Live Streaming and its Impact on Media and Entertainment Industry

With a chock-full of streaming services and their extensive content galore to choose from, individuals can stream their favorite shows on desired devices anywhere and anytime nowadays. Even viewers living in geo-restricted countries can effortlessly unblock streaming services via a Virtual Private Network (VPN) to stream whatever they want. This has allowed people to consume more video content with ease.

Video technology's continuous innovation and evolution have enticed and engrossed people to watch more video content. Out of all the video consumption options available, live streaming has created the most significant impact in recent years.

The Burgeoning of Live Streaming

The growing popularity of live streaming is because it is interactive and engaging, and anyone can be a part of it. It creates more engagement than pre-recorded videos and engages audiences in the most exciting and innovative way.

Cisco predicted that 80% of the internet traffic would consist of videos by the end of 2021. Moreover, about 64% of people aged 18 to 34 enjoy watching live streams. The live-streaming business is also projected to rise exponentially, and it is estimated to be valued at around $70 billion.

Also: Read about the ways through which you can make money from live streaming

How has Live Streaming Impacted the Media and Entertainment Industry?

The shifting trends in the entertainment industry have given rise to the newest trend, i.e., live streaming. This popular medium, live streaming, has skyrocketed into the mainstream and impacted almost every industry worldwide.

It is changing how individuals interact daily and transitioning in-person events into online. Moreover, it has brought change and convenience to people as they stream events or anything of their choice from the comfort of their homes. In short, live streaming has bolstered the media and entertainment industry.

Entertainment Has Become Flexible

With live streaming technology, any individual can become a host to engage an audience, thus, allowing people to search for live videos to stream their favorite content. Since several people are inclined towards cord-cutting options, OTT (over-the-top) streaming platforms such as Hulu, Netflix, Amazon Prime, HBO Max, Peacock TV, BBC iPlayer, etc., are booming these days.

But why is there a sudden escalation in the use of OTT streaming platforms? These streaming platforms enable people to live stream shows, musical events, etc. You can live stream any entertainment events such as Emmys, Oscars, Beauty Pageants, sporting events, etc. Unlike traditional TV, you can watch all your favorite, and to-be-watched events live or save them to watch later. That's why these streaming platforms are gaining more attention.

Due to the acceleration in cord-cutting, OTT streaming platform subscribers are projected to grow to million every year. These video-on-demand services have given people the utmost freedom to stream anything, anywhere, and anytime on any device without following rigid content schedules.

Constantly Evolving Media Provides Instant and Latest Information

Do you read newspapers in the morning or unlock your smartphone to scroll through the notifications to update yourself about the happenings in the world? Of course, an era of technology and live streams have changed how individuals consume news today as media has entirely shifted to an online realm.

In previous years, newspapers and cable TVs were necessities. But now, with live streams becoming easily accessible, individuals are getting more informed about the latest stories, developments, and events happening worldwide.

In addition, social media platforms have assisted media outlets and common people to live-stream news and events or to spread awareness. This has allowed people to keep themselves updated by checking through the live feed accounts.

What are the Merits of Live Streaming?

Popular live streaming has several benefits that motivate businesses to use this feature:

Live streams are preferable by users to pre-recorded videos. According to Forbes, Facebook live videos engage online audiences three times more than pre-recorded ones.

You can live stream videos from smartphones or mobile devices. Thus, you do not have to invest in expensive equipment.

Live streams do not require video editors for editing and are cost-effective.

It is fast to broadcast and eliminates time spent in pre-production.

Live Streaming Unifies People - Wrapping Up

Live streaming is a powerful tool that unifies people worldwide. This feature helps people bring together to learn about the events happening globally and open minds to embrace new cultures and perspectives. Furthermore, live streaming changes how people interact and offer convenience, and makes it accessible for individuals to enjoy the same event without traveling to another country.