Real time has never been more real than it is now. In the past few months, live-streaming apps Meerkat and Periscope have gained much media attention and there’s little wondering why.
Live-streaming, while not a revolutionary new concept, could well be the next big thing in the constantly changing social media landscape. Posting photos or videos doesn't appear to be enough - now people essentially have their own TV channel where they can broadcast what they like, when they want, to a global audience, from their mobile device.
I only recently downloaded the Android beta app for Meerkat, and am yet to experience Twitter’s own Periscope (not yet available on Android), so I can't delve into Periscope much at this point. While using Meerkat as a primary reference, I am more broadly exploring the concept of live-streaming.
Meerkat, and presumably Periscope, both have the potential to be game-changers when it comes to breaking news. It’s now an expectation to be able to access content instantaneously. We’ve seen how Twitter has shifted the way traditional news is delivered, effectively turning anyone with a smartphone into a reporter (albeit often an amateur one). Now Meerkat et al. will take things a step further, enabling users to broadcast footage live on the ground. Imagine how incredible this would be during a disaster like the recent earthquake in Nepal, or the Baltimore riots.
Of course, it doesn't stop there. Beyond breaking news, Meerkat will see people live-streaming sports games, concerts, exhibitions, travel experiences and more. The highly publicised Mayweather / Pacquiao boxing match raised concerns over a new age of piracy, as people made it easy for others to watch the fight simply by filming another screen (granted the quality isn't fantastic, but it beats paying a premium pay-per-view fee if you're not a hardcore boxing fan).
Unlike pre-recorded footage, which can be edited prior to posting and deleted later on, Meerkat is a warts and all platform - there’s no fancy filters, no airbrushing capability, and no undoing what people have watched. Users, however, aren't able to go back and watch a broadcast once it ends. Nor can they save it to watch later, although they'll have to manage this carefully - a plethora of third party apps enabled Snapchat users, until recently, to save people's snaps to their phone. Just the other day, I installed an app that lets me record my phone's screen...which means technically I should be able to open and record things on Meerkat (not that I necessarily want to).
So with Meerkat rapidly growing in popularity, how long will it be until businesses adopt it as a new marketing channel? My initial guess is that it will still take a while. Why? Because companies, especially large ones, tend to be quite cautious. It took a long time for many corporations to realise it was a necessity to be on Facebook and Twitter, and taking the plunge was often met with a great deal of reluctance.
What is the potential business value for using Meerkat? I dare say the sky's the limit when it comes to opportunities. Annual General Meetings, employer branding, quarterly reports, community events, and showcasing innovation are just a few of the things that come to mind. Adopting live-streaming for external communications will also raise the bar with transparency - something we increasingly value. The pioneer adopters will set a new benchmark, and we'll (hopefully) see a gradual decline of scripted and polished corporate videos. Authenticity will reveal the leaders and companies we believe in. Those who can handle the pressure of a live broadcast, and incoming questions from the audience, will ultimately instil confidence and admiration. Those who panic under pressure will fail to build trust.
If live-streaming continues to grow in popularity, the likes of Meerkat and Periscope will in time emerge as powerful platforms for business communications. As the world continues to gravitate towards (and value) real time content, live-streaming seems inevitable.
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