While nothing beats the experience in person, it’s impossible to make it to every event you crave, and sometimes shows get sold out in a matter of minutes.
In 2020, however, showrunners, programmers, and other media businesses started to realise the potential of live streaming, and use it as a way to connect to more fans and customers. Many people are now gravitating to live stream offerings to be there in the moment.
Not only is it usually more cost-effective, but many live entertainment operators have developed ways for the experience to be as authentic as if you were there in person, or even more immersive than any other form of online connection.
What we have now is just the beginning, though, with technologies that are so close to breaking into the mainstream offering tremendous potential for live streaming.
Live streaming is already integrated into our lives
In 2021, the global live-streaming market was said to be valued at around $988 million. Even following the anticipated downturns at the start of 2023, the market was predicted to grow even further, hitting a 2028 valuation of $4.26 billion. Seeing how far the application of live streaming has come already, it’s easy to see why industry pundits expect its value to quadruple over the next five years.
One area that has really picked up over the last few years is that of live tours. The ToursByLocals live virtual tours platform sees local experts take you on a guided tour of cities, museums, parks, and other points of interest. At the time of writing, there were 82 local guides offering virtual tours, including ones called Zoom Around Kyoto, Bilbao City and Guggenheim Museum Live, as well as Uptown Harlem and Black Culture. Available for multiple users at once, you simply click, book, pay, and enjoy the live tour.
Of course, entertainment is the primary realm for live streaming rollout. For the 2018 FIFA World Cup, it’s reported that over 300 million watched live via streaming and in public, but live streaming can be leveraged beyond a passive experience like viewing sports. The online casino Betway is utilising live streams for its games, connecting players to a human croupier and game in real-time. Live casino play has now become the go-to way to experience classics like roulette and baccarat, as well as new live gameshows like 9 Pots of Gold and The Greatest Cards Show.
The eCommerce industry is also leveraging the power of a live stream connection to sell goods online in real time. Insider Intelligence reports social platforms as primary platforms for live shopping right now, but it has become so big in China (320 million shoppers expected to buy via live streams in 2023) that specialised live shopping platforms are coming to the fore. Wherever the live stream is being hosted, its application immerses people in the shopping experience, often tapping into ‘FOMO’ to garner viewers and sales.
Making the Metaverse real with live streams
At one point, Facebook was used to connect people and businesses, for sharing images and stories, and keeping up with news or updates. Now, its parent company, Meta, seeks to claim more of your time by spearheading its own massive Metaverse. Using virtual reality headsets, you get transported into the digital world as your own avatar, partaking in any experiences that have been developed for these virtual interactions.
Since Mark Zuckerberg announced he was changing the company’s name to Meta, the market hasn’t reacted too favourably. In an article from The Guardian, a staggering sum of investment is reported, sitting at $100 billion ($15 billion in 2022 alone). Feedback indicates that relatively little has come from this investment, with anonymous employee surveys saying that the Metaverse plans will sink Meta.
Even so, the Metaverse goes far beyond what Meta is attempting to achieve. One company can’t own the entire virtual space, and there are plenty of other businesses working on ways to have a Metaverse presence and reach customers with the novel offering. Live streaming looks to play a part in the virtual becoming a reality, and investors think so too. Condense Reality, a firm based in Bristol, has raised £3.7 million ($4.5 million) for its plans to capture real-world events in 3D and then bring them to virtual reality in real time.
Increasing the capacity of going live with 5G
With expensive smartphones already capable of accessing the next-gen networks – which is why you should get a case for the Samsung Galaxy A13 5G model – it won’t be long before the power of 5G can be harnessed by everyone. It’s vastly more powerful than our current peak internet, boasting much lower latency and faster speeds. So, network-heavily tech like live streaming looks set to benefit greatly and even reach its full potential.
HypeVR is eagerly awaiting the widespread use of 5G as the network. Recording and scanning live stage performances in 360 degrees, their volumetric video tech offers incredibly high-fidelity live streaming and will only benefit from 5G. As it stands, its mesh compression codec, which works in real time, is suited to 5G networks and can send photorealistic 24-FPS video.
Live streaming is already incredibly advanced, but as companies seek to make the Metaverse a reality and 5G becomes more accessible, the experiences will only become more widespread and immersive.