this is a huge statement. 

So many businesses run and maintain blogs but neglect other areas of growth such as live streaming. This is likely due to the effort involved in doing it. Let’s be honest it’s easier to write a blog article than it is to think of an idea and successfully stream it to a live audience.

Did you know that only an estimated 35% of marketers use live video? This is up from 20% in previous years but it’s nevertheless still highly underused in a professional context.

Again, this really tells us that live streaming is an extremely effective means of communication for a brand or business. 

Not using it actually is missing out on potential growth.

Another side note here - this is in no way suggesting that business blogs or blogs in general are ineffective. This couldn’t be further from the truth. There are plenty of highly successful business blogs out there, this statistic just highlights a consumer desire for more live video content.

45% of consumers would pay for a live video from a favourite sports team, speaker or performer (Livestream)

This speaks directly to the Cameo’s and Memmo’s of the world but it remains an interesting statistic nonetheless.

Influencer marketing is becoming hugely popular in its own right and is showing growth across the board.

According to the annual Influencer Marketing Benchmark Report, influencer marketing has seen a yearly growth rate of 50% since 2016. This has only been boosted by the explosive growth of TikTok. Both macro and micro influencers are arguably dominating the marketing field at the moment.

Now, when you consider the potential of crossing influencer marketing over with live video content? The possibilities are endless.

Don’t get me wrong this will involve spending as influencer marketing is obviously not free but the statistics speak for themselves.

If you can create a solid marketing strategy and get an appropriate influencer onboard, the sky's the limit.

Final thoughts

If you take only one thing from this article, let it be that live video is a viable path for business and brand growth.

You don’t need to be a professional to live stream content, you just need an idea and a recording device. Start small and work from there. 

Get to grips with live streaming and don’t quit after your first attempt. Keep your ideas fresh, relevant and most importantly consistent.

I think you’d be surprised at what you can achieve through live video streaming once you’ve given it a go. 

Best case scenario you achieve all of your goals and then some. Worst case scenario you learn a new skill and have some fun doing it.

It’s a no brainer.