The Rise of Live Streaming, in the era of videos — what unstructured information holds for our future?
Half a century after the American President Truman’s opening speech became the first-ever event to broadcast across continents, technology has put a broadcasting device right in everyone’s pockets. With the rapid increase in Internet penetration and the exploding speed of connectivity, live video streaming has become the greatest leveller for citizens, brands and consumers alike.
Why the craze?
A live video creates an immediate and intimate connection with the audience. The enhanced authenticity of content piques the interest about the topic in discussion. There is also Fear of Missing Out (FOMO) that infuses a sense of excitement in viewers. We often observe that right along a live event and post event a huge outpour of viewpoints gets posted across various social media platforms.
What it means for millennial ecosystem, today?
There has always been a demand for live streaming. About a decade ago, everyone was used to watching Soccer matches, Cricket matches, and Presidential addresses live on their television sets. With the rising smartphone numbers and expanse of better connectivity (3G and 4G), organisations such as Facebook, YouTube, Twitter, in last few years, have jumped on the potential of replicating the live streaming on their own platforms.
Live streaming has also provided consumers the opportunity to be a director and a broadcaster. One does not have to be a professional or a producer with deep pockets, to broadcast any event.
Live streaming also comes as a blessing for marketers, as an opportunity to be in the midst of the digitally connected ecosystem. By removing the intermediary, live streaming is not just ousting traditional media, but altogether redefining the yardstick for real-time user engagement. Research shows that people watch a live video 3x longer, and comment 10x more often compared to a regular on-demand video. Marketers can now dream of reaching out to the universe with minimal production budgets and efforts. Instead of telling us about their brands, they have started showing us.
Where can you watch and stream live videos?
There are plethora of options. Facebook Inc. dominates the ecosystem because of its large social media presence by itself and through the acquisition of Instagram and WhatsApp. YouTube entered the fray quite late, however, it is growing quickly on the back of its on-demand video ecosystem.
What about the numbers?
Majority of the Internet traffic is already in video form. A study by Cisco estimates that by 2019, 80% of the Global IP traffic will comprise of videos. In this already growing segment, Live streaming — the fastest growing category — is expected to account for 15% of the total Internet traffic by 2021.
What lies in the future?
Future is going to be about more in-the-moment, unedited, unstructured and unfiltered information getting streamed from devices of all shapes and sizes, located at every nook and corner of the world. However, this deluge of unstructured video-based information will also exacerbate the already growing problem of Information Overload.
Humans have limited disposable time and ever-decreasing attention spans. In a world where hundreds of things will start demanding our time and attention, their will be a need for far-advanced ways of sifting through information, attending to only what’s necessary, and creating bite-sized information summaries. And to achieve this, we will need the ability to manipulate unstructured data in the ways that we take-for-granted for the structured information today.
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ReClipped is a tool to annotate, collect, share and discover video segments from various online video platforms. We equip our users with the ability to better synthesise their video consumption.