The Rise of Live Video Streaming in Social Media Marketing

22 Nov 2023 | Social Media

In 2023, the global live streaming market is valued at around $1.49 billion, with a growth rate of 20.6% compared to 2022. It’s expected to reach $3.21 billion by 2027. This growth is mainly driven by the increasing use of social media, improved internet access, and a higher demand for real-time content.

Live streaming, much like radio and TV in the past, allows you to connect with a larger audience on social media. This became especially popular during and after the COVID-19 pandemic when physical venues had to close down.

Various entities, such as lifestyle brands, social platforms, sports leagues, and athletes, have adapted to this trend by incorporating live streaming into their content strategy, targeting a younger audience. Recently, even the retail sector has embraced live streaming for marketing purposes.

Notably, Gen Z and millennials spend more time streaming content than watching traditional TV. This shift in viewing habits has important implications for marketers aiming to reach younger audiences.

The Power of Live Video

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Live video streaming enables brands to connect with their audience on a personal level, creating a sense of authenticity and immediacy that pre-recorded content often lacks. It allows businesses to interact with their viewers in real time, responding to comments, answering questions, and fostering a sense of community. This level of interaction is invaluable in a world where consumers crave more personal and meaningful connections with the brands they support.

Additionally, live video content often garners more attention than traditional posts. Social media algorithms tend to favour live video, pushing it to the top of users’ feeds and sending notifications to followers. This results in increased visibility and engagement, making live streams an attractive option for businesses looking to stand out in a crowded digital landscape.

Types of Live Video Content

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The versatility of live video streaming allows businesses to create a wide variety of content tailored to their specific goals and target audience. Here are some popular types of live video content used in social media marketing:

Product Demonstrations: Companies can showcase their products or services in action, giving potential customers a firsthand look at what they offer.

Behind-the-Scenes: Offering a peek behind the curtain, showing the day-to-day operations of a business, and introducing the team can humanise the brand and build trust.

Q&A Sessions: Hosting live Q&A sessions with experts or influencers in the industry can help address customer enquiries, share insights, and establish authority.

Webinars and Workshops: Providing educational content via live streams can position a brand as an industry leader and attract viewers seeking valuable knowledge.

Special Events: Brands can broadcast live from events, trade shows, product launches, and exclusive promotions to create buzz and excitement.

Interactive Contests: Engaging the audience through interactive contests, giveaways, and challenges encourages participation and shares.

Success Stories

Numerous brands have successfully harnessed the power of live video streaming in their social media marketing efforts. For instance, cosmetics giant Sephora utilises Instagram Live for makeup tutorials and product launches, providing real-time engagement with beauty enthusiasts. Red Bull has built a loyal following by broadcasting extreme sports events and adventures on Facebook Live, tapping into its audience’s passion for adrenaline-fuelled content. Meanwhile, fitness brand Peloton combines live classes with on-demand streaming on their app, fostering a sense of community and accountability among users.

Benefits of Live Streaming

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Live streaming aligns with what people prefer online. More than 80% of consumers choose to watch live brand videos over reading blog posts. Furthermore, 82% of consumers favour engaging with brands through livestreams rather than social media posts.

Enhances Audience Engagement

Live streaming enables direct interaction between viewers and presenters. Businesses can also reveal behind-the-scenes processes, demonstrate product/service usage, display data, and even play music. This allows viewers to learn about a brand without the need for extensive research or reading.

Enables Real-Time Interaction

Expands Brand Reach

Live streams are accessible on various devices and platforms, reaching a wide audience. With over 4.8 billion social media users globally, live streaming can showcase products or services to a vast audience.

Builds Trust and Authority

Trust and authority are essential in business and relationships with customers. Viewing a product or service in real-time builds trust, as live streams are unedited and authentic. Hosting a live event demonstrates a brand’s confidence and expertise as representatives answer viewer questions without scripted responses.

Humanises the Brand

Live streams allow businesses to show their human side, preventing them from becoming faceless entities to their audience. By peeling back the corporate curtain and putting their people in the spotlight, businesses humanise their brand and create an emotional connection with both existing and potential customers.

The Future of Live Video in Social Media Marketing

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The rise of live video streaming in social media marketing is not slowing down. As technology continues to improve and more consumers seek authentic, real-time experiences, brands are likely to invest further in this medium. It offers a unique opportunity to engage and connect with audiences on a personal level, strengthening brand loyalty and boosting overall marketing success. Whether you’re a small startup or a global corporation, harnessing the power of live video should be a key component of your social media marketing strategy in the digital age.