Now more than ever, video streaming is positioned as an unstoppable force for business and personal use. As we’ve recently discovered during the COVID-19 pandemic, video has become a dominant means of communication and its popularity has no signs of slowing down.
According to Technavio, the video streaming market is forecasted to grow by $6.38 billion over the next four years. Moreover, this figure is expected to grow at an annual rate of 11.6% for an additional three years. Meaning by 2027, this already highly lucrative tech space will continue to expand at an exponential speed.
Although these astronomical figures might be too abstract to infer personal relevance, the bottom line is that these billions in revenue translate to the rising preference of users to digest information, communicate and shop in a virtual setting. In fact, there were 1.92 billion online shoppers last year alone (and that number is expected to rise in the near future).
Our reliance on video to communicate and connect on both personal and professional levels is at an all-time high. Propelled by 2020’s social distancing protocols and travel restrictions, the success of video conferencing and streaming platforms skyrocketed while many other economic sectors struggled to be profitable.
On top of being used as a convenient and cost-effective method of keeping in touch with family, friends and colleagues, video platforms have proven to be the go-to digital tool for companies and content creators to showcase their products, services and entertainment. Organizations big and small, non-profit and corporate, are all leaning on video to reach their target clientele.
In particular, organizations are building video-powered media centers as virtual gathering places for their members to consume information in a variety of ways, including:
- Gyms streaming home workouts to fitness enthusiasts
- Churches sharing weekly services to their congregation
- Companies onboarding and training employees to cater to remote workers
- Civic, religious and academic communities using video to give their members a voice
- Media and entertainment companies streaming the latest in film & television
Adhering to optimal logistical and financial frameworks, you can capitalize on video by reaching audiences looking to participate in virtual events, including:
- Live music concerts & arts festivals
- Pay-per-view sporting events & championships
- Conferences, annual general meetings, town halls and shareholder meetings
- Tours of museums and science center programs
Business has rapidly changed, so you need to think differently to re-tool for success. A video strategy needs to be an important tool in your communication toolbox. Specifically, with recent restrictions on large gatherings, you’ve needed to be resourceful and adapt to a changing landscape. As a result, video has become a reliable, multifaceted tool that promotes business continuity across diverse industries.
Creating a user-friendly seamless platform for employees, community members and corporate stakeholders can make the difference between being proactive vs. reactive with your communications.
Visit our website to learn more about how you can plan for success with a video platform.