A Growing Trend In Streaming
More people are watching live-streamed programming than ever during the COVID-19 pandemic. Time spent streaming video from services including Netflix, YouTube Hulu, and Amazon Prime Video has more than doubled from where it was one year ago. The global content streaming market is expected to grow from $24.8 billion in 2019 to $50.3 billion in 2020 as people are staying home for self-quarantine or due to lockdown.
At the data center level, there are large spikes in usage amid the COVID crisis as well. The use of Microsoft’s cloud services has soared amid the COVID-19 pandemic, with usage increasing as much as 775 percent for some apps in regions implementing social distancing and shelter-in-place orders.
Video conferencing apps like Zoom, cloud collaboration platforms, social media, educational portals, VPN specialists, and gaming and streaming media all received an uptick in usage. At the end of December, the maximum number of daily meeting participants using Zoom was 10 million. In March, Zoom reached more than 200 million daily meeting participants.
How does this relate to the VideoCoin Network?
As streaming grows at a global scale, so does the cost and the strain on computing resources needed to meet the demand. The biggest story for the data center sector amid the COVID-19 lockdowns has been a strong demand for providers offering services — many of which are deemed essential. Companies in the video streaming market are now looking to implement new technologies to bring down costs.
This is where the VideoCoin Network comes in.
“Due to COVID, we are seeing a surge in streaming service utilization — from Netflix to Twitch to Zoom. The VideoCoin Network is launching at the perfect time to capitalize on these trends by bringing affordable video infrastructure to market,” said Halsey Minor, CEO of Live Planet.
There is a massive amount of computing resources sitting idle that could be used to alleviate the strain from the demand COVID-19 has brought and VideoCoin Network aims to tap into these resources. By utilizing decentralization and networking these resources together, the VideoCoin Network is a cost-effective alternative to the traditional server farm.
The VideoCoin Network will be commercially available on May 27 and with that, the onboarding of workers begins, bringing their computing resources to the network. Built on the simplicity, scalability, and cost-saving needed to support the heavy demands of online video processing, the VideoCoin Network is ready to meet the needs of the growing online streaming demand.
The revolution is near!