Building a Live Streaming Business Plan
Live streaming seems like a relatively new term in the digital marketing space. When we think of live streaming, we think of gamers showing a live stream of their play with an audience religiously watching.
Live streaming may be popular with video gamers, but this market is projected to balloon up to $180 billion by the year 2027. That is a market offering huge potentials even for small businesses. It would be a mistake to pass up on touching this market and using it to your advantage.
In this short guide, we’ll be discussing what goes into live streaming and how you can make a successful business plan out of it. We’ll also be providing tips and tricks that will help you launch a live streaming event:
Understanding Live Streaming
Live streaming is when a host broadcasts a video over the internet in real-time. It has thousands of viewers watching when the video is being created without any filters or edits.
According to the Interactive Advertising Bureau report, 47 percent of live stream viewers have viewed more live videos than a year ago. In the 2019 Super Bowl, viewers live streamed 560 million minutes. That is an undeniable potential for business.
In addition, live streaming isn’t only limited to gaming and sports. Brands worldwide were found to have spent $90 billion on video content in 2018 alone, with spendings projected to exceed $100 billion in 2023.
These are all overwhelming figures with enormous opportunities for business growth. But before you jump onto the live streaming bandwagon, you need to develop a plan.
What Makes a Live Streaming Business Plan
Live streaming offers vast potentials for authentic communications between brands and consumers. But before you develop a live streaming business plan, you need to understand the costs and the return on investment (ROI) it could provide for your business.
It is indeed a channel that you can tap on and expect results, but to have a successful live streaming business plan, you need to evaluate your goals, purpose, and methods. Whether it involves building brand awareness or an email list or selling a product or a service, you need to have those written down.
Here are three things you can do and expect from live streaming:
1. Tell Your Brand Story
Live streaming gives you a platform to share your brand’s story with your audience. It lets you show your brand values and purpose and lets your audience know what you stand for. It can also be an excellent channel to create professional and branded company events that engage your associates and supplier partners. Especially now that in-person events are rare, live streaming company happenings and product launches are in-demand.
2. Reach a Broader Audience
Live streaming thrives on social media platforms such as Instagram, Facebook, and Youtube because of the huge market that can support live content. Combining social media and live streaming offers immense potential for your brand development. Imagine how broad of an audience a football game broadcasted live can reach. That’s as much potential as live streaming can offer.
3. Build a Community
Video content generates more user engagement than other media on any platform. That makes it excellent for building a community dedicated to supporting your business. With live videos, your audience can interact with you and give comments and approvals for your brand in real-time. You can also see how many people are watching, so you have actual data about your reach.
Conclusion
Live streaming is bound to be another medium offering many opportunities to brands in the coming years. With more and more businesses exploring these opportunities, it’s in your brand’s best interest to get into it, too.
BFF Visuals is a marketing and photo & video production company in Amsterdam offering a one-stop-shop solution for your production needs. We service events, products, commercials, corporate video production, and corporate photography. We help businesses create on-brand content that resonates with their audience and brings results! If you need help with your marketing and video production needs, get in touch with BFF Visuals today!
