Smart Trends and Approaches for Governing the Live Streaming Industry
The pandemic has increased demand for live video streaming and OTT platforms such as Netflix, TikTok, Insta Live, and other video and live streaming services. Another reason why live streaming trends are growing is that nearly 74% of marketers began video marketing after the 2020 pandemic. The following are some of the smart trends and approaches to look out for in 2023.
- Growing monetization of OTTs: Though Over-The-Top (OTT) media such as Netflix, Hulu, and Amazon Prime were already thriving prior to the global lockdown, the number of subscribers has grown unimaginably in recent years. These platforms’ rapid growth is due to the fact that they provide unlimited video content access for a reasonable monthly or yearly subscription fee. Collaboration with mobile operators to generate additional revenue is another way for OTT platforms to grow. As more mobile users activate their free subscriptions and quickly upgrade to premium accounts, this model has proven to be successful.
- Gamification factors: Gaming broadcasters are encouraging more social interaction and mixed media experiences to attract younger generations of viewers. Lockdowns accelerated the growth of websites such as Twitch, YouTube, and Facebook Gaming. Twitch added new live broadcasting features to make it easier to air various types of content by leveraging the interests of tech-savvy younger audiences. Viewers can comment on content as they watch it and share it on their preferred social media platforms thanks to integrated chats and sharing options.
- Short-form content: Digital creators can recycle and re-use their work with short-form content. This type of content is easily published on social media platforms, where it can be interacted with and shared by a larger audience. YouTube shorts, for example, have been a huge success. Cropping longer videos and promoting them through short-form content allows potential viewers to get to the point quickly. By simply selecting the most valuable segments to capture viewers’ attention, digital creators can attract a new audience to their larger content collection.
- Expansion of IoT video streaming: By 2025, the total number of IoT-connected devices streaming video and data is expected to be 30.9 billion. Doorbell IP and security cameras, as well as pet monitors, are examples of consumer IoT video streaming applications. As 5G internet becomes more widely available, its use in homes will grow at an exponential rate in the coming years. However, the largest segment of this market is related to automobiles, as access to IoT reduces the burden on drivers and reduces human error in situations requiring quick on-the-spot decisions.
By 2028, the live streaming industry is expected to be worth $223.8 billion. As a result, it is prudent to invest in live streaming platforms, as the time has come for such platforms. Check out Streambiz, the top-notch and feature-rich live streaming script that will help you easily launch your platform like Periscope. For more information and a free live demo, please contact BSEtec.