Livestreaming Landscape 2024: What’s in Store for Live Video?
I want you to honestly think back to the last time you saw a commercial on television that featured the over-smiling poor actors that push their product or service on you like it’s the only thing you’ll ever need. Now when was the last time a commercial like this actually encouraged you to contact the company represented by the ad? Did you just say that you can’t remember ever being persuaded to make a purchase in this manner? You’re not alone! In our livestreaming landscape for 2024 update we’re diving into the ways that live video will directly influence purchase decisions and why those old, outdated, and highly unpopular ads that you still see posted on late night television simply don’t work!
If only those brands understood how the consumer worked? If only they thought about their audience a little bit more and focused a little more time on personalizing content to fit the audience’s needs, instead of focusing on what they needed – more sales.
You see, the best marketers are learning that consumers want personalized offers from the brands they engage with, and they want to interact with those brands in real-time. Nobody wants to be sold to, and yet everyone needs to make purchases. So how do real marketers reach the real audiences that are interested in purchasing the products or services they’re promoting? As you’ll see in the livestreaming landscape 2024 livestreaming statistics, building relationships in real time with consumers is key to increasing revenue for your brand!
Live streaming isn’t just for sports and news anymore! Virtually everyone has the capability to go live in front of their desired audience these days whether you’re doing it with your iPhone or Android smartphone or you’re using a more advanced live stream setup that includes a powerful camera system and switcher, the point is – smart brands, smart marketers, and smart businesses are using live stream in any way, and every way, that they can! These live video statistics for 2024 explain why:
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Live Streaming is a $247 Billion Industry
According to recent research and based on the most recent trajectory of live stream video growth, the live streaming industry is expected to reach $247 billion within the next five years. This growth is fueled by a rise in live streaming use. The industry saw 99% growth in a single year from April 2019 through April 2020 and continues to rise.
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Live Streaming Market will Grow 15-Fold in 2024
A recent report by Cisco announced that live video was expected to grow by 15-fold in 2024. Much of this growth was initially fueled by the COVID-19 restrictions which forced people all over the world to stay home. As such, many turned to streaming content in order to pass time, learn new things, connect with the brands they love, and engage during lockdown.
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Live Streaming Accounts for 17% of all Internet Traffic
Not only does live streaming account for much of the traffic taking place online (17% out of 82% total traffic) users that watch live stream stick around longer. According to a study by Forrester, users that watch live stream video are sticking around 10 to 20 times longer than they do when viewing on-demand content.
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Brand Spending on Video is Up to More than $100 Billion
Brands were already pumping a lot of money into video the past few years but the trajectory continues to move on a onward and upward path. In 2019 brands were spending $90 billion on video content and in 2024 brands are expected to spend $100 billion on video content.
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Live Streaming Earns 27% Higher Viewing
Consumers are simply willing to stick around with a live stream longer than they will when the video isn’t live. In fact, live streaming earns 27% more minutes of viewer watch time, which is equal to about 6 minutes more watch time, compared to video on demand.
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80% of Consumers Prefer Live Video over Static Posts
From blog posts to static images, viewers are simply more interested in what your brand has to say via live stream. In fact, 80% of consumers admit that they prefer watching a brand go live over reading a blog post. If you’re thinking this only applies to a certain age group, you’re wrong! More than half of 18-49 year olds don’t even watch TV anymore or they don’t watch it very much.
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67% of Audiences Expect High Quality Video from a Live Stream
In another livestreaming landscape 2024 statistic that we were actually not very surprised to hear, 67% of audiences state that video quality is the most important factor when watching a live stream. Viewers are less worried about seeing famous celebrities, in lieu of their most favorite influencers. Audiences really want to relate to what they watch, and influencers are the chosen delivery of product information over celebrities by 77% of consumers.
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47% of Consumers are Watching More Live Video than they Were 1 Year Ago
In a surefire example of how livestream is only growing, we see that nearly half of all viewers are consuming more live video than they did 1 year ago. In fact, over half of all viewers rely on social media platforms such as Facebook, YouTube, and Instagram to engage in online streams compared to just 34% that rely on TV networks’ sites or other apps.
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More than 20% of all Facebook Videos are Live
Not only are more than 20% of all Facebook videos live, but these videos keep consumers around 3x longer than a pre-recorded video. The livestreaming landscape of 2024 is showing us that consumers are interested most in engaging in real-time with the brands and influencers they love.
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67% of Consumers that Watched a Live Stream Later Purchased Tickets
This figure is important, particularly for brands that hold large events. 67% of consumers that watched a live stream event later went on to purchase a ticket to a similar event in order to attend next time in person. Additionally, 45% of live audiences say they would pay for the live stream access to video of a favorite speaker or performer from an event.
As you can see, the livestreaming landscape of 2024 is certainly going to be about delivering real time engagement and interaction among your audiences. If you’re a brand that’s still unsure about live streaming, and you’re interested in learning how you can incorporate live streaming into your marketing campaigns, give Beverly Boy Productions a call!