Live video is, year after year, becoming the preferred version of online communication. Live traffic has grown over four times in the period between 2016 and 2021. Current rates predict the industry at large will produce $184 billion in revenue by 2028. There are a few key changes causing this massive uptick. The baseline being consumers today want and like live video.
This can be seen by the consumption of live video skyrocketing in recent years. Today 79% of consumers interact with live video at least once a week. For a third of these same consumers that number is five plus times a week. This sets a clear picture at the prevalence of live video in today's world. And one important industry that has embraced these changes is business.
The Power of Live Video
Businesses are moving more and more into video over audio-only calls. Today more people than ever are working remotely, and it’s simply a matter of utility. Video calls allow for more clear communication, more reliability and reintroduces body language. When 45% of business teams are using video calling tools at least weekly, optimizing those calls is essential.
Live video is certainly not just limited to the business sector though. Gaming, marketing, healthcare, recruitment, real estate and webinars all rely heavily on live video. The global gaming market, for instance, has generated over $9.3 billion in revenue in 2020. At the end of the day the amount of information that can be relayed by video is indispensable. Pictures and audio only information can be effective, but it will simply never possess the same utility as live video.
Related Article: 5 Ways for Marketers to Improve Their Video Literacy
Downsides of Video
There are, unfortunately, some problems that arise with the use of live video. Video takes more bandwidth, more security measures and fluctuates in quality more than other mediums. Companies all find themselves using vastly different systems that produce inconsistent results at best. Time loss, privacy breaches and money loss are not uncommon due to these errors.
Luckily, elegant and nimble solutions exist. Eyeson is one company that represents the future of live video in a lot of meaningful ways. Today consumers are more interested in down-to-earth, practical streams with real people. Modern solutions help this become the reality over the divide between studio high-bandwidth users and average consumers. One case is through a single stream technology.
Learning Opportunities
Webinar
Mar
29
The CX Commute vs. the CX Joy Ride
Is your CX traffic holding up your customer's journey?
Webinar
Mar
29
Is Your Microsoft 365 Data Recoverable? How to Survive the IT Hotseat When Data is Lost
See why MIcrosoft recommends third party backup
Webinar
Mar
30
An Optimized Customer Contact Strategy Combines Transparency and Intelligence: The State of Outbound Communications
Learn from the Neustar-commissioned Forrester Consulting study on challenges and solutions for contact centers
Webinar
Apr
5
Adopt a Modern Digital-First Marketing Strategy
Learn how to use a composable DXP to your advantage
Instead of everyone having to separately stream the video at their own quality, there’s one unified stream on every device. This effectively reduces a lot of the privacy and connection errors while making application easier. Solutions like these are safer and more reliable while also taking up less bandwidth and time. This is the future of live video.
Related Article: 7 Video Optimization Tips for Marketers to Consider
Bracing for Live Video Revolution
The simple fact of the matter is that issues like compatibility, encoding, privacy, bandwidth and quality make streaming very hard. It elevates those that have the most resources and technological capabilities. Modern solutions decrease this disparity and make live video into a more accessible resource.
While today not everyone can view live video from many places, tomorrow that may not be the case. Already phones are developing more advanced live video capabilities. It’s clear to see they’ll be integrated to the point where live video is available to anyone, anywhere.
Learn how you can join our contributor community.
