Live streaming to change the scenario of social media
The Live Streaming Market will obtain a value of USD 534.37 Billion and a CAGR of 29.3% between 2020-2030.
The market expansion of the online video platform in media entertainment is driven by the consumer preference for online videos over more conventional means of watching video material, as well as the increase in spending on online video commercials by most organizations. Additionally, the potential for live video streaming is expanding. The market is expanding due to rising interest in subscription-based services, expansion of the selection of region-specific and original content, and the popularity of live sports. The rising focus on enhancing client experiences through personalization and low-cost offerings are influencing the strategies used by the market's providers.
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Significant development prospects are presented by the introduction of live streaming platforms that let buyers connect and communicate in real-time to purchase and trade the trendiest collectibles and things they desire. Due to profit from live streaming's early success, live streaming video platform marketplaces use enthusiasts and collectible groups in emerging markets.
Impact of covid analysis
The COVID-19 epidemic has benefited the live streaming business, surging by over 50% compared to the pre-COVID era due to the full/partial shutdown implemented globally to stop the coronavirus from spreading. The global coronavirus shutdown resulted in significant revenue losses for many businesses and the closure of numerous manufacturing sites, which slowed output; nonetheless, live video streaming activity has increased. When the COVID-19 situation is considered, it is clear that individuals are increasingly choosing live streaming as their preferred method for attending concerts and other major events while preserving their social distance and avoiding public gatherings.
Music streaming is expected to show a rise in the market
The unique material that music streaming services provide, such as podcasts and original programming, draws users to the site and converts them into customers. Additionally, it is anticipated that promotional efforts like price reductions on subscriptions in developing areas and bundled deals from telecom providers would accelerate the expansion. For instance, Spotify had a YOY gain in revenue of 31% and a 35% share of paid subscriptions, mostly due to increasing promotional efforts such as offering a free Spotify premium for three months and lowering membership prices.
Players in the market are introducing new features like curated playlists, night mode, and lossless audio for better targeting, giving businesses a competitive advantage over rivals and making the market more competitive. Regional players still dominate their regions due to regional exposure and a high concentration on local content. However, global players are heavily infiltrating their music streaming platforms using various techniques. For instance, Gaana continues to dominate the Indian music business.
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Live Streaming Market Segmentation
The market is segmented into the following aspects:
By Component
- Platforms
- Services
By End-User
- Media Entertainment
- Esports
- Events
- Education
- Retail
- Government
- Others
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
North America to dominate the streaming market
New content offerings have been developed due to increased expenditure on content development. With a variety of content being produced for consumption both domestically and internationally, India is increasingly emerging as one of the major content centers. For instance, Tencent announced the content technology and resources to expand Iflix's footprint in Southeast Asia in June 2020. Iflix is a Malaysian video streaming company.
North America still dominates the industry for media streaming, but Asia-Pacific is growing at a far faster rate. Giants like Disney and Apple Inc. plan to roll out their platforms in the Asia Pacific region in 2020, taking advantage of rising mobile usage and quickly expanding access to higher Internet speeds.
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