The businesses worldwide are on a downward slope since the COVID-19 hit the global economy, which was already on the brinks of collapsing. It is causing havoc and disruption since it first came into existence. It led the world to a complete shutdown and paved the way for the economy’s deceleration and contraction. All the core industries are witnessing a massive fall. Whereas, home-bound and work-from-home are the new normal the entire world is adapting to.
Many countries around the globe have already introduced limits on many social gatherings of large numbers of people. This has resulted in lower attendance at different entertainment hubs like movie theatres as well as at restaurants and bars. For example, in Italy and other Europe countries, which have seen more confirmed and active cases of coronavirus, the government ordered closures of cinemas, theatres and restaurants and told restaurants and shops to ensure that their customers stayed at least one metre apart and maintain government norms for COVID -19. Such a scene is seen almost everywhere, which raises the demand for live streaming as more and more people are moving towards OTT platforms in search of entertainment.
According to Brainvire, the COVID-19 pandemic is posing unforeseen challenges to all business continuity. But, there is one industry that is rising and thriving by day and night. It is broader and brighter than ever before. You can even stream it on HD. Know how?
How COVID-19 Led us all to Foreseeable Future?
As stated by the UN conference, the pandemic will cost the global economy 1-2 trillion USD in 2020. No industry is left with the aftershocks. It has magnified the pre-existing risks to the economic outlook.
The stock numbers are downgrading to negative figures. All the countries are witnessing the biggest unemployment disharmony ever faced. There is a severe drop in industrial output, depletion in power demand, and fall in revenue. Unemployment is on the search. It is hiring ruthlessly and continuously. IMF indicates a 3% shrink in the global economy, which is the worst since the 1930s Great Depression. Economy’s revival is a must to counter all these post-pandemic effects.
Window Opens to New Avenues
Amidst all these, better opportunities and mediums are emerging. COVID-19 pandemic left no industry immune to its effects, and the entertainment industry is no exception to it. Traditional platforms are struggling to keep up. Nevertheless, certain parts of the entertainment industry are thriving significantly. The Live Streaming Industry is evidence of it. It is rebooting to thriving mode active 24×7.
The reason is that millions of people are confined and quarantined to their homes. Health regulations bound them not to get out unless necessary. The desire to get entertained is increasing, like parks, malls, theatres, and every other entertainment channel are closed. There is almost zero to none medium to get entertained. Every small or conglomerate company is using live conferencing to strategies and manage the business. All these brought the Live Streaming Industry in the prominence. It can garner an unexpected rise in its viewers. Business is flourishing, and numbers are increasing surprisingly.
Reports put forward by Facebook show the significant rise in the number of hours watched and streamed online. In a few cases, it has doubled than the year before. The demand is so that all the platforms are striving to meet the viewers’ entertainment appetite. The mobile marketing platform did a survey. InMobi also states that 46% of viewers are streaming more. There are more doors open for the Live Streaming Industry than before.
Extend to Which the Industry has Tackling Crisis
Sports streaming is one of the premium reasons behind the multi-billion advertising revenue that streaming platforms generate. The global pandemic has cancelled several shows, movies, plays, and events across the world. These entire companies have found a promising medium not only to reach and connect to audiences but also to generate revenue from it. Sports events found their ally in sponsorship while movies and shows in subscripted OTT platforms. The pandemic is also forcing innovation out of the crisis. Many brands are hosting a live stream for their consumers to sell the products and to make the best out of their business in this pandemic. The smaller and offline companies are also trying to go online and create a strong bond with their customers, bringing everyone close altogether.
Live Streaming has left a significant mark on huge industries. It can benefit both the media and the education sector. Its instant reach to every corner of the world with the help of accessible technology, rapidly outdistance the traditional counterpart. It has opened the doors to learning for which you don’t have to visit the classroom. It has successfully managed the universities, schools, and learning to keep on going without interruptions.
Power to Tackle Global Crisis
Disregarding the business and its body, the Live Streaming Industry holds power for being a standalone marketing tool for various brands. It is an excellent platform for launching a new product. It also helps to drive a sale out of it. Not only that, but it is also keeping companies and their employees in contact to keep their company’s growth and success intact through video conferencing. From streaming live orchestra, concert, and shows to podcasting their craft, artists found their new stage where they can connect to their followers at the touch of a button. Watch-time feasibility, live pause options, and less frequent buffering making it more fruitful than it appears.
The gaming industry has been witnessing its high time. At the same time, science has brought religion on the same page for the first time. Religions are also embracing live streaming. Churches, temples, and mosques are using the technology to widespread faith and guidance in the time of crisis.
The Live Streaming Industry is pushing the economy up to the revival. It is safe to say that the future of businesses worldwide is in safe hands. Also, Live Streaming is changing the world for the better.