Current streaming statistics indicate that video streaming still leads the pack and will make up 82% of Internet traffic by the year 2022 (Interdigital, 2020). Video accessibility also plays a part in the increased popularity of streaming. The same goes for the improvement in video quality, which will make streaming popular not only among businesses but to other organizations as well.
\nThe latest digital marketing statistics reflect the increasing role of video streaming in the corporate world. To give you a better idea of how you may use streaming to improve your business, we have compiled some of the latest streaming trends.
\nMarch 13-14, 2020
Source: Bloomberg (2020)
Another notable development in streaming is the rise in the use of mobile devices, which gained considerable momentum even before the pandemic. Mobile devices account for more than 70% of YouTube watch time. Users have developed a love affair with mobile devices. Such devices are not only used to watch videos but to live broadcast them as well. It is in this context that some see the mass adoption of the vertical and square video formats, which optimize videos’ use of mobile screens.
\nThe pandemic has made significant effects on how households are consuming streaming media. With over 4.5 billion people using the internet in early 2020, streaming services usage has achieved considerable growth across the world.
\nFrom Netflix to Spotify and YouTube and Facebook, the norm for media consumers across all ages now involves accessing and enjoying content through online streaming. While some still listen to/watch traditional radios and TV sets, the majority now prefer in-home media for their information and entertainment needs.
\nIn the U.S., most consumers already subscribe to some form of streaming services. From 52% in 2015 and 64% in 2017, 74% of American households have at least one streaming service subscription in 2019 (Leichman Research Group, 2019). In addition, the average American subscriber watches 3.4 streaming services and pays an average monthly bill of $8.53 (Vindicia, 2019).
\nElsewhere around the world, one study found that in-home media consumption behavior varies despite having similar effects of the pandemic. For instance, while 43% of Australian households use streaming services to watch the news, the global average is much higher, at 50%. Likewise, Philippine and Chinese households were found to spend more time on music streaming. Moreover, only 8% of Japanese households use messaging services, while 60% of Italians do so.
\nLive streaming on social media began as a non-interactive process. But the most notable of live streaming trends rests on how social media platforms like Facebook, YouTube, and Instagram have established two-way traffic when it comes to live-streaming. The use of messaging apps now allows audiences to communicate with live broadcasters. This interactive experience has resulted in the popularity of live streaming among both businesses and consumers. Besides, there are media streaming gadgets that can be used to improve the streaming process.
\nAs video streaming also dominated social media consumption, YouTube has seized the number spot from Facebook for 2020. According to consumers, 51% ranked YouTube as the social site they spend most of their time on (Animoto, 2021). At the second spot is Facebook (45%), while Instagram (39%) placed third. Nonetheless, Facebook was able to gain a 50% increase in the volume of users of live streaming during the long lockdown months of 2020 (CNET, 2020).
\nLive streaming proved to be a robust marketing channel for many companies. This success lies in the fact that live streams are sent directly to audiences who are interested in the broadcast in the first place. Live streaming is likewise being fueled by the massive increase in mobile users. Ecommerce companies have recognized the value of live streaming. These businesses are now conducting live events to showcase their products, improving the end-user experience. If you want to further leverage social media in your marketing process, there are social media management software tools that you can use.
\n3 leading platforms where consumers spend most of their time
\nSource: Animoto (2020)
\nThe mobile channel has surpassed TV in growth as it became the preferred video delivery medium. This growth is being fueled in part by mobile networks’ rush to offer broadband and LTE services. Partnerships between streaming services and mobile networks are mushrooming. These partnerships offer customer incentives in exchange for increased content consumption.
\nThe largest live-streaming platform, Amazon’s Twitch, has witnessed its hours watched surging 101% due to COVID-19 for the whole of 2020 (The Verge, 2020). And around 33% of all Twitch users watch live streams using their smartphones (Polygon).
\nMeanwhile, cable TV subscription has suffered a 3.4% decline in 2017, leaving around 79% of US household still subscribing to cable or satellite TV services. Cord-cutting activity is expected to continue in the coming years as mobile channels grow from content bundling and subsidies.
\nVideo didn’t kill the radio guy. Yes, streaming trends music will do that instead. The most prominent of streaming trends, music impacts young audiences the most. Younger age groups now prefer streaming music over the radio–and for good reason. Music streaming is all about music. There are no DJs, no time checks and most of all no lengthy advertisements. Also, unlike radio where one needs to request songs, music streaming lets one choose from millions of titles and play them from any device.
\nAs most people spend more time at home due to the pandemic, music streaming services will become very busy addressing spikes in demand worldwide. For instance, in Q1 2020, there were 400 million people who subscribe to music streaming services across the world, increasing by almost a hundred million versus the same period in 2019. Likewise, in the US, 18% of Millennials and 5% of Baby Boomers expect that they would likely choose to spend more time streaming music since they cannot leave their homes because of the lockdowns (Morning Consult, 2020).
\nPrior to the pandemic, here are the key figures: 56% of Gen Z use YouTube to listen to music, while radio listeners come in at just 39%. These figures say that this age group won’t become avid radio listeners anytime soon. Worse, podcasts are gaining traction and could very well soon get to have more senior audiences. And then there is the tech bundling that major services are bankrolling. This would make music streaming but a part of these companies’ offerings.
\nAs of March 2020
\nLive streaming is currently being used by e-commerce companies, leveraging the technology to market their products and services. This improves customers’ online shopping experience, bringing them closer to brands. The same goes for educational institutions that have been streaming lessons to online students. This enriches students’ classroom experience through visual demos and live lesson broadcasts. Of course, content marketers had long been using various types of streaming and recorded videos, mainly for product or service promotion (24.5%) and brand storytelling (23%) (HubSpot, 2020).
\nFor the healthcare sector, streaming proved its worth by allowing medical practitioners to hold online training sessions and care for patients in real-time. For offshore practitioners, live streaming helps surgeons during offshore surgeries. Finally, the gaming sector uses live streaming to reach out to a wider audience and promote engagement.
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