The next-best thing to virtual reality (VR) is 360-degree video, and now YouTube is bringing that capability to livestreams. It’s instant immersion without the need for expensive or inexpensive VR hardware, and marketers are already using it to attract and engage consumers. What’s up with this technology, and why is it important for social media and marketing? Let’s take a look at what 360-degree livestreams are doing now, and what they can do in the future.

YouTube is going all-in with livestreaming, eSports and VR in a big way with its new service: 360-degree video livestreaming. Google launched support for recorded 360-degree YouTube videos a year ago, which was quickly taken advantage of by brands like Nike, Gatorade, GoPro and Lionsgate. We’ve seen some interesting experiments from these brands, such as Lionsgate’s 360-degree video for The Hunger Games: Mockingjay, Part 2.

Now the cool factor has been boosted by making 360-degree livestreaming available, so that events can capture audiences with an even more exciting and immersive way to experience the event without actually being there—or having expensive VR hardware. This required some technical wizardry on YouTube’s part, and as part of this unveiling YouTube also announced support for 1440p, 60fps streaming for livestreams. That’s 70 percent more pixels than HD, which required some significant improvements in algorithms. That increase in resolution an, more importantly, frame rate, is perfect for gaming, which you can bet is part of the plan. YouTube Gaming is looking to cut into Twitch’s huge audience for livestreaming, and one way to accomplish that is by improving the visuals you can get.

As a splashy way of introducing 360-degree livestreaming, YouTube will be streaming some performances in the format from Coachella from April 22 to April 24, with T-Mobile sponsoring the stream. (Google has been livestreaming the music festival since 2011.) This should draw plenty of interest in a key demographic.

According to Adweek, YouTube is planning on equipping its YouTube Space locations with 360-degree and spatial audio technology in order to more rapidly disseminate this cutting-edge technology. YouTube is deadly serious about getting 360-degree live streaming out there, and it’s not at all a coincidence that this announcement comes right after Facebook announced a 360-degree camera spec at its F8 developer conference. YouTube, though, is looking to democratize this technology as much as possible, and that’s great news for marketers looking to grab a piece of this excitement.

“This will work with the kind of high-end cameras that folks like Next VR make, but the cool thing is, this will also work with low-end stuff like a Theta [which runs for $350],” said senior YouTube product manager Kurt Wilms, speaking to The Verge. “You can livestream 360 of your kid’s concert, or set up a camera next to the sideline of a soccer game and stream it 180.”

Google’s intense interest in virtual reality (VR) and augmented reality (AR) is being supported by YouTube with the concept of 360-degree streaming. Of course, the real attraction for 360-degree video is that it’s the closest thing marketers have to giving people a VR experience without VR hardware of some kind. That’s important for Google as it tries to move forward with VR and AR for a mass audience.

The other attraction of 360-degree video livestreaming is the sense of immediacy and presence it gives you. “Now anyone, with just their phone, can have that front row experience without having to be there,” said Google’s Neal Mohan, the chief product officer for YouTube. Google and YouTube’s motivation is clearly to get this experience into the hands of as many people as possible, without the barrier of expensive hardware in the way. “There is no fancy technology to purchase or integrate,” Mohan points out, letting you fill in the missing part of that sentence—’without the need to buy an Oculus Rift or an HTC Vive.’

Google has also introduced spatial audio for on-demand videos on Android. Simply put, that means the audio changes dynamically depending on the way you’re facing. That’s not implemented in livestreams yet, but that’s probably in the future. “Right now live 360 doesn’t support directional audio or stereoscopic (3D) video,” noted The Verge. “But you can see how adding these two features would be the next logical step. YouTube announced 360 video in March of 2015 and support for 3D 360 eight months later. It took another six months to get support for Live 360 now, and as the technology becomes cheaper and more powerful it will almost certainly move to support Live 360 video with 3D depth and directional sound—the kind of high-end broadcast that NextVR is bringing to live basketball and boxing for Fox Sports.” The point is to increase the immersion of viewers in the subject matter, much the same way that VR does—but without requiring any purchases.

“What excites me most about 360-degree storytelling is that it lets us open up the world’s experiences to everyone,” writes Neal Mohan, chief product officer at YouTube. “Students can now experience news events in the classroom as they unfold. Travelers can experience faraway sites and explorers can deep-sea dive, all without the physical constraints of the real world. And today’s kids dreaming of going to a basketball game or a concert can access those experiences firsthand, even if they’re far away from the court. What were once limited experiences are now available to anyone, anywhere, at any time.”

“I think 360 video is good to fill the VR content gap,” wrote Alban Denoyel, co-founder & CEO of the 3D-imaging startup Sketchfab, in an email to The Verge. “But in its essence, 360 video is a format of today (flat video) stretched to fit platforms of tomorrow (VR).”

The combination of immediacy, intense media interest, and high engagement should make it clear the 360-degree livestreaming video is something marketers should be paying attention to as part of their strategy. It’s a natural fit for expanding interest in live events like concerts or conventions, and any time you’re creating an event you should consider the utility of 360-degree livestreaming. This is a great way to capitalize on the desire of fans to share experiences. Not everyone can be at Coachella, or a movie premiere, or an eSports competition. But everyone can get close to that presence with a 360-degree video livestream, and without having to invest in VR gear. Of course, VR gear could make the experience even better—and that’s sure to be a selling point VR marketers will make in the future.

For now, 360-degree livestreams are going mainstream, and marketers are going with it. When will you jump in?