When your company decides to host an event, there’s usually a motive behind it. Whether you’re promoting a product launch, holding a competition or contest, hosting a panel discussion or putting on a networking bash, you want to immerse yourself in the community and get eyes on your brand.

The one constant limiting factor to events is that the audience is always capped at a certain number. You may be able to host upwards of 1,000 stakeholders and influencers in a massive convention center, but we’d all jump at the chance to open our guest list to the masses.

With live mobile streaming broadcast apps Meerkat and Periscope, all you need is a colleague you trust and a smartphone, and you have an instant online audience who can get a first-person look at your event even if they couldn’t make it to your venue.

These new social media tools provide engagement with new channels of consumers, influencers and stakeholders.

While Meerkat burst onto the scene at South by Southwest and received a lot of hype and accolades, Periscope is more likely to outlast Meerkat, as it was acquired by social media behemoth Twitter. The alignment with Twitter gives Periscope much broader reach to Twitter’s user base, and more celebrities, streamers, and viewers are moving over to Periscope at a rapid click.

Based on the early statistics displayed in this VentureBeat table, Meerkat hit the ground running, but with an international reach, a higher App Store ranking and faster average adoption time for viewers, Periscope is the tortoise to Meerkat’s hare.

Both social media tools leverage Twitter to publicize live streams to followers, using #meerkat and #periscope to help in awareness. Live-tweeting has become a fixture at conferences, webinars and other events. But instead of giving your followers brief tidbits of information or digestible quotes, give them a front-row seat to the conversation and get them involved. This ensures you maintain engagement and attention.

Instead of writing up a “What You Missed” blog post following an event, Meerkat and Periscope give you the ability to make sure nothing is missed. With these tools you have the benefit of undivided engagement, and you have the power to show off the aspects of your brand that will keep your audience engaged.

What makes these tools so valuable to brands is that they promote an opt-in experience, so you know those viewing your stream are willing participants with an interest in your company.

Viewers using Meerkat or Periscope through the app can “like” a stream and have the ability to comment, adding an interactive element. If you’re hosting a Q & A or panel discussion, you can leverage this interactivity to keep viewers in the conversation and show prospective consumers or influencers that their input matters. You’re also positioning yourself as a thought leader in the community.

The use of live stream apps is a no-brainer. They basically give you the sledge hammer to knock down the wall and put prospective consumers, partners and stakeholders in the room with you. During Meerkat’s breakout at SXSW, streams grew 20 to 30 percent each day, and the platform gained 40,000 users within the first two days of the event. On the Tuesday of SXSW, there were 15,000 streams with more than 200,000 people tuning in to watch.

Say you’re a startup looking for early investment and you’re hosting a Meetup to put the word out about your platform. Maybe certain venture capitalists aren’t able to attend the event, but they participate through Meerkat or Periscope and they get a true sense for the passion you have for your product because they are seeing it firsthand and ultimately give you the funding you need to take things to the next level. It’s much easier to convince someone you are the real deal in-person than through an email or your website.

There are certainly knocks on the new live stream apps that we should keep an eye on, but think of the benefits.

If you hold an annual event and live stream it through either one of these platforms, people will recognize your events as can’t-miss and your ticket sales will boost next time around. You can still leverage the popularity of Twitter to promote your live stream and ensure you have a strong following leading up to the event. You can convey your company culture and personalize your brand by interacting with viewers. And you can capitalize on the fact that you can see who’s interacting with your event for lead-generation purposes.