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Why Businesses And Millennials Are Streaming

10/31/2015 11:10 EDT | Updated 10/31/2016 05:12 EDT
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We live in a time where being in the know is vital. Millennials, especially, want to be the first to hear about the latest news, trends, and more, just as much as they want to be the first to spread the word. Social media has enabled people to do so at a great capacity and velocity. Today, you can hear about something, like it, and tweet about it within minutes and the news spreads like digital wildfire. Joining this social media crazed phenomenon and somewhat new to the game, is Periscope. Launched in March, Periscope is a live video streaming app for iOS and Android that allows users to broadcast live videos to the world. Followers can join, comment, and send hearts to live videos in real time. It basically allows the average person to have his or her 15 minutes of fame -- on a daily basis.

Periscope instantly caught everyone's attention the minute it launched. It did so well that Twitter purchased the start-up behind the app for a reported $100 million. To date, the social network has 10 million downloads and 2 million active users and growing.

The combination of being new and being simple is the reason for its success to date. They like to be able to get a message out there without having to type it out or post a picture to support what they're trying to share. Sharing a live stream is pretty impactful, and so explains the success and likeability of Periscope. Not unlike other social platforms, it's got it fair share of absolutely useless information, but as we all know, the supplementary apps that make it better will arrive shortly. Even Apple has announced plans to make it available through Apple TV.

Brands Are Experimenting with Periscope

Jumping on the Periscope bandwagon and with every good reason to do so, have been of the world's largest brands. Companies have been using the app to interact directly with their audience in a unique way. This has particularly grabbed the attention of the millennial generation -- and you can tell from the content, that's who is aimed at.

Some brands who have used Periscope to their benefit include the NBA with their 2015 NBA Final ask-me-anything where players answered questions from fans, T Mobile's CEO John Legere explained the company's and the industry's latest news, and Nestle ran the first branded Periscope stream in June to promote its latest Drumstick brand. During last month's Milan Fashion Week, Swiss apparel and accessories label, Bally presented those at their spring/summer 2016 runway show access to its craftsmen, not only in person, but also through live-streaming using Periscope. By doing so, Bally was able to live stream its handcrafted quality and its latest collection of women's apparel and accessories.

My favourite so far, is the Doritos Collisions. If you haven't seen it, the premise is just what you think it is -- its Twitter fans were asked to vote on what should be launched from cannons to collide, with bravado. It's worth checking out the slo-mo highlights (available on Doritos Canada Twitter page). While it's pure entertainment, I suspect it delivered in spades. These are just some of many major brands who have seen the impact Periscope has on their products and audience.

How Periscope Benefits Business

Major brands aren't the only ones who can benefit from Periscope however. Businesses of various kinds can and should utilize this app to their advantage. The results will definitely show. If you're a millennial and an entrepreneur with a budding business, Periscope can offer you exactly what you're wanting and looking for when it comes to engaging with your audience and it will also drive the results your business needs to grow. Furthermore, it will allow you to target fellow millennials. This article shows how millennial entrepreneurs are using Periscope and how livestreaming enables them to target their own demographic quickly, easily and with great benefit.

While on the market for just over six months, Periscope is proving to be the must-have app. I've been asked a number of times what will cause Periscope to be successful and what it will look like in the future. Like every disruptive business, its fraught with potential challenges -- in this case, copyright issues will abound. However, as with most new platforms, the fact is the initial users will define what it's good for and the reaction from owner will determine its success. Whether you want to watch a fashion runway from the other side of the world, hear your favourite company's CEO launch new products, or see stuff explode when it collides, it's the content that will determine our live streaming future.

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