Where Does Livestreaming Sit On The Future Of Video?

Author Bio: Febriani Ramadhanya is an editorial writer from iPrice Group.

Video-loving millennials

Let’s first begin by determining why video content are taking over the internet. It’s safe to say that millennials are the main culprit as to why visual media is preferred over other types of media. This generation is three times more likely to view a video online compared to baby boomers. Creators then took advantage of this preference in order to gain traffic and improve their online marketing. As of 2013, online video makes up of 60% of all web traffic and it is projected to rise to 76% by 2018.

It’s impossible for companies to ignore this media revolution. When YouTube is no longer enough to satisfy the visual needs of millennial internet users, companies like Vine, Snapchat, and even Facebook started to join in video-creating and video-sharing. By May 2016, there were about 17 million videos that successfully garnered a stunning 215 billion views. Zuckerberg stated that creating videos is not only a surefire way for companies and public figures to attract attention, but it’s also a new way for normal people to share on a day-to-day basis.

The rapid rise of livestreaming

After the success of videos, this is where livestreaming comes into play. Almost 10 years ago, livestreaming was familiar only to gamers and those without access to a certain media showing. Some of the most prominent livestreaming platforms were the aptly named site Livestream and the live video gaming platform, Twitch. During that time, other means of livestreaming like Facebook Live, Periscope, YouNow, or YouTube Live seemed like such an impossible and faraway feat.

Nevertheless, as user-generated content took a drastic climb and companies were trying to find new ways to conquer online marketing, social media sites saw an opportunity for a new venture. Even after media streaming was introduced by sites like Netflix, Hulu, and HBO Online, people are still looking for a way to do more with their online content.

The idea of livestreaming for other purposes besides gaming and media rebroadcast was rather attractive to social networking companies, especially Facebook. Perhaps they looked at China as an example. Chinese internet users are using livestream to dance, sing, eat, and partake in comedy shows as a means of generating income. Weibo, China’s version of Twitter, has a virtual gifting feature that allows the audience to give the broadcaster or livestreamer digital presents which they can then convert into money. Although online gaming is still the largest industry in China, livestreaming is slowly catching up to video gaming and traditional television broadcasting.

Livestreaming: the pros and cons

More and more people are flocking on livestreaming platforms because there are no barriers between the creators and the audience. Livestreamed shows have a more genuine feel surrounding them compared to heavily-edited videos. Maybe the lack of editing is what attracted users into the livestreaming field; it only takes 10 seconds to start your livestream and have your content be broadcasted all over the site. Creators can communicate with their audiences straightaway and right in the moment. Compared to the usual passive tone of online discussions, livestreaming is a much more intimate two-way, instantaneous conversation.

One of the most obvious downsides of livestreaming has to deal with the timeliness of the audience. Depending on the platform, users are not able to re-watch the stream after it has ended. Sites like Google Hangout, Facebook Live, Meerkat, and YouTube Live offer the option of uploading and posting the finished stream online but the majority of livestreaming platforms do not offer this choice. This raises the question of whether audiences in different time zones will be able to participate in the livestream or not.

So, where does livestreaming sit on the future of video?

Given the fact that so many social media companies are investing so much on this method of content creation, it’s safe to say that livestreaming is just getting its gears running. There’s a lot of potential to be discovered with livestreaming proven by the fact of how many media companies are investing on the live feature. Many companies soar, as one can see by the rise of Facebook Live and Instagram Live, while companies like Meerkat abandoned the live feature to focus more on becoming a video social networking platform.

Amid all the failures and successes of livestreaming platforms, author Brian Solis concluded that the feature brings more opportunity for creators to make original and fresh content in an industry where videos are “democratized”. He also mentioned that livestreaming will help “flatten the hierarchies of entertainment” where users and big industries can merge.

We may never know for sure what livestreaming has in store for internet users, as the internet is highly dynamic and ever-changing. While it may not wholly replace the high-quality content provided by media broadcasters, livestreaming does give a decent alternative for content creators. It proves how real-time, genuine, and intimate content reigns supreme when compared to scripted and edited content. It truly urges innovators to think of the long-term impact of livestreaming on the digital revolution and how it can shift the dynamic of socialization.

About iPrice Group

iPrice Group is operating as a one-stop shop e-commerce aggregator across 7 markets in Southeast and East Asia with key feature in price comparison. It’s meta-search feature collates e-commerce products: home and living, cosmetics, grooming, fashion and electronics while its key feature in price comparison specifically caters to electronics.