Online streaming is becoming more popular and part of our daily lives. From watching TV shows to catching up on the latest news, playing games and listening to music, the streaming trend is only expected to go upwards.
According to a report by Statista, the streaming market is projected to reach $3.89bn in 2023. The report cites technological advancements such as AI and blockchain technology as factors that have led to the increased adoption of online streaming.
The Rise Of Online Streaming
The rise in online streaming can be attributed to the increased use of smartphones, internet accessibility, and the demographic shift. Modern streaming platforms also offer consumers flexibility and convenience when accessing content. Interestingly, the influence of online streaming is not only limited to entertainment but also extends to other industries such as retail, sports and fitness.
Online gaming providers like Bet MGM UK have also been able to take advantage of online streaming by providing a live element to their casino game offering, rather than keeping them purely as computer-generated experiences. Such gaming providers have employed high-tech streaming technology to their product offering, with the aim of enhancing the player’s interaction and adding to the game experience.
Industries That Can Utilise Online Streaming
Online streaming is versatile, which makes it adaptable to different industries. Below, we look at how various industries can leverage this technology.
The world of retail is taking advantage of online streaming as a new way to tap into their customer base and increase sales. ‘Live stream shopping’ is coming into the frame where customers can watch brands share new products, and virtually ask questions about, review or buy the products.
The interactivity of these streams revolutionises the customer-seller relationship that are the foundations of a retailer’s success and increases the likelihood of the customer purchasing the product.
Live streaming is revolutionising the way that fans access sports content. Multiple streaming platforms provide access to tournaments, events and interviews from the convenience of your smartphone, tablet or PC. With online streaming, people can watch their favourite games without subscribing to cable television.
You’ll also notice that most teams now have YouTube channels where they interview players before or after a game. This allows these channels to connect with fans and build a community.
The COVID-19 pandemic revolutionised how we perform our daily activities like shopping, educating our kids, or conducting meetings. The same happened with the fitness industry. More gym owners have adopted online streaming as a way of connecting with previous clients and attracting a larger audience.
Modern fitness brands now use online streaming to provide a convenient option for people with busy schedules. You can now find fitness instructors providing one-on-one live fitness sessions, yoga sessions, Zumba classes, and more.
Online streaming allows fitness instructors to connect with members digitally, regardless of their age, gender, or location. Additionally, with online streaming, instructors can gather data about user workout habits, preferences, and progress, which allows them to create personalised workouts tailored to the user’s needs. It creates brand loyalty and a deeper connection between the fitness brand and its users.
A good example of a fitness platform that uses online streaming is LIFT. The platform provides live workouts and on-demand workouts for all markets. Members can access in-build LIFT instructors. Furthermore, users can choose to design their onboarding experience for their end clients, allowing them to include their message and brand details.
Peloton is another streaming company offering live classes alongside their treadmills, spin bikes, and other fitness-based equipment. Members can access different classes like cardio, strength, boot camps, and more through their online application.
The medical industry has also adopted online streaming. A good example is surgical live streaming, which allows live surgery to supplement modern training. Trainees at all levels can access surgical training, including residents, medical students and fellows.
Additionally, some hospitals have live-stream channels that allow them to broadcast their shows. These sessions are informative, and medical professionals get to answer questions from their live-stream audience.
Medical conference live streams are another example. People worldwide get to participate in the event, connect with other medical professionals, and stay informed about the latest medical news or information.
The Future Of Online Streaming
The emergence of online streaming has revolutionised the way that we interact, share ideas and connect with people. In the future, live streaming will likely be more interactive, giving users greater control over their content with options for alternative endings and interactive storytelling.
Experts also predict that 5G will make the real-time streaming experience more responsive and smoother thanks to reduced latency. This will be a game changer for live events and cloud gaming, where latency is critical.