Remember that period in 2020 when everybody spent a lot more time indoors? Yeah. You probably won’t forget that in a hurry. It was about that time that companies realized that they couldn’t really make cash from people turning up at live events. Instead, they needed to leverage live entertainment online, and we’ve since seen a massive shake-up in the industry.
While it is unlikely that online live entertainment will continue to grow at the same pace that it did during 2020, it is clear it is still growing. More people are tuning in to online live entertainment, and companies are still investing heavily in it.
We figured that we would take the time to discuss a few of the trends that have been drivers for the growth of online live entertainment.
Metaverse live entertainment
Some people chuckled at the idea of the metaverse, but there is no denying that it is going to be a major factor in the growth of online entertainment.
The metaverse, pushed forward by Facebook, combines virtual reality, augmented reality and social interactions to create unique live experiences. People can attend concerts from the comfort of their own home, socialize with others, play online events etc. The tech is still in an early stage, but it has massive potential for growth.
When it was first announced, many people were a little uncertain of the whole idea of a metaverse. However, stats have shown that it is growing faster than anticipated. Between 2024 and 2030, the metaverse is expected to grow by a whopping 10.37%. The industry will be worth $500 million at that point – still tiny figures compared to the worldwide media industry, but nothing to sniff at, especially since there will likely be around 3.5 million users at that stage.
This is particularly interesting, since this is exactly the way we see the industry going. You’ll see that as we discuss a few more online live entertainment trends. We believe that the live entertainment industry will be driven by replicating ‘real world’ experiences from the comfort of home. People don’t always want something different when they are watching their entertainment at home – they want something that feels good to do, but is also a lot more convenient.
Expect the metaverse to be a huge focus for Facebook and other companies going forward.
Live streaming
OK. So, live streaming has been around for a while. YouTube and Twitch have been the biggest platforms for that, but Facebook Live and some newly established platforms are hot on their heels.
Live streaming has made it easier for people (and companies) to broadcast online entertainment at a lower cost. Honestly, there are people who have made millions live streaming themselves playing games. All they needed was a camera and a computer to get started.
Live streaming has shaken up the type of content people have access to, and it is being used in a myriad of different ways. We mentioned people playing games, but people have built their own TV shows, and musicians stream their gigs online. The more content there is, the faster the live entertainment industry has grown.
New experiences online
There are some experiences, such as casino gambling, where if you wanted to dabble with something more than a computer screen, you’d need to head to a casino in person – a bit prohibitive in many areas. However, many online casinos have seen a huge rise in players once they introduced a live casino.People can now replicate the feel of being in a real casino from the comfort of their own home. They just boot up their computer and watch the dealer spin a wheel or deal some cards. Cool stuff.
Online streaming has also given people new experiences that they would not have been able to get anywhere else. As we have said, many musicians are now streaming some of their gigs online, which is a great way for people to experience a gig they may otherwise not have been able to attend, for cost or travel reasons. This is an area of growth that we expect will continue growing rapidly.
The future of online live entertainment
Online live entertainment was always going to grow at a rapid rate. Granted, it was driven further than anybody could have anticipated in 2020. However, with more and more stuff heading online, it was only right that our entertainment would too. We see nothing but continued growth for the industry.
