Five ways that the future of live streaming is going to change over the next five years

And it’s a good job it did as, for many, live-streamed sport and music events were the light at the end of the tunnel which got them through the long and monotonous days.

The Over-the-Top Video (OTT) industry grew immensely, providing entertainment when we needed it most. In our first year, Livenow streamed over 300 events to over 5 million people.

The growth of streaming is set to continue

The OTT industry saw off-the-scale growth and evolution with more and more streaming services entering the market, competing for eyeballs and clicks across the globe. And that growth is going to continue, with the live streaming market set to be worth $247 billion by 2027.

And powered by rapidly improving technologies including 5G, the tech side of live-streaming grew to match the sheer quantity of content that was being created and put on show.

But – and this might be hard to imagine considering the huge growth in the last few years – there are more revolutions to come as the streaming generation enters a truly golden age.

Providers like Livenow, which has just launched in the region, will be leading the way bringing live events across sports, music, comedy, inspirational public figures etc.

Here are five ways live streaming is going to change over the next five years:

Fans no longer want to passively watch, they want to connect and interact with the content experience. One of the keys to creating that connection will be integrating virtual reality into live-streamed events. People at home want to participate in the event and feel its buzz, virtual reality will let fans join in and become part of the experience. Technology like Oculus Go, PlayStation VR, or the HTC Vive have impressed, but I expect tech firms to make a huge leap forward in the next five years to integrate VR live-streamed events.

Alongside great content, the user experience will be one of the keys to success. Fans want to seamlessly connect with the platform and join the event and they want innovative features such as video chat walls and even being able to directly connect to the artist. And above all, they want to share the experience with their friends, with virtual hangouts and private rooms.

Live-streamed concerts and DJ sets will slowly replace traditional radio stations. Nearly a third of people choose to stream their music compared to just 15 percent who still listen to traditional radio. The rise of 5G networks will only speed up this process, allowing the consumer to choose from thousands of different options. Alongside this, the stronger providers will curate a range of listening experiences ranging from mass-market pop concerts to niche genre events.

Live sport, which was one of the first sectors to experience the streaming boom, will continue to grow. Specialist events including MMA, rugby, cricket and basketball will continue to grow, opening up new markets and regions. Plus, with the FIFA World Cup taking place in Qatar this year, more live sports than ever before will be streamed across the world, bringing fans together digitally.

And finally, video games will increasingly become part of the OTT experience. Titles like ‘Rocket League’ and ‘Among Us’ are already huge hits with fans across the world. And the big players are already starting to adapt their network for the millions of gamers out there. It’s not just the players who’ll benefit from this – there are an average of 26.6 million monthly e-sports viewers, an 11.4 percent increase from last year according to a recent studies.

Combine that huge market with the increased innovation in streaming, including Metaverse interactions, virtual reality and increased connectivity, and you can see why the live streaming market is set to be worth hundreds of billions of dollars in the next five years.

The pandemic might have sped up the live-stream revolution, but make no mistake – it is here to stay. Covid-19 has accelerated the cultural shift from live TV to one that prioritises streaming platforms. Live streaming lets users experience the event ‘comfortably,’ lets them virtually attend an event that’s not in their region, costs less and feels safer.

These developments are just the tip of the iceberg, live streaming is here to stay for decades to come.

Alfonso De Stefano, managing director, LiveNow Mena