Live Streaming Market was valued at USD 38310 Million in 2021 and is expected to grow at a CAGR 16.14% during 2022~2028, according to Valuates Reports.
Major Factors Driving the Growth of Live Streaming Market
The Live Streaming market is anticipated to develop as a result of the rising popularity of e-sports and video games, the growing preference for live streaming over social media posts, and the rising usage of smartphones combined with faster internet. Additionally, a recent development in the live streaming market is the adoption of cutting-edge technologies in the digital media sector.
The global live-streaming gaming audience is set to continue expanding during the forecast period as it lets people watch the action as it happens. Social live streaming has emerged as one of the most interesting communities in recent years, enabling live content production and instant-based engagement. It was inspired by the technical advancement of the hyper-modern era. Video game live streaming is therefore anticipated to bring about a new and previously unheard-of surge in the digital landscape, especially with the emergence of online platforms like Twitch.TV, YouTube Gaming, Facebook Gaming, etc. that enable the distribution and consumption of content in real-time.
Furthermore, during the pandemic, more time was spent at home and social isolation became necessary, which raised interest in streaming across the board. This viewing has been significantly influenced by the function of live-streaming platforms as social groups where individuals may spend time together in an era of greater isolation. Simply because a video is shorter won’t entice social media users to view it. They desire interesting and amusing live videos. This factor is expected to drive the live streaming market.
The way brands communicate with their customers is changing as a result of live video marketing and live streaming. A live video immediately draws and piques the interest of the viewers since it is more real and instantaneous. The consumer experience is drastically changed by live shopping. Brands can collaborate with influencers who direct their devoted audiences to explore, evaluate, and buy products during a single live session. This factor is expected to further augment the growth of the Live Streaming market.
Traditional radio stations are being rapidly replaced by live-streamed DJ sets and musical acts. The pandemic drove concerts online, which led to the explosion of live music streaming. The popularity of live-streamed performances will increase in 2022 because viewers enjoy the up-close, high-quality experience they provide.