DUBLIN, April 7, 2016 /PRNewswire/ --
Facebook is making changes to its live video product, Facebook Live, including new features and a dedicated video tab on its app. The social networking giant launched its real-time video streaming service last year for verified pages, and recently expanded the functionality to all users. The new features include a geo-location map, filters and a doodle feature similar to the one on Snapchat.
The popularity of mobile devices, along with the rising penetration of the Internet has provided a variety of options for average consumers to access the latest digital video content. Live video streaming has become highly competitive, particularly on social media sites and apps, with Periscope, Snapchat and YouTube all key players in the market. The global digital video content market is expected to grow 15.43% by 2019.
Product head Chris Cox hosted a live video session yesterday to discuss the new features, and said video streaming could be used for everything from celebrity Q&A sessions, to major sports events and breaking newscasts. The global online video platform market was set to grow at a rate of 14.15% between 2015 and 2019, according to a recent report, but this figure may rise due to Facebook's continued investment.
The company is making a concerted push in this area, with various outlets reporting that it is willing to pay media companies and celebrities to post videos on the network. It has reportedly contacted The New York Times, BuzzFeed, Huffington Post, Time, Vox Media and others. A large number of individuals socialize on Facebook on an everyday basis, which means it can offer media companies an invaluable platform to reach target customers and promote their own content. The market for in-app advertising is set to grow at a massive rate of 39.97% by 2019.
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