The Explosive Growth of Livestreaming: Market Expected to Grow to $4.26 Billion by 2028
While streaming videos has been popular for years, during the COVID-19 pandemic this trend skyrocketed. Streaming, which had also been popular for movies and games, was suddenly being used for classes, live events, and even weddings as people looked for creative ways to connect while staying safe from the virus. Livestreaming also proved useful for the healthcare sector, as telehealth visits were finally folded into mainstream practices for visits.
A recent report predicted the livestreaming market to grow to $4.26 billion by 2028. However, one of the biggest challenges for this market is developing and integrating the infrastructure to catch up to demand. Access to broadband, and simple technology that can be adopted by demographics such as the elderly will be of crucial importance in ensuring livestreamed events can be accessible to everyone.
One of the most explosive growth drivers in this market is the popularity of esports and video games, as well as the increasing consumer preference for livestreamed content of lifestyle and other types of entertainment on platforms like Twitch. Why watch a recorded reality show when you can watch someone in real time instead? This livestreaming format allows users to feel more connected to the media than they would pre-recorded video as streamers can directly speak to their audience and engage in a more realistic way. As such, streamers can now cater their broadcast to audiences in live time as they receive constant feedback.
This direct connection with an audience also presents new opportunities for direct sales, even from a far away location. By engaging directly in live time with audiences, streamers can sell in a more personalized way. With Boost’s Tags, streamers can sell their products quickly by simply having audiences text their Tag to a phone number to streamline sales processes.
KallMeKris, with a collective audience of over 60 million loyal fans, tapped into the opportunity of pairing Boost Tags with live-selling. Through this format, KallMeKris launched her first ever merch collection which included pins with augmented reality features. By using live-selling, Kris could display product features first-hand before prompting supporters to purchase. Thanks to Boost Tags, after understanding the value proposition, customers were seamlessly able to purchase the pins in a native environment without needing to visit a website. With the help of Boost and live-selling, Kris successfully generated thousands of dollars from her pins in just minutes.
