Brian Wallace, Founder & President, NowSourcing
From 2016 to 2021, live video traffic grew by 4 times. The switch to live video is but the latest in a constant stream of revolutions in how online content reaches consumers. When the internet was born, text was the only method supported by early computers. Years later, sound and images became supported by online browsers, allowing music and photo sharing to take off. As time progressed, the audio and visual realms joined forces to offer online video content. Websites like YouTube took off, and the online streaming of movies and TV shows became possible. Now, live video is the next big thing.
How popular is live video streaming? A recent survey shows that 79% of consumers have interacted with live video at least once in the past week. A third of customers interact with live video 5 or more times per week, meaning almost daily. Marketers moved on the live video trend relatively early, with 57% of those surveyed saying they used live video in 2019. Gamers take advantage of streaming to bring their esports to a wider audience. In 2020, they raised a collective total of $9.3 billion in revenue.
2020 is perceived by some as a turning point in the live video revolution. Because the COVID-19 pandemic triggered widespread lockdowns, live video streaming saw use in places it had been rare before. For example, 1 in 6 US patient visits in 2021 happened over telehealth platforms. Thanks to the proliferation of remote work, 86% of companies now interview candidates over live video as well. Whatever you use the internet for, you are likely to encounter live video streaming today.
The growth of live video shows no signs of slowing. By 2028, global revenue from live video is predicted to reach $184 billion. In order for that level of growth to happen, some kinks still need to be worked out with live video. Live streaming often requires massive bandwidth to deliver video smoothly. 80% of businesses report experiencing internet connectivity problems. People who live without high speed internet are at an economic disadvantage, particularly in rural areas. Another issue is compatibility between devices, browsers, or operating systems. People may use computers, smartphones, or tablets to video conference. Connection issues can arise due to firewalls, unsupported browsers, outdated devices, and older operating systems. Single stream technology could allow businesses to avoid many pains associated with live video conferencing.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked