Live video has become a cornerstone of communication in recent years. When face-to-face interaction isn’t possible, mobile live video connects people in a way that other forms of communication don’t allow. Although mobile live video is still relatively new, it has now surpassed the point at which it can simply be ignored. Live streaming is easier, faster, cheaper, and more effective than ever before, and it’s beginning to demand the attention and respect it deserves. So here at the Iris Platform, we thought that this would be the perfect time to share some key insights with you, and tell you a few things you need to know about mobile live video.
1. Mobile live traffic is set to grow exponentially: As we’ve said before, mobile live video is here to stay and will only get more prevalent and influential in the coming years. According to Cisco’s latest mobile VNI forecast, the growth of mobile live video is said to see 108% compound annual growth rate between now and 2021. With the big players like Facebook, YouTube and Twitter all placing extraordinary focus and heavy investment on mobile live video, Cisco is predicting that this will land favourably with consumers and ultimately become the catalyst for further mobile live video migration. The potential is huge… by 2021 mobile live video will consume 2.02 exabytes of data, the equivalent to 2.2 billion gigabytes.
2. Online video advertisements will skyrocket: Advertising connected to online videos already has the highest click-through-rate of all forms of online advertising, reaching around 1.84 percent. So with the growing popularity and projected growth of live video as a medium, online video advertising, is really set to take off. Experts suggest that US digital video ad spend will reach $28.08 billion in 2020, an increase from $9.90 billion in 2016. This will make video the fastest-growing advertising category across mobile, desktop and overall from 2016 through to 2020.
3. It’s not just a consumer platform: Consumer dominant live streaming channels like Periscope, Facebook Live and YouTube Live hold an overwhelming presence in the market. As a result, it’s easy to forget that mobile live video is also a powerful business tool, used by companies and organizations of all shapes and sizes. Mobile live video is widely used for a number of tasks across all departments. The most common use would be to connect with customers for Marketing, Sales, PR and CRM purposes, however the capabilities of the tool can take you so much further. Companies are now using mobile live video for reporting, quality assurance and other necessary inspections, internal communications, staff training, and colleague collaborations between technicians working out in the field and senior members of staff located in the organization’s HQ. Mobile live video is creating operational efficiencies, solving problems, and saving time, money and manpower for businesses across the globe.
4. Brands are now leveraging multi-channel content distribution: YouTube and Facebook are no longer the only players in the game. Companies are now beginning to realize that it is far more beneficial to leverage their own branded websites and custom video channels over the likes of YouTube, Facebook, and other social platforms. With full control and ownership of the content, aspects like monetization via advertising or premium user upsell sits entirely with you. Revenue-share models can be a thing of the past — social media platforms shouldn’t be the only ones profiting from your hard work and content. Aside from the issue of cold hard cash… the valuable user data which is acquired when leveraging your own content can be used as top-notch targeting criteria for your future commercial ventures.
5. Video watching behavior is changing: The rapid shift from desktop to mobile has been widely documented in recent years. Plus with the growing popularity of live video streaming, people receive ‘live’ notifications while they are out and about, meaning that mobile viewing is their only option! In light of this, a ‘mobile-first strategy’ is required by all brands. According to an Ooyala report, the share of mobile video plays is up over 2,084% in the past five years. People’s video viewing habits are shifting depending on a number of factors — the weather even plays a part. When it’s warm outside, consumers watch 6x more video content on mobile devices, and when it’s cold, viewers tend to watch 29 percent longer! Mobiles remain the device of choice for watching short videos under 10 minutes, but if you have video content that’s slightly longer… just save it for a cold day!
Mobile live video is the future. It makes the world feel smaller than it is, creating connections that span time zones and geographical locations. Have you embraced it yet? If not, what are you waiting for? To learn more about mobile live video check out the Iris Platform or subscribe to our newsletter to stay up to date with mobile live video content.