Live video streaming is a fad that’s here to stay. Following Twitter’s acquisition of Periscope in January, which they confirmed just last week, there’s a new app that is taking the market by storm – Meerkat.
Since it’s launch on 27 February, downloads of this new live video streaming app have soared, with more than 120,000 users now sharing snippets of real-time video content, ranging from a home-made music video, to their commutes to work.
Inevitably, Periscope will be a little irritated that Meerkat ‘pipped them to the post’, thus benefiting from the element of surprise. However, Periscope have their own unique features, such as the ability to watch previously recorded content and host private sessions – features that are bound to help them put up a good fight in this emerging and increasingly popular market, which has made ‘over-sharing’ a thing of the past.
Real-time video streaming isn’t anything new, of course. More than 60 million people watch gamers live-stream video on Twitch each month, which Amazon purchased for a significant $970m last year. Despite the controversial comments from skeptics, remotely sharing moments socially, in real-time, has become widely accepted and expected. This is largely the philosophy behind apps like Periscope and Meerkat.
So, what does this mean for publishers?
Video isn’t a trend to take lightly in the publishing sector. It’s actually the dominant format for both content and advertising today and in the foreseeable future. 79 per cent of global consumer web traffic is projected to be video by 2018 and with video delivering 800 per cent more conversions than text-only pages, it is generating over ten times more CPM revenue, according to a recent report on The Drum.
“Now is the time for action” was the rallying call to publishers from John Wilpers and Juan Señor, editors of the 2015-16 Innovation in Magazine Media World Report launch at the Digital Innovators’ Summit in Berlin.
Alongside this, there was a reminder that publishers should stay focused on mobile with 40 per cent of web pages served globally now on mobile. And coupled with the fact that $64bn of revenue was generated on mobile, it’s an area that should not be ignored.
Particular emphasis was also paid to social media, which has seen a massive growth of referrals pushing search engine referral traffic down almost 30 per cent to 29 per cent.
This follows the recent launch of Social app Snapchat’s ‘Discover’, which hosts text, photo and video stories from brands including Vice, Daily Mail, Cosmopolitan and CNN, and makes money from advertising.
Exclusive content will be created for Snapchat by the magazine’s editors and uploaded to the app as a daily “edition”, with five articles for users to swipe through. Each edition will be available for 24 hours. Stories will be either full articles or the best video stories of the day, said Martin Clarke, editor-in-chief of DailyMail.com – which recently rebranded from MailOnline.com.