Facebook has finally joined the arena of live streaming through Facebook Live. While this feature isn't exactly new, it has only been open to approved brands and verified celebrities and media outlets until recently.

People have enjoyed live streaming for quite a while now thanks to apps like Meerkat and Periscope. These are the two major applications that introduced live video to the public. By August 2015, Periscope reported having amassed over 10 million users. And with 2 million users under its belt, Meerkat still shows what the trend of live streaming means. People love it, and its popularity is gradually increasing.

How Facebook Live Works

Facebook provides users different options when posting a Facebook status. You can:

• Post photos.
• Post a video.
• Tag people.
• Show your feelings.
• Check into a location.

When live streaming is finally enabled, a "live video" icon will be visible. Once you click it, you will be directed to a screen where you can put a caption or description. You also have the power to choose your audience before you go live. As soon as youre ready to begin the broadcast, just click Go Live.

Just like other live streaming programs, you can manage your viewing party and allow a stream of real-time feedback, reviews or comments. Once the broadcast is finished, the televised video will be kept on your Facebook stream.

The most popular social networking site has mentioned that they're also taking on a new mobile sharing tool to make live streaming a lot easier. The drop down menu will allow users to choose what they wish to do. As of writing, the mobile tool is still under wraps.

Facebook Live Video Vs Other Live Streaming Apps

The premise for all of these live streaming apps is the same. However, several key variances set Facebook Live Video apart from other similar apps, particularly Periscope and Meerkat.

• Facebook Live features the option to stream only to family and friends. Though Periscope gives you a choice to create private streams, Facebooks implementation of pre-approved viewers lists makes broadcasting incredibly easier.

• Facebook Live videos stay on your timeline for an indefinite period, just like regular video updates. Periscope streams remain on its servers for only a day. Meerkat videos are deleted right after the live broadcast.

• Facebook Live Videos can only be streamed on Facebook. This may seem like a downside, but experts who sell electronics believe otherwise given that the social networking site has 1.5 billion users.

Facebook Live For Brands

Businesses of any size have actually been using Facebook video for a long time now. A recent study shows that more companies are now posting videos directly from Facebook instead of using the services of YouTube.

And today, with the demand for live streaming, companies are discovering new approaches in using video to interact real-time with their Facebook audiences. Businesses can use Facebook Live to post:

• BTS shots at work
• Live events like conferences or concerts
• Product demonstrations
• Company announcements
• Real-time Q&A sessions

Live streaming provides businesses a one of a kind opportunity to be involved real-time, and there is no other marketing strategy that enables this live interaction.