Live Video 1; Image from Sticker Mule on Unsplash

Why Live Video is an Important Part of Your Marketing Strategy

Featured Image Source: Unsplash

 

Last Summer Ted Yoder, a folk artist from Goshen, IN, tuned into Facebook Live to play Tears for Fears’ “Everybody Wants to Rule the World’ on a hammered dulcimer.

 

I always love some good hammered dulcimer.

 

Just kidding. I don’t know what a hammered dulcimer is either. But it sure sounds great – and a few others seem to agree because the video now has over 101 million views. And just in case you’re not a part of the 101 million people who have already watched the video, we’ll include it below.

 

Here you go:

 

Tears for Fears – "Everybody Wants to Rule the World" on hammered dulcimer.

Posted by Ted Yoder on Wednesday, August 24, 2016

 

Now, why did this video take off? Not only is Ted Yoder an incredible musician, but the live aspect of the performance makes viewers feel included, and makes the moment feel more ‘real.’ Especially at the end when Ted decides to introduce people to his raccoon on the spur of the moment. It exemplifies one of the best things that Live Video offers its viewers –  real moments from real people. Authenticity.

 

RELATED: WHY AUTHENTICITY IS IMPORTANT IN VIDEO INFLUENCER MARKETING

 

Which is why live video has really taken off in the last year or so, and is continuing to grow in popularity today.

 

According to a study from Research and Markets, the streaming industry is estimated to reach 70.05 billion dollars by 2021.

 

As a comparison point, the industry was worth $30.29 billion in 2016. So the industry is expanding at an incredibly high rate. Which means that the prominence of the streaming industry isn’t dwindling any time soon – at least not in the near future.

 

Moreover, according to a FreeWheel Video Monetization Report from Q3 2015, Live Video is far outpacing the growth of other forms of online video.

 

This image from a Yahoo Marketing Report shows that the year over year ad view growth for Live Video was 113% in 2016, whereas the year over year ad growth for Long-form Video and Short-form Video was only 30% and 9% respectively.

 

 

So if companies are looking to further include video in their marketing strategy, Live Video certainly appears to be the way to go.

 

In addition, on social media the creation of Facebook Live has turned out to be an overwhelming success for the platform:

 

1 in every 5 Facebook Videos are live broadcasts. And over the last year, daily watch time for Facebook Live Broadcasts has grown more than 4 times over.

 

Not only has the amount of Live Video skyrocketed over the last year or so, but viewer engagement for Live Video tends to be much higher than for non-live content. For example, Facebook Live Videos are watched 3x longer than non-live videos on the platform, and users comment on Facebook Live Videos at 10x the rate of regular videos. Live Video gets your viewers involved.

 

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So now you know you want to include it, but what sort of content is popular with Live Video?

 

According to a Livestream and New York Magazine survey, breaking news makes up 56% of most-watched live content, and conferences and speakers are tied with concerts and festivals at 43%. This all goes to show that people want to be included in events going on in the world around them. They want to feel as if they are a part of something.

 

On top of that, the same survey found that behind-the scenes access is really popular content for Live Video. This also stems from people’s want to be included. In fact, 87% of audiences would prefer to watch online video instead of traditional television if it meant they had more access to behind-the-scenes content.

 

Trends to watch for:

 

Live Video 3; Images from Unsplash

 

As video technology develops, Live Video will become an even more in-demand way to include consumers in events and experiences. With the advancement of Virtual Reality technology and 360 video, Live Video will become increasingly more realistic. What’s more, the development of drones will allow viewers greater viewpoints and greater access to Live events.

 

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And being able to realistically experience something via Live Video will often result in action from consumers. For example, according to Zero Gravity Marketing, after viewing a live stream of an event or concert, as much as 67% of viewers would then purchase a ticket for a similar event. So if you give people a taste of an experience with Live Video, they’ll likely be more inclined to buy into the event or brand if they like what they see.

 

This is all to say, if you can find a way to incorporate Live Video into your marketing strategy, definitely take that opportunity.

 

It’s a great way to engage with consumers on a more personal level, and a great way to make consumers feel included in your brand. Because it’s live and unedited it comes across as authentic to the viewers, and if done correctly, it can help build a trusting relationship between you and your target audience.

 

 

Dana High is a Marketing and Communications Intern at Green Buzz Agency. She will always be thankful for FaceBook Live for bringing the world ‘Chewbacca Mom.’

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