Live video streaming and VOD (Video on Demand) can offer different ways of brand recognition benefits, increased pool of customers and followers engagement. Giving preference to VOD over live streaming or vice versa, shouldn’t be a limit to all the opportunities offered by each of them. The question here is how to leverage one or the other for business purposes and be sure you’ve made the right choice for your company.
VOD has revolutionized the way video content is viewed and broadcasted. VOD services are trending nowadays emphasizing consumer behavior and people are embracing online streaming services like never before.
VOD is basically the opposite of live streaming giving users the opportunity to watch videos at any suitable time and from any Internet-connected devices. It is is more than just binge-watching series on Netflix. The convenience of watching tutorials, educative and entertaining content from virtually anywhere and on any device is the sole beauty of VOD.
People’s hectic lifestyles created by modern living are the main factor why they prefer watching videos on demand. It is suitable because content can tolerate delays in publishing on the part of the publisher and it is always accessible.
Benefits of VOD for your business
- Connectivity – technology has become a key player in transforming things and making lives simpler. Due to advancement in technology VOD content is always accessible. Everyone from consumers to press can watch your content whenever and wherever.
- Variety – VOD covers content that can be perfected and edited before it is distributed. Also, it is much easier to go viral with VOD than with live streaming. You have plenty of time to record, edit, and preview your videos. There is room to improve your video as much as possible and add different effects.
- Suitability – when live broadcasting is not mandatory and the content can tolerate delays in publishing VOD is suitable option. It is easier to implement and offers better video quality for users.
Undoubtedly live streaming presents the new wave of digital communication, content promotion, and content consumption. It is growing in popularity and the main reason you should care about live stream is simply due to its huge user base which continues to grow every single day.
Beyond just the growth of users hooked on live content, live streaming presents a great way to drive revenue for your business. In a report published in 2016 Research and Markets said the video streaming market is projected to grow from USD 30.29 Billion in 2016 to USD 70.05 Billion by 2021.
Streaming live videos to your customers may sound like fun and easy thing to do – but that is not always the case. Before implementing any live streaming strategy, businesses should review their objectives to ensure their tactic is in line with what they want to achieve.
Benefits of Live Streaming for your business
- Real-time experience – when you do a live-streamed event of your brand, you are engaging with your audience. This gives people a sense of belonging to the moment because people love being part of stories as they happen. They actively learn more about your company and share details with their friends.
- Interaction – live streaming provides a sense of excitement for your audience. During those events you can offer to poll, take questions and connect with your audience. That way brand’s stories are told more effectively. The live stream itself is inherently about building community. Customers feel inclusive and exclusive at the same time.
- Cost reduction – some companies use live streaming as part of their training programs for new employees’ onboarding. Everyone receives the same training and product information simultaneously, thereby saving company’s budget. Also, when hosting a live event, the costs of travel, lodging, and security should always be considered. Choosing to livestream an event can save a lot of money in the long run.
Different events have different video needs
1. Concerts, sports or awards shows
These types of events are ideal for live streaming. However, they can also be syndicated for on-demand by including highlights of the events. You can do this by offering your content to an OTT channel.
Show your audience something they can’t attend or extra content they wouldn’t see even if they had attended, like behind-the scenes footage or an interview with someone notable during the event.
Again suitable for live streaming but can be offered later as on-demand. Broadcasting live conferences can reach executives, gain new business opportunities and clientele in general.
Live streaming of conferences is a valuable tool to encourage people who can’t physically attend to engage with your content in another way. You also boost national or global reach potential and build a new online audience.
You can also monetize your live stream conferences, something we recently discussed in one of our articles on the blog.
3. Educational events
Educational events are mainly covered as VOD so anyone can watch a lecture or webinar when and where they need to. However, education-relevant videos go beyond the lecture concept, so schools have been live streaming scientific experiments, student performances and much more for some time now.
College professors can usually schedule a live lecture and then deliver that content on-demand for their students.
4. Press events
These types of events can be used to offer a live-stream link for your users who can’t attend. News timeliness is crucial so that viewers can listen or watch in real time.
You have tremendous opportunity to build up the hype before the event and offer a live-stream link for anyone who can’t attend. It’s crucial to the timeliness of your news that viewers can listen or watch in real time. You can also take questions from reporters and consumers. Q&As, performances and panel discussions can all be live-streamed.
The growth of both live streaming and VOD is indisputable and not using either of the two means you are risking huge potential to grow your business. We need to constantly be looking for new forms and methods to reach out to our audience and building a brand presence.
Considering all characteristics of both live streaming and VOD technologies, many business successfully decide to combine them. No matter what your preference is knowing your audience is a good start for future engagement. The content you create should always be exciting and niche relevant. It’s the only way to build momentum and discourse around it.