Businesses are increasingly exploring live streaming for professional uses, leveraging its mainstream accessibility and quality.
- The live streaming market is rapidly growing, with a projected annual growth rate of 23% until 2030.
- Live streaming applications have expanded beyond traditional activities to innovative uses such as real-time iGaming.
- Businesses must navigate various legal challenges, including content moderation and intellectual property rights.
- Live streaming offers immense potential for enhancing business engagement, despite its legal considerations.
The advent of live streaming technology has transitioned from informal online spaces to more formal business environments. Businesses are now capitalising on its mainstream accessibility, quality, and the worldwide trend towards digital engagement. The live streaming market demonstrates a significant upward trajectory with an anticipated compound annual growth rate of 23% extending to 2030. Much of this growth is propelled by expanding applications across various sectors, providing organisations with novel engagement opportunities.
Typical live streaming activities, such as game streaming or broadcasting events, have surged in popularity, especially since 2020. These forms of media consumption attracted wide audiences, which persisted even as traditional entertainment venues reopened. In the third quarter of 2023 alone, significant platforms hosted over seven billion hours of live content consumption. Hence, businesses are leveraging this medium to showcase live events, with iGaming standing out as a groundbreaking application.
In the realm of iGaming, live streaming technology has transformed traditional gaming experiences into interactive platforms. This innovation allows users across the UK to engage in real-time gaming at physical tables operated by professional croupiers located in studios globally. The integration of optical character recognition technology and advanced game control units ensures seamless interaction between the physical and digital gaming environments. This case illustrates the potential of live streaming to create immersive, interactive experiences with appropriate technological integration.
However, businesses venturing into live streaming face several legal considerations that must be addressed to ensure compliance and safeguard their operations. Critical areas include the rigorous moderation of content to prevent improper or defamatory speech, ensuring adherence to GDPR stipulations, and protecting intellectual property rights. Companies must engage in diligent fact-checking, scripting, and live moderation to mitigate these risks. Moreover, they must ensure compliance with advertising, marketing, and data protection laws, consistently verifying the proper licensing of any utilised content.
Despite these challenges, live streaming presents a potent avenue for enhancing business interactions and expanding audience reach. By navigating the legal landscape, businesses can harness the robust consumer base that regularly engages with live content. While the legal considerations extend beyond those of traditional commerce, they remain quite intuitive, allowing companies to leverage this technology effectively.
In summary, while businesses face legal complexities in adopting live streaming, the opportunity for expanded engagement and innovation is substantial.
