5 Reasons why Live Streaming will still be relevant after COVID

StriveCast Blog

Web Conferences and Enterprise Video have been on the rise due to the Covid-19 crisis, as video adds a personal aspect to communication while being physically apart. Live streaming and on-demand video services like Netflix, Sky, Amazon Prime, or Hulu have been increasing in popularity and subscriptions already before the pandemic – and experienced an even bigger boost in 2020.
This video streaming habit was quickly transferred into business lives when it was needed the most. Formats like webinars, digital meetings, and eLearning videos are now indispensable and replace in-person meetings and events. At StriveCast, we are convinced that this is a trend to stay. Here are five reasons why:

1. Globalization

It’s finally affordable and easier to reach a broader audience

The pandemic made new formats possible for companies and event organizations formerly restricted to their local market. With live streams for formats like industry fairs, press conferences, customer events, or even cooking classes, organizations do not have to plan several events for each region or limit themselves to a regional audience. These circumstances open new possibilities and markets for smaller companies!
On top, live streaming is not only an advantage for the organizations. As a European, you can now easily attend special trade fairs taking place in the US or anywhere in the world without traveling (just keep in mind the time differences).

The Financial Experts Payment & Banking experienced a virtual conference’s advantages when they organized the 4th “Banking Exchange” fully digital. The result: More tracked interactions and a record in tickets sold!

2. Environmental reasons

Live video streaming contributes to reduced (business) traveling and a better carbon footprint

Connecting via live video instead of meeting in person is not only convenient; it is also better for the environment (and will make your CFO happy, see reason 5). For some companies, business traveling has been a significant cost factor. As this is slowed down now due to COVID; people found ways in connecting via live video – and the majority doesn’t want to go back as usual afterward:
A study by Oliver Wyman has conducted the changing attitude towards business travel to more than 2,500 people who used to travel a lot for work. The main result: 43 % said they expected to travel less for business even after COVID-19 subsides.
The study also showed that more than half of the business people questioned believe in managing existing and even developing new relationships via video conferences is possible:
survey: expectations for travel industry for both business and leisure travel
Source: Oliver Wyman Traveler Sentiment Survey, Oliver Wyman analysis
This acceptance of building up relationships via video conferences makes unnecessary flights and traveling unacceptable, as especially large, public companies do not want to put themselves in the spotlight for unnecessary pollution.
Survey about managing relationsships via teleconferencing for both new and existing ones
Source: Oliver Wyman Traveler Sentiment Survey, Oliver Wyman analysis

3. Hybrid working, home office & work-life balance

The urgent request for working remotely and staying at home was adopted by nearly every white-collar-dominated company. Thousands of workers shifted to working from home, and surprisingly, it worked out for most of them. Regular video calls and instant messaging tools for businesses like Slack, Microsoft Teams, or Skype for Business ensured corporate communication.

In PwC’s US Remote Work Survey, most companies stated that they are heading toward a hybrid workplace. Office employees will rotate in and out of offices equipped with shared working spaces. Employers and employees state that remote work has been a success, and they want to keep it up to a certain degree (hybrid working):

Survey: Opinions of employees and employers, regarding whether the shift to remote work has been a success or not
Opinions of employees and employers, regarding whether the shift to remote work has been a success or not, Source: PwC US Remote Work Survey
Regarding the topic of returning to the office, over half of employees (55%) say they’d like to be remote at least three days a week. In conclusion, the survey states that, by design or default, most US companies are heading toward a hybrid office workweek. To ensure vivid communication between people in the office, the management is investing in tools for video collaboration and IT infrastructure to secure virtual connectivity:
Survey graphic
Planned investment fields to support hybrid working, Source: PwC US Remote Work Survey
Is your company network prepared for your employees coming back? When many people are coming back to the office with newly adapted video habits, your network might not be able to handle the traffic. An enterprise Content Delivery Network is the best way to secure your network:

4. Costs

Live video eliminates cost-driving factors for companies

The COVID-19 outbreak has led to an uncertain economic situation for many industries and companies. Saving costs and cutting budgets have been a consequence. Due to the given regulations, some cost factors were easy to cut, for example: Travel expenses, catering and rent for events, as well as running costs for the office. With the newly adopted hybrid working approach, companies now have the flexibility to grow and are not restricted to their office space.

5. The digitalization of the event industry

Discovering new possibilities

Not only will work shift to a hybrid model, but also the event industry. Online attendance has to be made possible via a live stream, and in a way, no one feels left aside. Of course, most people long to visit concerts, festivals, and events in person again. However, the virtual events phase also opened up new possibilities that people sure don’t want to miss again: It’s not possible for everyone to see their favorite artist anywhere, anytime. When they offer an additional live stream – maybe also including AR or VR experiences –; it is an option to watch live performances without traveling effort. It’s a new event approach that opens up opportunities to engage with a large community via distance. Just imagine watching the concert of your favorite artists thousands of kilometers away on your couch via VR. The possibilities are endless!

Conclusion

Increased acceptance (and expectation) of live video streaming everywhere

The increased demand for high-quality video streaming started in the entertainment sector (80% of US consumers have subscribed to at least one paid streaming video service) and quickly expanded to business lives with the worldwide lockdown. Of course, live video will never totally replace in-person events and meetings. But it is a valuable addition to our private and business lives.
Is your company’s IT infrastructure ready for a hybrid workplace? You’ll probably need an eCDN to handle the increased traffic caused by video!

About StriveCast

StriveCast is a leading technology provider for eCDN solutions. Our WebRTC-based P2P mesh network is used by large companies like Swisscom, Siemens, Gazprom, and NEP group to solve the problem of network congestion during live events. Based in Germany, we are constantly improving and adapting our cutting-edge P2P technology in order to provide the next generation of enterprise video delivery. Today, StriveCast connects over 150,000 users worldwide on a daily basis, saving customers up to 95% of CDN traffic with a unique server-side-managed Peer-To-Peer network.

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