From Monologue to Dialogue: How Live Streaming Revolutionized Entertainment – zimo News

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Since the COVID-19 pandemic engulfed the world in 2020, we must all find new ways to live while curbing the spread of the virus. But again, technology comes into play, allowing us all to work from home and keep in touch with loved ones via video calls.

Soon, video parties and hangouts became the “new normal” and live concerts, with artists performing remotely and audience members attending from the comfort of their homes. It’s a creative response from the entertainment industry, as social distancing measures include limiting physical attendance or banning in-person events altogether.

according to Cisco Research, video traffic will quadruple by 2022, and video will account for 82% of all web traffic. As a result, appetite and demand for new ways to explore content are increasing, and live streaming is growing to meet consumer demand.

From monologue to dialogue

Streaming in its purest form is the act of broadcasting an individual, group, or event over live video.

Brands are noticing the benefits of live video in connecting users and their target audiences, opening the door to live commerce, which sells products online through live video, and social commerce, which sells products online through social media. The entertainment industry is no different: Live video offers artists a unique opportunity to perform in front of an audience and interact in real-time.

It goes beyond pre-recorded shows in that it allows fans to comment and like the show at the start of the show — comments that artists can see immediately and interact directly with viewers. In addition to this, live streaming allows a wider audience without borders, thereby expanding reach.

Before going live, artists and fashion brands record their shows and post them online for viewers to watch later. Live streaming revolutionized the format by allowing real-time interaction. While the recorded content will be available later as a video, the interaction happens in real time through comments, shares and likes.

This interaction adds value to the show, and many companies and artists have introduced virtual tickets to combine monetization and offer subscriber-only exclusive content. It also helps introduce new features such as augmented reality, virtual reality and on-site shopping.

Live shopping is a growing trend that is being embraced by several brands including major retailers TUMI and Zalora. Additionally, other major players entered the livestreaming space early on, recognizing its potential.

The viewers and receivers of live video have changed over the past decade and have really taken off in China. Most of us know how livestreaming is used in China and how it started as a social event where individuals could go to interact with their friends, family, and even build a small fan base.

Ten years ago, it was the main source of income for small streamers and internet celebrities in China. It has become a very popular virtual donation platform throughout Southeast Asia.

There is a lot to learn about how China uses the live video feature. For example, the most popular Chinese anchors build their base by constantly posting live videos and attracting viewers. Most of them know the names of their loyal fans and don’t forget to call them every time you stream.

It’s great to see how live streaming has become a unique opportunity for global real-time transactions, with more interactive features added. The advantages here go both ways, as the moderator can present and describe the product in detail. At the same time, viewers can ask questions, gain a comprehensive understanding of the product, and create a smarter, more personalized shopping experience.​​​​

These features help provide a more immersive and authentic experience and encourage higher purchase intentions from viewers. The main difference between live e-commerce and traditional e-commerce is that it allows brands to engage in more authentic interactions, build trust and increase brand awareness.

The rise of e-commerce stemmed from consumer demand, and today’s shoppers are more acute about their online shopping experience because of the variety of options.

With premium content and high-quality live video streaming, retailers can capitalize on the growing consumer interest in retail entertainment experiences. In addition, social commerce is also on the rise. Perhaps unsurprisingly since everyone is on social media these days – why not sell via social profiles?

A sort of eMarketer’s report U.S. retail and social commerce sales are forecast to grow 34.8% to $36.09 billion in 2021, accounting for 4.3% of all e-commerce retail sales. This is especially useful for digital influencers who can showcase products to followers through their social accounts and sell quickly through social feeds.

It’s proof that livestreaming is no longer seen as hype, but a necessity for businesses that recognize how important digital capabilities are to keep consumers engaged and loyal.

As ecommerce businesses develop their social media strategies, livestreaming can complement them, and many brands are exploring it as a source of engagement and awareness. For example, if they have streaming video on Facebook, the social platform actually promotes live streaming far more than regular content on the News Feed.

So when someone comments on a live stream on Facebook, it’s an easy way to gain traction because when your friends comment, more people are likely to see it. It’s a great way to get involved, and the natural next step for brands is to have their own livestreaming capabilities to complement existing digital properties.

In addition to a brand’s digital strategy, custom live streaming platforms still have a long way to go. It retains certain branding elements to make it more recognizable and allows secure payments directly through the personalization platform.

These trends are now also coming into play, making viewers part of the entertainment industry content.

Many features can be implemented to encourage interaction and generate revenue, such as integrating sponsor commerce during concerts, providing virtual gifts to artists during performances as additional monetization (especially if the concert live is free) and using live voting Request songs from the public for the artist to sing.

In addition to expanding new monetization channels, artists can use data to better create content and understand user behavior. For example, they can analyze the most popular songs or high-engagement live sections and fully understand their fans and what they are looking for.

It’s important to point out that other entertainment verticals can also benefit from live streaming. For example, while musicians may have found a way to maintain their income during the COVID-19 pandemic, fashion brands have also benefited by connecting with customers while brick-and-mortar stores are closed.

However, this trend continues even as restrictions are lifted globally. Live streaming has proven to be an innovative way to engage with viewers, and the fashion industry is ready to continue exploring it.

Some innovations include providing members with model-prepared behind-the-scenes footage and live Q&As with models, which can increase member registrations for such exclusive live broadcasts.

Additionally, live streaming platforms can be developed to meet the specific needs of artists and brands, offering their users highly personalized features. Take Louis Vuitton as an example. Launching its Fall/Winter 2022 womenswear collection live on March 7, 2022 From the Musée d’Orsay in Paris, which attracted 130 million viewers.

It’s worth mentioning that nonprofits can also benefit from livestreaming. It creates a new channel to connect with those who want to help more and removes geographic barriers, as anyone can donate directly from anywhere in the world via livestreaming.

All the new possibilities that livestreaming brings show that innovation is here to stay. Brands are accelerating digital transformation, and artists are adopting new ways to connect with fans and generate revenue. At the same time, it is clear that users are hungry for new and more engaging content, which opens up new avenues for remote content production to meet the needs of viewers.

Image source: provided by the author; thank you!

Latifsin

Latif Sim is BeLive Technology’s Chief Strategy Officer, overseeing the company’s strategic development and direction. Before joining BeLive Technology, he worked in the private and public sectors and the start-up industry. A strategic thinker, he brings structured management and public sector approaches to the dynamism of start-ups. BeLive Technology is a leading live broadcast solutions provider in Southeast Asia. BeLive Technology’s platform uses advanced artificial intelligence and machine learning developed specifically for real-time video analytics, real-time shopping, and interactive live streaming. Live streams powered by BeLive Technology have reached over 100 million viewers worldwide, representing over 50 million hours of content. BeLive Technology employs 80 people at its factories in Singapore and Vietnam. For more information, please visit: https://tech.belive.sg/



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