As the spread of the Coronavirus pandemic continues, major marketing firms such as Adobe and Microsoft have moved their marketing events virtual. The main medium that goes hand in hand with virtual events, is live video. The number of views on Facebook Live and Instagram in Italy, doubled within a week of the pandemic. Cisco’s Webex software is experiencing an all time high of monthly, weekly, and daily active users. According to App Annie, Zoom is currently the most popular free app in dozens of countries.
Advantages of Live Streaming
The most obvious advantage of live streaming is the convenience of making audiences attend events with little effort required. It also allows for more monetization opportunities and greater reach. By providing links within the stream to purchase tickets to the next live stream, player biographies and merchandise, people are enticed to take the next steps to support the artist, team, or other influencer and bring in more revenue.
Even though live streaming won’t ever fully replace the physical sensory experience of live events, recent events will lead event organizers and sponsors to embrace a strong live streaming format. This allows for greater engagement and interaction through features such as providing trivia or real-time stats during the broadcast, things that are not normally available at the consumer’s fingertips.
Will the demand for these virtual technologies still thrive if and when the virus clears? Live streaming is changing the way the live event industry operates its business. When it comes to live streaming concerts, sports, and gaming, the idea of watching and interacting with talent through live streaming platforms is gaining more and more traction with younger audience segments.
Well-known musicians like Diplo, John Legend, and Charlie XCX have turned to live streaming during these trying times. Online gamers can stream their games for others to watch using Twitch. As we move forward, the new normal for live events will without a doubt be heavily influenced by the events of the last two months. With an industry nearly brought to its knees, they have to rethink the business model they’ve been built on for years.
Drawbacks of live streaming
Technical errors such as slow internet connection can be frustrating and ruin a viewing experience. Live streaming can be a double-edged sword for monetization as some platforms do not offer pay-per-view sales, subscriptions or ads.
The cost of equipment, high-speed internet connection, and bandwidth can also lead to difficulties for indie music artists or smaller companies who are just starting out. It’s important to evaluate the return on investment of purchasing your own equipment vs hiring a production company to host and stream your event. Most times, it is cheaper and more efficient to hire the production company to create the best experience possible without having to handle all the technical details.