Recently, digital research and consulting firm Findstack conducted an in-depth study into live streaming trends in 2021. We’ve pulled together three of the most interesting findings to help you better understand what live streaming is and how it can transform your business.
Before We Get Started…
First off, let’s define live streaming. Live streaming is broadcasting video or audio through the internet via a dedicated platform like Twitch, YouTube, or Facebook Live. Viewers have a lot of flexibility when it comes to how the content is consumed. They can choose the device (desktop, laptop, or mobile device) and the location (office, bedroom, coffee shop). This gives consumers enormous flexibility in how they consume content. Also, users can interact with the streamer or other viewers via live chat. Many streamers post the live stream once it has wrapped so that it’s available for future viewing, which adds to consumer customization.
Here are some interesting live streaming stats for 2021:
- It’s Worth Billions. The live streaming market was worth around $30.29 billion in 2016. That number will reach $70.05 billion in 2021. In fact, studies predict that the market will be at $223.98 billion by 2028.
The biggest percentage of streamers are gamers, making up around 54% of the market. The rest of the market comprises music, sports, entertainment, professional content, and IRL/Everyday Life.
- Covid-19 Had a Major Influence on the Market. Covid-19 spread through communities causing live events to be cancelled. As such, marketers transitioned to video or audio streaming as to stay relevant to their core demographic. According to the study, around 74% of marketers stated that the pandemic made them more likely to use video. This was born out of necessity as marketers needed a convenient way to reach their audiences.
- Viewers Prefer Live Streaming Over Other Mediums. Up to 80% of viewers prefer watching a brand’s live stream versus reading their blog. 67% of viewers who watched a brand’s live stream purchased a ticket to a similar event. 45% of viewers would pay for a live stream hosted by their favorite team, speaker, or performer.
Thinking About Live Streaming Your Next Event?
Are you considering joining the popular world of live streaming? If so, then the first step is to partner with a company that can help you discover the best strategies to attract and convert your audience. With decades of experience in video production, emerging technologies, and live streaming, Next Generation Designs will produce a modern and immersive experience that offers your viewers a personal experience regardless of where they’re sitting on the planet.
If you’d like a no-strings-attached consultation with our production team, send us a note or call us at 540.352.4435 and we’ll happily give you our undivided attention.