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Media And Entertainment Business Review | Monday, January 16, 2023
The growing popularity of live streaming has deeply influenced a slew of global businesses, from media to education.
FREMONT, CA: Video technology has sophisticated over time, and people are watching more video content. Live streaming has had a major influence on video consumption in recent years. Around 64% of people between 18 and 34 enjoy live streaming. The live-streaming business is expected to reach a value of roughly $70 billion by the end of 2021.
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The Importance of Live Streaming in the Entertainment and Media Industries
Around the world, live streaming has impacted nearly every industry, but it has greatly benefited the media and entertainment industries.
Flexibility in entertainment: Cord-cutting has increased in popularity and accelerated further because of OTT services like Amazon Prime, Netflix, and Hulu.
Watching films on demand on any device, especially a smartphone, has allowed people to watch whatever they want at their leisure without adhering to traditional Pay-TV's rigid schedules.
Yet, what role does live streaming play in all of this? Along with customary television, entertainment events like beauty pageants, the Emmys, the Oscars, and sporting events are now live-streamed on OTT platforms. And while these events are available live on television, they can be viewed later on online platforms. Hence they are the preferred medium for observing these events.
The Media Has Changed: The media sector has gradually shifted to the online realm. Remember how people checked their newspapers first thing in the morning to see what had happened in the world while they slept? Currently, people can obtain live coverage via a notification on a smart device.
Social media technologies have allowed both the general people and news organizations to live-stream contentious and major news events as they occur. And the public is enthralled. They're regularly monitoring the live feeds of the accounts they follow for updates.
The Advantages of Live Streaming
• Live streams are easier to broadcast as they do not need much pre-production.
• Live feeds are less costly, as they do not need video editors.
• Since movies can be live-streamed from mobile devices, they eradicate costly equipment setup, reducing the required expenditure.
• Most users prefer live streaming to pre-recorded videos. As per Forbes, Facebook live broadcasts are three times as famous as pre-recorded videos.
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