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Afropunk Festival uses Facebook Live for event coverage (FB)

J.R. Randall

Afropunk Festival uses Facebook Live for event coverage (FB)

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Live Streaming Video BenefitsBII

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Earlier this week, Facebook CEO Mark Zuckerberg asserted that Facebook was a technology company and not a media company, because it builds tools for creating and distributing content without partaking in content creation itself.

This ethos was manifest during the annual Afropunk Festival last weekend, when Facebook provided the platform to bring real-time broadcasts from the Brooklyn-based music festival online. 

Live broadcasts from the festival were published on Afropunk’s Facebook page to digitize the festival experience for those were unable to attend in real life. These videos include on-the-ground conversation with event attendees, and exclusive backstage interviews with artists conducted by UK hip hop artist Akala and NTS Radio. The most popular video so far is a fashion-centric recap of Day 1 of the festival, with more than 200,000 views and counting, four thousand likes and reactions, 350 shares and 180 comments. A conversation between Akala and the poet Nikki Giovanni also received a lot of attention, as did a Tyler the Creator interview by NTS Radio.

Going live through Facebook benefits all parties involved:

  • Afropunk is able to transmit directly to its nearly 1 million Facebook fans, without having to worry about excessive production costs, the difficulties in setting up a new media channel, and drawing users to a standalone site. 
  • Artists benefit from the exposure of being on Facebook, where they can interface with Afropunk’s legions of followers as well as Facebook’s broader base of 1.7 billion users. Artists also shared interview content to their own Pages to interact directly with their fans.
  • Facebook gains by establishing a foothold in the music, media and entertainment business, and by positioning itself as a reliable host for live event coverage. Meanwhile, live broadcasts populate its platform, acting as content that is highly shareable and engaging for users on the platform.  

If 2015 was the year that brands and advertisers embraced online video, then 2016 will see the medium take the next step as live streaming takes off.

Live streaming video refers to broadcasts in real time to an audience over the internet. While the concept of live streaming has been around for years, mobile-first video platforms with user-generated content have just recently begun to make serious waves thanks to improved video quality, faster broadband speeds, and enhanced mobile technology.

Online video has become a key part of the strategic business model for both brands and marketers as they seek more innovative ways to capture consumer attention. Creative live streaming video initiatives and campaigns are a way for companies to cut through the digital clutter and have emerged as the medium of choice not only for person-to-person sharing, but also for business-to-consumer (B2C) and business-to-business (B2B) communication. 

Brands are increasingly using live streaming to reach audiences. Its importance has grown significantly thanks to substantial investments by social platforms such as Facebook, YouTube, Snapchat, and Twitter to build and enhance their live-streaming platforms.

And advertising dollars are likely to follow. 88% of agency respondents stated that they “might” or “definitely will” invest in live stream video advertising over the next six months, according to a recent Trusted Media Brands survey.

BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on live streaming video that examines the eruption of online video from the perspective of both consumers and advertisers and assesses how live streaming is emerging as the medium’s next catalyst for growth.

Here are some key points from the report:

  • Live streaming video will further accelerate streaming videos overall share of internet traffic. Streaming video accounts for over two-thirds of all internet traffic, and this share is expected to jump to 82% by 2020, according to Cisco’s June 2016 Visual Networking Index report.
  • Live video’s value comes from its unique ability to add an authentic human element to digital communications. As a result, brands are leveraging three main streaming methods to connect with their viewers: tutorials, product launches, and exclusive and behind-the-scene footage.
  • Advertisers will continue to invest heavily in online video, especially as live streaming video gains traction. Already in the US, digital video ad revenue reached $7.8 billion in 2015, up 55% from 2014, according to figures from the Internet Advertising Bureau.
  • While live streaming is still in its early stages, brands are leveraging micropayments, mid-roll video ads and direct payments from social platforms, to monetize their live streaming videos.
  • The success of live streaming video hinges on brands overcoming a lack of measurement standards in the space, as well as changes in social media sites’ algorithms that affect what content users see.

In full, the report:

  • Examines the eruption of live streaming video.
  • Explores the differences between platforms that host live streaming video.
  • Breaks down successful approaches from both brands and publishers.
  • Discusses unique monetization opportunities live streaming presents.

To get your copy of this invaluable guide, choose one of these options:

  1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. » START A MEMBERSHIP
  2. Purchase & download the full report from our research store. » BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of live streaming video.

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August 31, 2016 at 01:49PM

J.R. Randall

J.R. Randall is an economist who resides in the Bay Area. He focuses his interest on range of economic topics. He has interest in deep sea fishing and art.