Live streaming your life is literally just a few phone taps away, all thanks to live streaming applications that have emerged in the limelight. It is mostly popular to common users and influencers who share snippets of their daily lives to their friends online.

But apart from its personal uses, live streaming has also become an opportunity that lots of popular online businesses grabbed to market their products. Companies are starting to invest heavily on live streaming platforms. Even social media sites themselves have poured in their money to further develop and find content creators for their live streaming feature.

Live stream sure poses benefits and opportunities especially for online businesses. But what are its immediate impacts to its users, especially to online businesses?

It builds communities.

Since it’s still a new player to the social media game, lots of businesses are still reluctant to use live streaming to communicate to their customers. Although it limits the community of businesses that use live streaming, it simultaneously benefits them since it makes them pioneers of the platform.

Aside from proving their individuality, it also makes their customers feel closer to them since, as Social Buzz Club’s Deb Coman put it, live streaming adds a human element to a brand. It allows customers to bond with the brand and also among themselves to eventually form a community spirit.

It saves money.

Most companies, online or not, spend millions of their budget for mainstream television or radio advertising. Live stream is now slowly proving itself to be just as effective an advertising tool minus the expensive budget. Although it’s technically not “free” as it would require strong internet connection, live streaming is still one of the most low-cost form of advertisement. To live stream, you simply need your phone, a host, and strong content to deliver to your audience.

And although social media’s strength in marketing and advertising has still not been proven to be strong enough to replace traditional media, it is shaping to be an important platform for marketing.

One example was Adobe’s campaign for their product, Creative Cloud. The company used Periscope to create a day-long event where they gave their audience a chance to talk to employees about the different products available in Creative Cloud. As reported by Single Grain, the event became a huge success for the company since the hashtag #CreativeCloud became trending on Twitter thus further increasing the popularity of their product.

It strengthens businesses’ social media presence.

Since its rise to popularity, social media has been integrated to various companies’ marketing campaigns. But in order to be effective, you need to build a strong presence. While text, photos, and processed videos are still very effective forms of content, live streaming enhances companies’ social media presence due to its more personal touch.

It helps businesses reach younger audience.

It may not be the most flattering statement, but its truth is undeniable. The younger generation, especially millennials, are glued to their laptops and mobile phones. More and more people are watching their favorite tv shows, or get their news from websites and other online. Live streaming may not be as popular to generations before “Gen X”, but it is slowly proving itself to be an effective platform for businesses that wants to reach the younger audience.

As more and more businesses are investing their money on live streaming platforms and popular celebrities hopping on to live streaming to reach their audience, it’s safe to assume that live video streaming is not going anywhere anytime soon. In fact, it may get more and more advanced due to the growing audience. It is a budding platform that businesses, especially online businesses that explore it for its various benefits. With their right content, length, and elements, live streaming could work its magic and can potentially catapult businesses to online success.

Here are other things you should know about live streaming.