The online live streaming market is on a boom and is growing at unprecedented speeds. However, some people still doubt this market’s future trend and growth. In 2022 there are a lot many live streaming platforms and different services are available too. You may want to read about them here.
Today we will present eight statistics to help you decide whether the live streaming market is the one to go for or the one to pass. Here they are:
- Audience: According to a research study published by GlobalWebIndex, the GenZ and Millennials spent the most time streaming content than other generations. Hence you can use this statistical data to refine your live streaming content further and make necessary adjustments to capture the trend effectively. In the live streaming world, the content quality and the content watching genre are paramount because these are the two pillars of any live streaming channel that can either be a hit or flop.
- Exclusive Content: A recent research report published by GWI Consumer Trends showed that 26% of consumers watch a live streaming show if it has exclusive content. It is quite a considerable number of live stream viewers for the sole purpose of consuming exclusive content. Exclusive content means something unique or not easily replicable. Hence, if you want to capture a big slice of the live streaming content market, try to find offbeat topics with some exclusivity. Also another thing check your upload speed for streaming because however good the exclusive content may be if it’s slow or unresponsive nobody will bother watching it.
- Streaming Device: According to a report by Cisco, at least 79% of consumers watch live streaming content on their mobile telephonic devices. It shows a significant percentage of people watching on smaller mobile screens rather than on large television or tablets. Because people are on their way to work or busy with other life activities, watching on the phone is convenient. It would help if you kept this statistic in mind while designing the video frame rate, bitrate, and other live streaming aspects.
- Internet: According to a report by Cisco, by the end of 2022, 82% of internet usage will be for video streaming. It is quite a considerable usage of internet resources. Hence the potential future scope of live video streaming is very bright, but you must tread carefully here. It is because although 82% of the internet may be used for video streaming, seeing this fact, other streamers might too jump here. Hence you have to prove your mettle and provide meaningful content.
- Musical: According to a report by the Variety, the world’s most-watched live video streaming event was musical video content, and 89.7 million watched it globally live. It shows that community engagement is highest with lyric videos; hence, you should also try providing content like this or incorporate some of its features in your video streams.
For example, instead of doing a monotonous video stream, you could add some exciting rush-type game music, other rock or beat music intros, etc. It could create some meaningful engagement with your streams.
- Money: According to a research report published by grand view research, the video live streaming market is expected to be worth $223.98 billion by 2028. It presents you with a unique and enabling opportunity to try and build a career around video live streaming. A big market will undoubtedly drop some eyeballs; hence, you can jump into this if you have the right content and tools. However, remember that people may have already jumped in and established their channels. Hence if you need to challenge their domination, you must make your content more exclusive and noteworthy.
- Recorded Videos: In a research report published by Forester, live videos had 10 to 20 times more fan engagements than pre-recorded videos. This data highlights the importance of having a live content session rather than pre-recorded video content session. Hence, it would help if you went with a live video session rather than a pre-recorded one.
- Average Viewing Time: According to a research report by Streaming Media, the average viewership time for live video content was 24 minutes globally. Hence, you must carefully curate the live video content to capture the maximum audience’s eyes within the first 10 minutes. If the audience finds your stream boring for some reason, they will close this tab and move on very quickly, and ultimately, your rankings will decrease.
Use the above guide to learn more about the different live streaming statistics and incorporate the necessary changes to gain an engaging and popular live stream capability.