The evening news isn’t the only one with the power of live broadcast. Social media now shares that privilege.
The rise of countless platforms (e.g. Facebook Live, YouTube, Snapchat, and Periscope) spoils markets and consumers alike with the capability to shoot live videos. Because of the rising demand, the race is on for tech companies to reign supreme in livestream.
So far, it seems like Facebook is the winner. How does the social network giant assert its dominance in live streaming?
Everyone is on Facebook
With over 1.7 billion active monthly users, how can Facebook fail?
According to Concept Marketing, an advertising and public relations expert, the social network has the best position to win over its competitors because almost everyone is on Facebook — even everyone’s moms.
A big part of successful live content is satisfying user vanity, which requires a large audience. Lack of big distribution will result in platform failures. While Facebook doesn’t have to recruit loyal users, it strives to produce good content. It relies on brands and celebrities to do the job.
Oh Hell No, Snapchat
The idea of live streaming isn’t just about where users post their content — it’s how they create it. This explains their love for Snapchat, which is Facebook Live’s mortal enemy.
Snapchat is in a good position to expand to the mainstream. The platform also has a good foothold because users love it for content creation, not just for distribution. As a result, Facebook aims to win the race by paying others to create content on its platform. It’s their best tool against Snapchat.
Facebook’s sense of paranoia drives them to adjust to users better, paving the way to better market resilience.
There’s No Winner?
Handicapping the race ultimately falls to the Big Three — Facebook, Twitter, and YouTube. Still, there’s room for more competition.
One platform might have more to share compared to others, which gives the Big Three encouragement to watch their backs. Marketers can use this to their advantage by experimenting with one platform over the other.
Facebook might be the King of Live Streaming right now. But who knows? The future holds more possibilities.