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Nothing attracts people more than a good story. The American story advisor Robert McKee once said: "Storytelling is the most powerful way to bring ideas into the world." And in the age of technology, storytelling has become a breeze.
Gen Z, the latest generation of consequences, comprises approximately 72 million Americans and 27% of the population. According to a survey by Adobe, storytelling and digital engagement are a daily priority for Gen Z as they are connected via the internet and social platforms for over 10 hours a day. You seek real-time communication with content creators, chat with trusted colleagues, lead political discussions and answer live surveys. They are practically the primary active audience sought by live video streaming services.
A survey by the software company Livestream and New York Magazine shows that 80% of viewers prefer livestream videos to blog content. With live streaming growing in popularity on social platforms like Facebook, Twitter, and Instagram, brands have embraced it as an important part of social media marketing and invested 28% of their budget in live streaming shows.
Create authentic connections
The fact that Gen Z is becoming a critical consumer category is accelerating the importance of live streaming. Business Insider Intelligence's Next Generation Report says Gen Z will shortly be the largest consumer population in the United States. According to Business Insider, they will already have an impact of $ 143 billion in the US alone. With its ability to influence purchasing decisions, Gen Z is transforming live streaming into an industry valued at over $ 30 billion and expected to be valued at over $ 70 billion by 2021. A new study by ABI Research further estimates 91 million subscribers will use live streaming by 2024.
Additionally, Gen Z is eschewing traditional media altogether and instead looks for platforms where they can connect directly with brands. Characteristically, this generation is part of the honesty and transparency that live streaming offers with all the disturbances of spontaneous reality. Smart brands are therefore developing new digital marketing strategies that involve live streaming, especially in these challenging times, and bring events to a locked audience in real time.
Related Topics: 5 Content Marketing Trends You Need To Know For 2020
Recycle content once and create new video assets
Brand marketers are discovering the value of livestream content beyond the event by incorporating livestream content into subsequent videos and building an arsenal of marketing collateral.
Vogue used the live streamed Met Gala for a live video of behind-the-scenes activities to make this possible. The video has been viewed over 200,000 times. After the national broadcaster KBS launched the BMW M2 on Periscope, it used the launch to return with the brand's first interactive live-action adventure via the app.
Similarly, many brands recycle live stream content as live video on regular branded videos, which is an important part of the subsequent marketing strategy to attract new customers. Forbes cited Brandlive as saying that nearly 95% of brand and agency executives said live video was an important part of their marketing strategy.
Brand marketers therefore see it as two for the price of one and an opportunity to attract new customers.
Related: New to Instagram Live? How to show yourself like a pro
Bridge the virtual and physical world
Not so long ago, there were significant gaps in streaming media technology that made live streaming inaccessible to many companies and restricted their brand expansion within the confines of their company's home country. Today, it all seems like a prehistory as technology has skipped into its current user-friendly format, giving digital marketers the ability to use live streaming to introduce their brand to a global audience in real time.
Related: 5 Content Ideas for Making Money On Facebook Live
Generate valuable market insights
At a live event, a brand can't quantify how many viewers are intrigued or bored. However, live streaming allows brands to get information by asking questions like:
Was there more viewers at the beginning of the livestream event than at the end? If so, by how much?
What will people see when they return to watch the presentation again?
What does the audience say about the presentation?
These features, which only apply to live streaming video, provide critical feedback on real audience reactions that cannot be obtained any other way.
Indispensable for increasing brand awareness
Using live streaming video can become a clear growth hack for almost any brand as you are better positioned to build those invaluable connections with your customers. When you know how to take advantage of the technology available, making these connections may be easier than ever. Understanding why live streaming is important can be critical to increasing your company's brand awareness.