Over the past decade, the possibilities of the digital entertainment world have reached phenomenal rates of development. Generations of millennials and Z have brought about the most change, setting trends in today’s industry.
Sergey Sigalov, CEO of the company Wind 4Tune explains how new habits open up new opportunities for the TravelTech and HRTech industries.
We are an online travel service with real time guides. The first in the Russian market began to organize online teambuildings for corporate clients. The project was launched in the midst of a pandemic. This sparked explosive growth.
The tool turned out to be a lifeline not only for people who wanted to go on a trip, but due to circumstances could not. It has also become useful for companies that have taken their employees to remote locations and have gradually lost productivity and engagement on their part.
About Live streaming market
Live streaming is a relatively young market in which companies such as Twitch are actively developing (on the market since 2011), YouTube, Periscope (since 2015) and even Airbnb (since 2008). Last in 2019 declared about the fact that she wants to enter the Live Streaming market, and already in April 2020 she successfully launched a new direction “Online Impressions” under the slogan “You don’t have to go far for happiness.”
Forecast of the Live streaming market valuation by 2027 is $ 184.27 billion. And the COVID-19 pandemic, which has led to the localization of a large part of the world’s population, has contributed to an increase in demand for online broadcasts and entertainment services. Major platforms including Netflix, Amazon Prime, YouTube и Disney + recorded a surge in viewership worldwide. For example, in March 2020 in Italy, the number of Netflix mobile app installs per week has grown by 77% on the weekly average in February. And in Spain, the growth was 33%.
Similar trends apply to different areas of life and business. Travel and HR, of course, did not stand aside.
Live streaming for travel planning
Each of us plans travel differently: someone watches the program “Heads and Tails”, the other looks at the maps of Maps.me. But with the change of generations, new habits come – millennials and Z are more immersed in technology.
In the travel industry, there is an opportunity to instantly be anywhere in the world and in real time plunge into the atmosphere of New York skyscrapers or walk around the fantastic gardens of Singapore.
Spectators can see the location, ask questions and plan their future route, taking into account the recommendations of the guide. The travel planning process is simplified.
And those who have long wanted to visit, for example, in Japan, but time and finances did not allow it, now can make this trip without difficulty by turning on a laptop or phone.
Live streaming for HR tasks
In March, companies sent their employees en masse to remote locations. And many employers, including such giants as Mail.ru Group, are planning to extend this format until at least September 1.
In recent months, people have become accustomed to working from home. Companies began to realize that this format has the right to exist and allows significant savings on rent. The pandemic has led to the fact that the phrase “remote work” got into official documents. The Ministry of Labor issued a letter in which it explained the types of “flexible forms of employment.” These forms include remote, telecommuting and home-based work.
Everything seems to be going well, but every medal has a downside.
In our case, these are:
- Decreased engagement level – employees move away from the team and the company, the level of motivation drops.
- Increased stress levels – the crisis covers various areas of business, many worry that the wave may affect them.
- Decrease in the level of creativity – “Groundhog Day” in your own apartment does not allow creativity to unfold.
As in any situation when a business has a problem, a solution is born in the market. In our case, this is online team building.
How did the idea come about
The idea of our project came about as a solution to a personal tragedy. As a person obsessed with travel, it was hard for me to be within four walls during the period of isolation. The emotional peak came during the May holidays, it was necessary to urgently change something. I took a pen, a piece of paper and organized a brainstorm.
A month later, we packed eight trips to Tokyo, Barcelona, Singapore, Kyoto, New York, sold over 300 tickets in the B2C market, and connected two B2B customers.
What difficulties we faced
There were many problems. Most of them are connected with the fact that the direction on the market is absolutely new. Firstly, there were no guides who knew how to stream, we had to study with them. Secondly, no one knew how to properly equip technically, so we experimented and continue to experiment with hardware and software. Thirdly, no one in the market had any idea what it was.
Potential clients constantly asked the questions “How does this happen?” and “Why, if there is already content on YouTube?” Therefore, the urgent need to popularize this direction became obvious.
Results and next steps
At the time of this writing, the project is 2.5 months old. In our piggy bank on the Russian market there are more than 1.5 thousand tickets sold, more than 10 connected B2B clients, we are friends with all large HR communities, have tried almost all traffic channels and are developing our own platform.
But we see what has been achieved as a warm-up – the company is aimed at the global market. The product has been adapted, the launch mechanics have been worked out, the platform is expected to be released, the first leads from the US market have been collected, the first PR activities with specialized publications have been agreed upon. Let’s take off!
Development prospects of the direction
According to our estimates, this area will continue to grow actively. The world is changing, our product seems to be its organic addition. The pandemic gave an impetus, but even with the opening of borders, we will be relevant both in the B2C and B2B markets. An additional driver will be the development of 5G and AI technologies.
Users in the B2C marketplace will discover a new way of planning their travel or leisure activities. Business will be able to breathe after COVID-19, forget about accident insurance and the colossal costs of corporate events. Employees can now travel without leaving their desk. As a result, they:
- get a boost of energy that can be used to achieve new goals for the team and the company;
- strengthen team ties through shared emotional experiences;
- will launch the mechanism of creativity, charged with new impressions.
How to get the maximum
- A pandemic is not only a crisis, but an opportunity.
- Live streaming opens up new horizons. Travel, HR are far from the only areas that can develop in this direction.
- Don’t be afraid to enter new markets. One to two months is enough to get ready.
A source: rb.ru