Overview
The global live streaming market is expected to reach USD 534.37 billion by 2030, registering a CAGR of 29.3% during the forecast period (2020–2030).
Video content streamed online attracts potential customers. As reported, more than 67% of online video streaming consumers are expected to purchase advertised products and services soon after the conclusion of a live video. Also, marketing campaigns from various organizations reported a 79% genuine conversation with potential customers. Marketers are largely focused on videos that are precise and descriptive enough to present the product offerings and explain their benefits. Also, companies are using vloggers for their promotional campaigns and video interviews with their satisfied customers to engage prospective buyers through live video content. With over 95.6% of Internet users in the United States at the end of 2017, about 85% viewed online video content on devices, including smartphones, and laptops, OTT platforms, and so on.
Furthermore, consumer brands are focusing on the age group of 25-34, preferably males who tend to watch more video content as compared to the female population. The conversion rate for sales is stronger than other modes of promotion. However, the numbers are increasing exponentially after the outbreak of COVID-19 and are expected to continue growing during the forecast period.
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Regional Analysis
Based on region, the global live streaming market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America stands second after the Asia-Pacific region in the global live streaming market. The strong Internet connectivity networks, either through broadband or mobile network services and the availability of numerous live streaming platforms in the region is accelerating the growth of the live streaming market. The preference for live video streaming over the other segments is increasing year on year. Over 44% of the population reported watching fewer television channels since the introduction of live streaming platforms. Furthermore, 86% of the viewers preferred live streaming sports events than any other content streamed in the United States. North America is expected to record a CAGR of 26.7% and reach USD 70918.5 million by the end of 2027.
The live streaming market in the European region is dominated by players that include Amazon’s Twitch, Google’s YouTube, Facebook Gaming, and Microsoft’s Mixer. These key players are entering strategic partnerships to capture maximum market shares. For instance, the gaming studio called Activision Blizzard and Google signed a multi-year partnership for streaming esports tournaments that include the Call of Duty League and the Overwatch League. However, the other market players are trying new ways of market expansion through various strategic initiatives. The sales channels of different organizations in the region are adopting live streaming for conducting live commerce. The European market is the third-largest market in the global live streaming market, and it is expected to register a CAGR of 25.7% from 2020 to 2027.
Currently, Asia-Pacific is dominating the global live streaming market, mainly due to the high population of youth in the region. Also, the other factors that support market growth include the proliferation of live video streaming services and the rising consumer preference for live streaming over conventional television channels where users need to wait for their favorite shows to be telecasted.
The market in the Middle East & Africa and South America are expected to record significant growth rates during the forecast period due to the growing popularity of live streaming and high Internet penetration in the regions.
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Competitive Analysis
The key players of the global live streaming market are Flux Broadcast (UK), Huya, Inc. (China), EventStreaming.TV (UK), Periscope (UK), Microsoft Corporation (US), Vimeo (US), AfreecaTV Co., Ltd. (South Korea), IBM Corporation (US), Dacast (US), Instagram, Inc.(US), Empire Video Productions, LLC (US), Streaming.hr (Croatia), Twitch Interactive, Inc. (US), Facebook, Inc. (US), Google, Inc. (US), and Amazon.com, Inc. (US).
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