Even though it will mean a huge dent of income for everyone for the foreseeable future due to COVID-19, Taylor Swift wants you to stay home and self-quarantine.
As the National disaster, Coronavirus pandemic hit the entire world bitterly, the outbreak might cost the global economy around $1-2 trillion in 2020, according to a UN conference. The Entertainment industry has been affected the most by the coronavirus outbreak.
To understand how the entertainment sector was hit hard by the COVID-19 outbreak, let’s see how a Melbourne Orchestra handled it. The Melbourne Orchestra had been scheduled to perform the concert at Melbourne’s Hamer Hall, they had sold almost 2500 tickets to the show, but unfortunately, due to the spread of Coronavirus pandemic, the Australian Government banned mass gatherings.
But they had other Ideas
Instead, they live-streamed the concert in HD via their YouTube channel, which reached almost a million views.
Serious Growth after Coronavirus-driven behaviors.
With Millions of Chinese citizens confined to their homes, the live-streaming industry received an unexpected rise of over 10.6% in China’s live streaming industry, which is around 526 million net growth.
Since the lockdown is confirmed in several countries, almost 120 countries, the growth of the live streaming industry during the coronavirus outbreak has spurred and led to several opportunities for the business and media industry to take advantage of the lockdown.
Unlocks New Opportunities
Empty Stadiums and Online streaming is the current nature of working style for sports. Sports streaming always offers multi-billion advertising revenue to streaming businesses. The global coronavirus has led to the cancellation of several sports events across the geographical areas, and this led the sports streaming to go live based on sponsorship of the sports events with the subscription revenue model.
Major Brands Go Live
The live streaming session in the past two months has increased by up to 110% compared to the same period last year. In consideration of this, a Shanghai-based cosmetics brand trained almost 1,600 shop attendances on how to sell and host a Livestream, which experienced a result beyond their imaginations.
Innovating Out of Crisis
The live streaming tool has become an important asset for offline businesses to create a strong relationship between consumers and brands. Major offline sectors like food, where Chefs broadcast cooking tutorials, singers host concerts from their home, auto dealers showcase the luxury cars over live streaming.
These innovations have seen a huge impact, even for offline businesses, through live streaming and broadcasting. On considering the growth of offline businesses through live streaming, there arises a question: does live streaming can handle offline businesses during global crises?
Could Live Streaming Tackle the Global Crises Like Coronavirus for Offline Businesses?
Irrespective of businesses, the live streaming tool can be a standalone marketing tool for some brands to drive sales for their new launch products over online streaming. Major industries can benefit from live streaming during the crises.
Global events can be hosted using live streaming across the global countries. Virtual events are telecasted to people that can reach a million users.
The global viewership of the gaming industry is high at the moment, where Twitch experiences an increase of 10%. The Youtube gaming viewership was up by a full 15% over the last week, where the overall growth of live streaming in the gaming industry is seen.
Since the majority of gym chains across the globe are closed, fitness and the consumers are conducted virtually, and regular fitness classes are broadcasted over live streaming fitness apps.
Major podcasters stream events over virtual where all the concerts and performances are cancelled due to coronavirus lockdown.
Religions are embracing live streaming and conference calls. To provide spiritual guidance at a time of crises, churches, temples, and mosques hold digital technology to spread faith and spirituality over streaming.
How can Live Streaming Connect People During Crises?
With live streaming tools and live conferencing, major industries can connect a huge number of users or consumers in real-time during crises.
- The streaming technology can connect over 10 million+ users at a single event, which is regarded as large scale communication.
- Connecting to medium-sized groups such as geographical areas of about 10k users through broadcasting.
- Personalized communication can be carried through conferencing to a particular network of people or areas or companies.
The Future of Businesses is Dependent on Live Streaming
If the sports stadium, shopping malls, and other industries are closed due to the spread of COVID-19, the nature of shopping will be digital and more dynamic. Live streaming is yet another demanded tool to offer feedback-driven, interactive, and future possibilities for consumers and businesses to propel their business within the internet space and reach targeted audiences at a specific time.
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