Live streaming is setting itself up to be the next major disruptor of how businesses reach their customers and clients.
This goes far beyond mere live video calls, with leading brands already manipulating the tech to not only improve the experience but even make new, innovative products.
In the UK, using live streaming as a business tool is a relatively nascent idea, but globally, Vantage research finds that the market is set to grow at 23.5 per cent CAGR between 2022 and 2028, hitting a $4.3 billion valuation in five years.
There is a bit of movement in Britain, with Metaverse-facing start-up Condense Reality raising £3.7 million for its live streaming tech for the virtual world, but there’s so much room for everyday businesses to improve by utilising the tech.
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Live streaming delivers immersion and authenticity
Above all else, people who tune into a live stream know that everything being shown is real, at the moment, and that a surprise could happen at any moment.
It automatically lends authenticity to your product, brand, or presentation and, if all goes smoothly, makes your business seem incredibly professional. As everything’s happening before their eyes, viewers get immersed and don’t want to miss out on what might happen.
It’s these elements that have allowed for the rise of one of the biggest live casinos Ireland has to offer, boasting a vast library of live streaming-adapted classic table games and the newly invented games for the live stage.
On this Irish platform, it all started with the likes of Live Caribbean Stud Poker and Roulette Live, but the studios soon found that games that wouldn’t have been as interesting in the standard digital format are quite the draw when live.
This is the case for the likes of Dream Catcher and Crazy Time (big wheel games), Deal or No Deal (hidden box picking game), and Cash or Crash (lotto-style tiered payouts game).
All of them are now filed under ‘Game Shows’ and have only been made viable by live streaming technology. The games increase immersion and authenticity through the live-action and the expert professional croupiers and hosts running the games.
Tapping into FOMO and catering to questions
The so-called ‘fear of missing out’ sensation is one of the major drivers of successful live streams, especially in the realm of eCommerce.
As they say, “it’s only live once,” and those who are interested in the field, topic, or area of your live stream and business are much more likely to tune in live so that they don’t miss out rather than watch a pre-recorded video.
Key to this is offering the chance to interact with expert sellers and the potential for surprise bonuses, offers, or products during the live event. These practices have already been mastered and perfected in China, particularly on the Taobao Live platform owned by Alibaba.
Through the platform, sellers will present, test, demo, and give their opinions on products as well as answer live chat questions. Then, they’ll also throw out some live offers and discounts. The formula allowed the first half-hour of Singles’ Day in 2020 to generate over $7 billion in transactions.
Over in Ireland, live streaming is being used to enhance and create new and immersive products that build on what came before. In China, FOMO and interactions through live streams have been perfected to generate increased sales and a better online shopping experience.
Both nations are demonstrating innovative ways to leverage the tech that, over the past few years, the general public has come to accept and even seek when online.