The Ultimate Guide to Why Is Live Streaming Growing
The popularity of video content has risen exponentially over the last few years. The primary explanation for this is the rapid growth of video technology. The advances in this field made videos so popular that research projected that by 2021 80% of all internet traffic would consist of videos. However, out of all types of video content, one had the greatest impact—live streaming video.
The live streaming industry is thriving amid the global lockdown, with the sector expected to reach USD 559.62 billion at a 29.30% CAGR from 2023–2032, as per Market Research Future (MRFR).
Live streaming industry’s growth can be attributed to live videos or live streaming activities that have risen dramatically. Social platforms are the major source for live video content, and TV is the most popular type of live video content accessed. Brands and public figures started to participate directly with their prospective customers through online platforms such as YouTube, Instagram, and Facebook.
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In addition, with the increasing popularity of eSports and video games increasing across all age groups, streaming live video games has gained popularity. In one of its 2018 studies, the Interactive Advertising Bureau (IAB) stated that more than 67% of consumers worldwide had streamed live video content, and more than 52% of that group favored free, ad-supported live streaming over subscription-based and à la carte services.
Furthermore, around 47% of consumers worldwide have reported an increase in their live streaming time since 2019. As a result, the global market for live streaming continues to expand at a rapid rate. The growing population and the escalating rate of urbanization across emerging regions have a positive impact on market development. Moreover, rapid economic growth has provided the impetus to market growth over the last few years.
The COVID-19 outbreak had a positive effect on the live streaming industry. The total/partial lockdown imposed worldwide to control the spread of coronavirus increased live streaming activities by almost 50% compared in the pre-COVID era. In April 2020 alone, several live streaming platforms witnessed a large rise in viewership.
The coronavirus lockdown caused massive sales losses across industries and shut down several manufacturing facilities worldwide, putting a brake on production, but live video streaming activities have spiked further.
Live streaming draws more viewers, as most people tend to watch live content over reading blogs or social posts. Due to the spread of COVID-19, countries worldwide went under lockdown. As a consequence, numerous events and shows have been canceled, leading to a major increase in live streaming activity worldwide. Particularly in April, various OTT platforms, including Twitch, Facebook gaming, and YouTube, witnessed a substantial increase in live viewership worldwide. Growing video streaming activities across verticals accelerate market growth. In addition, the increasing need for greater brand engagement and reach through live videos is boosting the growth of the market. Moreover, the rising viewership of OTT platforms and live streaming content, as well as the increasing number of Internet and mobile users, are expected to affect the growth of the industry.
Assessing the trend during the COVID-19 crisis, when people are still maintaining social distancing and avoiding public gatherings, it is evident that live streaming has quickly become the preferred option for concerts and other major events. This scenario is anticipated to accelerate the market growth rate during the forecast period (2020-2027).
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