Always dreamt of having a superpower where you could be in two places at once? Well, sadly we haven’t come across that spider yet, but a new and emerging trend for live video streaming online could almost make you feel like you’re somewhere else.
From live streaming music concerts and sports games to press conferences and political debates, it is hard to now scroll through your newsfeed without a live video notification. So, why is this? Who are the big players? And should you be factoring live video into your marketing campaigns? Let’s discuss.
No More FOMO
Live video is solving an issue that many of us have from a young age: the fear of missing out (FOMO). It is convenient and affordable, letting us watch some of our favourite singers and sports stars as if we were in the room with them, but without the need to pay for travel or entry tickets. So, it is no surprise that it’s catching on.
If you choose to watch a live video, it is likely that you have a high level of interest in the content and are likely to stay tuned in for longer – that’s the dream persona for a marketer. According to an article by Lisa Utzschneider on Adweek, live ads are 75% more emotionally engaging than ads with on-demand content, brand favourability is 481% higher for live ads and likelihood of a conversion is 77% higher.
More Money to be Spent on Video
So, let’s get down to the nitty gritty, the hard facts and figures. In the aforementioned Lisa Utzschneider article, it was reported that millennials are particularly keen on getting access to live content – 41% said it kept them in the know. She also reports that brands are recognising this and are jumping on the live video advertising bandwagon. The amount of advertising found alongside live video has grown by 113% year-on-year.
Marketers will be spending more money on digital video over the coming months, especially on programmatic video advertising, says a June 2016 study from Trusted Media Brands and Advertiser Perceptions. Another study by Videology found that the main aim of this spend is to achieve ‘viewability’, with click-through and view-through rates secondary objectives.
Should You Invest in Live Video Marketing?
It’s the question on everyone’s lips, and the answer? Maybe. Only you know what’s best for your brand, but the stats are extremely promising. One thing is for sure, a number of big brands will be trialling live video marketing campaigns over the next year. So, why not use their fails and successes to educate your future strategy?