Since the COVID-19 pandemic ravaged the world in 2020, we must all find new ways to live while stopping the spread of the virus. But, again, technology has come to the rescue by allowing us all to work from home and stay in touch with loved ones via video calls.
Quickly, video parties and hangouts became live and “new normal” concerts, where artists perform from afar and audiences attend from the comfort of their homes. This is a creative response from the entertainment sector, as social distancing measures include limiting attendees to physical locations or banning live events entirely.
Based on Cisco research, video traffic will quadruple by 2022, and video will account for 82% of all web traffic. As a result, there is increasing appetite and demand for new ways to discover content, and the live streaming feature is expanding to meet consumer demand.
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Streaming in its purest form is the act of broadcasting an individual, a group, or an event via live video.
Brands are realizing how beneficial live video can be in connecting with their users and target audience, opening the door to direct commerce i.e. selling products online through live video streaming and social commerce, selling products online via Social Media. Entertainment is no different: Live video offers a unique opportunity for artists to perform for their audiences and interact in real time.
It goes beyond a pre-recorded show as it allows fans to comment and like while the show is happening – and performers can view those comments instantly and interact live. with the audience. In addition, live streaming allows a wider audience without borders, thus increasing reach.
Before going live, artists and fashion brands will record their shows and post them online for audiences to see later. Live streaming has revolutionized the format by enabling real-time interaction. While recorded content will later be available as video, interactions happen in real time with comments, shares, and likes.
Such interaction adds value to performances, and many companies and artists have introduced virtual tickets to combine monetization and exclusive subscription-only content. This also allows new features will be introduced, such as AR, VRand shop directly.
Direct shopping is a growing trend and it is being adopted by a number of brands, such as major retailers TUMI and Zalora. Besides, other major players joined the live streaming space soonrealize its potential.
Live video viewers and receivers have grown over the past decade or so, and it’s really growing in China. Most of us know about how China uses live streaming and how it started as a social interaction, where individuals can come and interact with their friends, family, and even build a small fan base.
Ten years ago, it was the main source of income for streamers and small influencers in China. It has grown into an incredibly popular virtual gifting platform across Southeast Asia.
There’s a lot to learn from China’s use of live video capabilities; For example, the most popular live streamers in China have built their base by continuously posting live videos and engaging their audience. Most of them know the names of their loyal fans and remember to call them during every live session.
It’s exciting to see how live streaming has evolved into a unique opportunity for live commerce globally, adding even more interactive possibilities. The benefits are both ways, as the host can introduce and describe the products in detail. At the same time, audiences can ask questions and get a full view of the merchandise – creating a smarter, more personalized shopping experience.
These features can contribute to a more immersive and immersive experience and incentivize viewers with higher purchase intent. The key difference between direct commerce and traditional e-commerce is that it allows brands to engage in more authentic interactions, building trust and increasing brand awareness.
The rise of trade was directly driven by consumer demand, with Today’s shoppers are more discerning about what they look for in their online shopping experienceas there are several options to choose from.
Armed with good content and high-quality live video streams, retailers can tap into the growing consumer interest in “retail entertainment” experiences. In addition, social commerce is also on the rise. It’s perhaps not surprising that everyone is on social media these days – why not sell through social profiles?
ONE eMarketer’s report forecast US retail, social commerce sales will grow 34.8% to $36.09 billion in 2021, accounting for 4.3% of total retail e-commerce sales. This is especially helpful with digital influencers, who can recommend products to their followers through their social accounts and make quick sales via social streams.
This demonstrates that live streaming is no longer seen as a hype but a necessity for businesses who realize how essential it is to enhance their digital capabilities to customer retention and brand loyalty.
When Social Media Strategies for Growing E-commerce Businesses, live streaming can complement them, and many brands are exploring it as a source of engagement and outreach. For example, if they have video streaming on Facebook, the social platform actually drives much more live streams than regular news feed content.
So it’s an easy way to gain traction when someone comments on a Facebook live stream, and when your friends comment, more people are likely to see it. It’s a great way to interact, and the natural next step for brands is to have their own live streaming feature to complement existing digital properties.
Beyond brands’ digital strategies, custom live streaming platforms go a long way. It maintains specific brand elements that make them more recognizable and enables secure payments directly through the personalized platform.
These trends are also present now, making the audience part of the content when it comes to entertainment.
Many features can be implemented to encourage engagement and generate revenue, such as commercial matching from sponsors during concerts, virtual gifts for artists during performances to further increase visibility. monetization capabilities (especially if the concert is live streamed for free) and use voting live streaming to request audience songs for artists to sing.
Besides expanding new monetization channels, performers can create better content and understand user behavior through data. For example, they can analyze the most popular songs or more interactive parts of a live stream, while fully understanding their fans and what they’re looking for.
It is essential to point out that other verticals in entertainment can benefit from live broadcasts. For example, while musicians may see this as a way to sustain revenue during the COVID-19 pandemic, fashion brands can also benefit from it by connecting with their customers as they continue to grow. The physical store is closed.
However, this trend continues even as restrictions are lifted worldwide. Live streaming has proven to be an innovative way to interact with audiences and the fashion industry will continue to explore it.
Some creative campaigns include giving members a preview of their model prep and face-to-face Q&A with the model, which can increase members’ subscriptions to the genre. Watch this exclusive live stream.
Furthermore, live streaming platforms can be developed to meet the specific needs of artists and brands with features that are highly customized for users. Louis Vuitton, for example, Launching the Fall-Winter 2022 Women’s Collection via live stream on March 7, 2022 from the Musée d’Orsay in Paris and reached 130 million viewers.
It’s worth mentioning that nonprofits can also profit from live streaming. It creates a new channel to connect with people who want to help more and remove geographical barriers, as anyone can donate from anywhere in the world with a simple click directly via live stream.
All the new possibilities brought by live streaming show that innovation is here to stay. Brands are accelerating their digital transformation, while artists adopt new ways to connect with fans and generate revenue. At the same time, it’s clear that users are craving new, more engaging content, opening new avenues for remote content production to ensure audience needs are met.
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