South by Southwest is one of the world’s most influential and anticipated annual events featuring film, technology, interactive media, music festivals and conferences. Throughout the course of the festival, industry leaders from across the globe take to the stage (well, one of the many stages located across the acres of Austin, TX. which is occupied by SXSW) and bring the most relevant, up-to-date, and forward-thinking ideas to the masses of eager SXSW attendees.
Just in case you weren’t lucky enough to make it to the festival yourself, here’s the low-down; insights, trends and 5 key-takeaways from the Iris Team.
- Cable television is dying: To put it in human terms, it’s got a terminal illness and now it’s only a matter of time… A harsh analogy, but true nonetheless. The reality of the situation is that consumers don’t want to pay hundreds of dollars a year for regular TV anymore. They want to pay $15 per month MAX to use apps like Netflix, Amazon, Hulu, etc. and simply stream the shows and movies that they want to watch on demand. To cater for this, traditional TV companies and brands are starting to launch OTT services just to stay relevant.
- Live video is here and it’s here to stay: The emergence of mobile live video into the mainstream has been one of the biggest shake-ups to hit social media, and the news media alike, in the recent years. Consumers now have a taste for raw, unscripted, real-time content. They are demanding live videos where they can witness events as they happen, with the ability to engage and interact with the content as they please.
- Mobile live video has changed journalism forever: The discussion on “The Live Impact” was focused on using live video within the media space. The panel members included Evonne Benedict of King5/Tegna Media, John Colucci of Sinclair Broadcast Group, Sarah Glover from NBC and Trey Yingst from One America News. Basically, the introduction of mobile live video has given reporters the power to go live from anywhere in the world, without the need for an entire camera crew. This is key in maintaining the agility that is required for reporters who constantly strive to bring the news to audiences as it breaks. With mobile live video, they can capture and broadcast live stories from their mobile phones as they unfold, and generate more captivating content for the audience. Mobile live video is also a powerful tool in facilitating the general public in becoming journalists themselves. By allowing your audience to capture and submit live video content to your platform, it not only creates an army of global reporters for your news organization, but it also generates large quantities of engaging, raw and very real video inventory for your organization to capitalize on.
- Building your brand around live video: Another great session we attended on live video was held by Robyn Peterson of Mashable, Stephanie McMahon of WWE, Bob Gruters of Facebook, and Ryan Spoon of ESPN. This panel discussed the importance of integrating live video into everything you do as a brand. For example, WWE schedule live streams for their audience around fight times just to get their customers engaged. Mashable also uses live video to push their written content and other stories, in an attempt to communicate and interact with their audience. Live video is now both a stand-alone and support tool for brands to leverage their content, and it should be weaved seamlessly into all content and communication strategies.
- Going live is one thing, but going live the smart way is another: Everyone is stressing the urgency of going LIVE and jumping on the live bandwagon in any way possible. However, one topic that is rarely brought up in the ‘live’ conversation is how much revenue is being lost by businesses through using the likes of Facebook Live and other social platforms, instead of having live content integrated into their own apps. Pushing people to broadcast live on Facebook has to have a negative impact on business, but no one is really talking about it. Everyone is in such a hurry to be relevant and have some sort of “live strategy” in place, but it is all directed at social media (Facebook, Twitter, Snapchat and now even Instagram). Very few organizations seem to be forward thinking enough to have a strategy in place to bring live video back in-house and capitalize on all of the revenue and opportunities that presents. If it’s not corrected soon, this will only manifest into bigger problems in the future.
It was fantastic to hear the industry experts at SXSW confirm what we have been saying here at the Iris Platform for a long time… Mobile live video IS the future. To learn more about mobile live video and what it can do for your business, check out the Iris Platform or subscribe to our newsletter to stay up to date with mobile live video content.