Monetizing Event Streaming
After two years of COVID-19 lockdowns, we have arrived at a new forefront of communication and media consumption methodology. Throughout this unique moment in human history, we witnessed the massive disruption to and outright closures of live-event forums: movie theaters, music venues, sports arenas, museums, libraries, and countless other arts/cultural establishments across the planet.
Suddenly, the entire world population was confined indoors. With nowhere to go and nothing to do, consumers were often left with only screens for connection to each other and entertainment. Viewers turned voraciously to media delivered via social media platforms and OTT (over-the-top) services such as: Amazon Prime, Netflix, YouTube, Twitch, and TikTok. Indeed, live-stream viewership alone went up nearly fifty-percent from 2020 to 2021.
As viewers continue to move online, this monumental sea change will require live-event production companies and personnel to keep up with the changes, or else risk being swept away with the prevailing waves of time.
Why Event Streaming Works
Huge, industry-transforming shifts can be intimidating. But the exciting news is that the infrastructure needed to successfully connect at-home audiences to their desired content is becoming more prevalent and easier to access. More exciting still is the pioneering work being done to bolster revenue generation for those willing to take such bold steps into the future, specifically when it comes to monetizing event streaming.
During the pandemic, we saw live-event streaming watch time increase an astonishing 250%, leaving some live-event production companies struggling to keep up.
Challenges of Monetizing Event Streaming
Being that we now live in a “brave new world” of profound technological, psychological, social, and economic shifts, figuring out how to overcome the nuanced complexities of live-event streaming can be difficult.
Such challenges may include:
Understanding and properly attending to a broader, more diverse viewership, who may be accessing your content from anywhere around the world.
Making meticulous considerations regarding the wide variety of culturally acceptable/relevant content for an eclectic and potentially global audience.
Navigating the economic considerations of such a widespread audience. What may seem like a reasonable cost of engagement for one community may be out-of-reach for another.
Accounting for the multilingual viewership engaging with your live-event streaming.
Crafting a technological interface that is user-friendly across an international and varied arena.
Fortunately, live-event production companies — as well as any content creator wishing to expand their brand — can take advantage of the irreversible upward trend in live-streaming viewership with the right guidance from the right partnership.