Why Live Video Communication Is More Than Just A Solution—It's An Experience

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Live video communication has come a long way in recent decades. To fully appreciate where the technology is now, one must pay homage to its origins. The concept of video communication existed long before coining the word ‘video’ itself (back in 1935). The idea of transmitting an image alongside audio over wire originally came to be in the 1870s. The first known use of video conferencing was in 1967—two years before the moon landing. Things really accelerated once the World Wide Web entered the public domain in 1993, followed by a slew of instant messaging apps and advancements in video technology. 

Fast forward to 2020—the year of the Great Recession. Live video communication played a critical role in shaping the new normal, as it transformed the way everyone would work, learn, shop, bank, receive healthcare, and even date. For the latter, apps such as Holla have thrived for going one step above Omegle by offering users matches on their smartphones. Even kids as young as 12 can enjoy live video communication (minus the fear of toxicity) with services such as Hoop, which allows them to connect with their peers for friendship.

In the past year, virtual connections quickly became the core, and meaningful connections as in-person interactions became restricted. According to research by Vonage VG, “43 percent of Americans are now regularly video chatting with businesses, up from 28 percent in January 2020. More people than ever now say video chat is their favorite channel for connecting with businesses—a 140 percent increase over that same period.”

At this point, it is clear that user behaviors and demands have changed as live video communications went from being a pandemic bandage to an actual preference due to the unique experiences it presents. For instance, retailers and their consumers have embraced the online shopping experience facilitated by video interactions. Various forms of distance learning came about through virtual or hybrid learning models, thereby opening the door to digital tutoring for remote learners. 

Remote work is also here to stay. According to Gartner, 88 percent of organizations encouraged or required their employees to work from home during the pandemic. As they realized the productivity benefits associated with remote work, businesses even began to reevaluate the necessity of leasing large office spaces.

Zoom ZM and Facebook Live (NASDAQ: FB) were far from being the only stars during the course of the pandemic. Laksa Network Technology (formerly known as HOLLA Group) also fared very well, which led to it being acquired by the live-streaming entertainment giant Huafang Group. Before the acquisition, as HOLLA Group, it was the parent company of fast-growing mobile video chat apps Monkey and HOLLA, which connect users worldwide through its unique match algorithm and live video communication to make new friends in real-time. The company continues to consist of a “non-typical” team focused on social apps targeting international markets with the belief that a more real-time online space will create opportunities that transcend geographic limits and bring about changes and opportunities to every user’s life across the globe. Laksa aims to accelerate the mass global adoption of real-time communication in the online space and help people worldwide remove physical barriers to be more connected in engaging and meaningful ways. Their active user base, which is in the tens of millions, spans across over 100 countries.

Real-time video communication will play a more active role in Fintech in the post-pandemic world, thanks to the massive digital transformation the industry underwent to avoid closures. Many branches reconfigured themselves to provide personalized experiences using video and other digital channels, making them more accessible by casting a wider net. This is also exactly the case with telehealth services, as patients and service providers will lean to video consultations in far greater numbers now than they did before the pandemic, now that the familiarity has been established.

We as a collective are still at the tip of the iceberg when it comes to an understanding the power and potential of real-time communication online fully. One thing that is for certain is the fact that our cohort is at the cusp of change, and video will be an essential channel as we navigate through the new normal.
Image Sourced from Pixabay

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.