We’re all living in the moment. Anything that isn’t “NOW” is going to feel dated. And the trend for live streaming continues to grow and is expected to be a $70.05 billion industry by 2021; it’s currently at $30.29 billion.
Thanks to technology, the majority of us are equipped with powerful tools that can capture life as it happens and we can share these moments with anyone in the world in milliseconds. Our live streaming capabilities are shifting the way we interact.
Just because we can digitise, analyse and archive just about anything, the live streaming trend and specifically the ephemeral nature of some of the most popular apps, embrace the fact that we don’t need to. Share a beautiful sunset with friends or family so they can experience what you are experiencing in the moment, but this is a moment that they probably don’t need to keep stored for the rest of their lives.
As audiences search for spontaneity, comedy acts, live music and performance art are enjoying a newfound popularity. Even though these performances will undoubtedly be archived so future audiences can enjoy them, those people that either experienced or watched it live have moved on to find the next in-the-moment experience.
Businesses are wise to capitalise on this trend if they haven’t so far.
Live streaming offers an additional revenue stream for live events such as concerts, sporting events and even conventions. Savvy advertisers can find a new avenue to target their preferred customers. Plus, the current trend in data analytics is to use real-time insights, often second-by-second, to help inform decisions. Walmart now throws out transactional data that’s just a month old, deeming it too stale at just a month old to be informative about current merchandising trends.
Let’s take a look at a few of the businesses who are leading the pack and capitalising on the trend for consumers to be in the moment.
Live-Streamed Video Record Holder
Red Bull crushed the record when it garnered 8 million views and gained recognition for the most-watched live-streamed video when it launched their Red Bull Stratos campaign. Red Bull was an early adopter of live streaming specifically through YouTube and Periscope. Their goal is to engage with their customers in a way that reflects their brand image with live streams at sports, music and entertainment events.
A Selfie Bottle
The idea for a Coca-Cola selfie bottle is credited to the Tel-Aviv, Israel ad agency Gefen Team who wanted to make it easy for people who attended the Summer Love event, the biggest brand outdoor event in Israel, to share their special moments. The Selfie Bottle was a custom-designed camera that fit over a half-litre Coke bottle with technology that activates when the bottle tips to a 70-degree angle—the perfect position to snap a selfie of someone taking a swig of Coke. All the pics taken with the selfie bottle were pushed up to Coca-Cola’s Snapchat, Instagram and Facebook accounts.
Live Stream Product Demos
Benefit Cosmetics has elevated their reach by pushing their product demonstrations out on live stream. Every week, they host a Facebook Live event called Tipsy Tricks where they share beauty hacks and sip cocktails. Building brand equity through live streaming is their mantra. They deliver it with a highly engaging show that mixes not only their products but fun personality and entertainment to keep their customers coming back for more.
Add Real-Time Content to the Marketing Mix
Adidas was the first to add real-time content sharing into its marketing mix when it broadcast the signing of James Rodriguez by Real Madrid live; one surefire way to combat FOMO (fear of missing out) for its fans and followers. It continues to showcase not only Adidas products but to highlight its commitment toward a fitness-centred lifestyle via live streaming.
A New Way to Interact on a Holiday
Taco Bell’s dedicated in-house Snapchat team dreamed up a record breaker. It broke the record for having 224 million views in one day when it sponsored a Cinco de Mayo Snapchat lens that turned your head into a giant taco shell in celebration of the holiday.
While sponsoring a Snapchat lens won’t be ideal for every brand, every brand does need to consider how it will interact with its ideal audiences in the moment. Those that don’t will be left behind as consumers race to the latest breaking NOW moment.
Bernard Marr is a bestselling author, keynote speaker, and advisor to companies and governments. He has worked with and advised many of the world's best-known organisations. LinkedIn has recently ranked Bernard as one of the top 10 Business Influencers in the world (in fact, No 5 - just behind Bill Gates and Richard Branson). He writes on the topics of intelligent business performance for various publications including Forbes, HuffPost, and LinkedIn Pulse. His blogs and SlideShare presentation have millions of readers.