Facts you didn’t know about Live Streaming — Part 2
Live streaming is all the rage and a huge number of people around the world consume it every day. That is why the first part of our live streaming statistics was about the relationship between TV and live streaming, the impact of Covid-19, and the growth of some streaming platforms. This article is about changing user behavior and streaming services in general.
User consumption increases due to videos
As explained in the first article, live streaming grew a lot throughout the years, which is why consumers spend about 92 minutes per day consuming digital video offers, according to eMarketer. Forrester also found out that 48 percent of the consumers share brand videos with their families and friends through their social media profiles compared to static ads. LinkedIn’s statement supports this finding that video ads generate 30 percent more engagement than static ones. A more recent analysis by Techjury from 2020 finds that videos generate 1200 percent more engagement than pictures or plain text. Also, ad impressions on live streaming increased by 56 percent in 2018. Therefore, businesses, as well as streamers, should work with an agency like Youblicity to get more out of their ads. In 2017, Cisco claimed that video traffic worldwide would account for about 80 percent of all consumer internet traffic by 2021. This may be why, according to Forrester, brands will spend over $100 billion USD by 2023 on video content. In 2018, they already spent about $90 billion USD. A more recent analysis from July 2020 by Grand View Research forecasts that by 2027 the industry will be worth over $184.27 billion USD. According to Grand View Research, they also forecast that let alone the live streaming market will value over $70 billion USD in 2021, and the projections show that it will grow to more than $187 billion USD by 2027.
Live Streams are in demand
Not only brand videos but also video content in general is more likely to be shared by consumers (39 percent as stated by Forrester). Facebook’s head of Facebook App, Fidji Simo, announced that 20 percent of all Facebook videos in 2017 were live broadcasts. From 2016 to 2018, the search for ‘Facebook Live Stream’ rose by 330 percent, according to Mediakix. Only in the first quarter of 2018, Twitter already hosted 1.300 live streams with 80 percent of the viewers being a global audience. Now in 2020, Periscope’s number of monthly live streams increased to more than 9 million. Also, 67 percent of viewers stated that they would purchase tickets to a similar event of what they watched as a live stream, which is great for companies in the event sector.
Mobile usage is high in demand
According to Nielsen, already 80 percent of the world population used either streaming services or apps to watch videos online in 2018. By 2022, 82 percent of all internet traffic and 79 percent of all mobile traffic will be video content, as predicted by Cisco. Due to Covid-19, the traffic increased up to over 100 percent in some countries. About 40 percent of mobile video viewers are between 13 and 34 years old (MarketingCharts). In 2020, 40 percent of consumers state that video content increases mobile purchases, according to an analysis from Techjury. The study conducted by Intel from 2018 projects that videos might comprise about 95 percent of all 5G traffic globally. In 2020, the download speed over mobile networks increased by 30 percent, and over fixed broadband by 34 percent.
More and more people use OTT services
For 29 percent of viewers in 2017, online videos or OTT was the go-to-source for entertainment. In 2018, already 36 percent of viewers stated this as well, according to Hub’s 2018 report. However, the audience, aged 13 to 34, is getting pickier when selecting content to watch as it takes them over 9 minutes to browse through the offer. Furthermore, in 2017, about 152 million Americans were using OTT services, growing to 170 million in 2018, which led to a prediction of 181 million users in 2019 by Statista. Not surprisingly, the revenue out of OTT, namely ad-led VoD, pay-per-view, and paid subscription, was already $37 billion USD high in 2016 and might rise to $83.4 billion USD in 2021. Therefore, IHS Markit forecasted in 2018 that by 2020 there would be over 650 million subscribers. In 2017 there have already been more than 400 million.
Not surprisingly, live streaming or video content, in general, is becoming more and more relevant to consumers and brands. As the quality and possibilities of videos keep getting better, brands really should consider getting involved in live streaming — either as creators themselves or with placing ads in live streams of others.
© Pictures by Pixabay & Unsplash