In the era of digital entertainment, consumers seem to demand more than passive consumption of content. Amidst this phenomenon, interactive streaming has been transforming the way of consuming content. In simple terms, interactive streaming happens to be a type of online broadcasting that lets the audience connect with content creators in real time and participate with them through chats, polls, and various question-and-answer sessions. This frontier seems to transform the entertainment industry by blurring the communication barriers between creators and consumers.
Interaction is the key
Unlike pre-recorded videos, interactive streaming allows the audience to participate in the action actively. Viewers can interact with creators through live comments, polls and questions, among other activities. According to a report by Zion Market Research, the market size of global interactive video wall was worth around $7.98 billion in 2022 and it is expected to grow around $16.79 billion by 2030 with a compound annual growth rate (CAGR) of 9.76 % in 2023-2030. Platforms like YouTube, Twitch, and Netflix among others are believed to pave the way for this wave of entertainment.
A new business model
According to a report published by IMARC, the global live-streaming market size reached $70.2 billion in 2023. The market is expected to reach $520.7 billion by 2032 with a growth rate of 24.93%(CAGR) during 2024-2032. It is believed that interactive streaming offers new paths for creators to earn revenue, such as subscription services, in-app purchases, advertising, and merchandise among others. On the other hand, consumers also experienced control over their entertainment. This new type of online broadcasting seems to cater to audiences who prefer personalisation and control through its ability to interact with content creators in real time and shape narratives. The popularity of live streaming can be understood from the fact that it recorded an audience reach of 28.5% among internet users globally during the fourth quarter of 2023, as per a report published by Statista.
Future of storytelling
While interactive storytelling provides content creators with opportunities to develop a bond with audiences, it also presents new challenges, such as ensuring quality control and a surge in production cost, depending on the content. However, it is believed that with the advent of newer technologies like virtual reality (VR), augmented reality (AR), and artificial intelligence (AI), the future of entertainment is interactive, further blurring the lines between viewers and participants.