Livepeer Processes 1 Million Minutes of Video in a Single Week
On June 5, 2021, Livepeer passed a key milestone on the road to becoming the video streaming industry’s primary infrastructure. In one week alone, developers used our network to prepare a record of over one million minutes of raw video for viewing on any device, at any speed.
Sounds impressive, you may say. Round number. Seven digits. But what does it mean exactly?
Many open blockchain protocols use abstract measures to gauge success, such as total value locked, amount staked, or even token price. But these are often imperfect proxies for real-world usage.
As the world’s first decentralized video streaming infrastructure, Livepeer has always focused on the practical business of helping developers create reliable, top-flight livestreaming apps without shouldering heavy costs. And we know their satisfaction is the metric that matters most.
The clearest window onto Livepeer’s true utility to developers is minutes of video transcoded per week — or, more simply, the volume of raw video that apps are processing on our network to make it ready for high quality, reliable viewing by all users.
With more and more content innovators looking to capture a piece of the $70 billion video streaming market, that number has been climbing fast. Last summer, the Livepeer network was processing 10,000–20,000 minutes of raw video week. That surged to 100,000 minutes per week by the fall and to 400,000 minutes per week in February.
And on June 5, Livepeer became a million-minute network.
It’s possible to track this metric in real time on our Protocol Explorer, where you can also find fee volumes and a roster of top orchestrators: members of the Livepeer community who dedicate their computing muscle and bandwidth to the business of quality transcoding.
Notably, the rise in usage has translated into higher earnings for node operators, who have gone from earning a few hundred dollars’ worth of ETH each week to more than $6,000 the week ending June 5th.
Still, while 1 million minutes is a major achievement, we believe this is only the beginning. We are confident that the world’s best open video software and services, running atop the most affordable and scalable open infrastructure, will bring more and more developers to our door.
And with a community of node operators who already offer enough collective computing power and capacity to encode all the real-time video that flows through Twitch, Facebook and YouTube combined, we are more than ready for the milestones to come.
Get started with Livepeer today.
