Think about these two stats (both via Forbes):
- Over 500 million people watch video on Facebook every day.
- Internet video traffic will account for at least over 80% of all consumer internet traffic in 4 years.
That means by 2021 a million minutes of video content will cross the globe every second. And the statistics are only growing. Think about the amount of video you watch on any given day, on any medium but also specifically on Facebook, just scrolling through your news feed or when a friend or page you've 'liked' broadcasts on Facebook Live. People watch videos on their computers of course, but even more often than that they watch videos on their phones, and increasingly on their TV-connected streaming devices. Most of the streaming devices today have dedicated Facebook Video apps, including Apple TV, Google Chromecast, and Amazon Fire. Facebook is even debuting their own original video content, including Netflix-like shows.
In short: Facebook video is huge.
Remember the excitement when the app Periscope launched, and how you could see what thousands of people were doing live around the world? Facebook Live has taken that idea and incorporated it much more centrally into consumers' Internet lives. It has already provided new avenues for connections between people, and between consumers, products, and brands they consume. It is a platform for live political rallying and has been predicted as a disruptor of the sports broadcasting industry. Finally, by commenting on Facebook Live Videos, those consumers are able to communicate back to those brands, and the brand can respond to their consumers in real time.
On Facebook Live brands, influencers, public figures and more are having live dialogues with massive numbers of engaged people in real-time. And anyway, wouldn't you like to go viral like a good cat video? Meow.