Periscope is the latest craze sweeping the social world, and if you're not familiar with it, you soon will be. Keen to find out what all the fuss is about? John Megaughin from the Clearbox team explains all…Sharing content on social media is not new. We've been doing it for years now. From Bebo photo albums and MySpace updates to Facebook check-ins and Twitter tagging, sharing content with friends, family, brands and total strangers is a well-trodden path.Over the past few years, I've read many articles and posts from bloggers, journalists, scholars and social media experts wondering where the next big global trend will come from.That next big trend is here and it's called Periscope.What is Periscope? I'll let its App Store listing do the talking here. Launched around a month ago, “Periscope lets you broadcast live video to the world. Going live will instantly notify your followers who can join, comment and send you hearts in real time.”Essentially, Periscope turns a twitter feed into a video stream. You might think this is just like YouTube, but Periscope's main difference is that it's live and requires live interaction to work. So, what does this mean for brands, celebrities and the general public?At Clearbox, we think it offers a whole new world of possibilities for engaging with audiences. One of twitter's original unique selling points is that it gives the public, customers, constituents - whatever audience is relevant - the opportunity to get instant access to brands and public figures, 24 hours a day.Periscope takes this access and adds a new layer of engagement, which for visual brands or colourful public figures, will offer new possibilities for getting messages across or bringing their products to life.Another group that will benefit from Periscope's launch is the press. Social media has been touted as the destroyer of the traditional press for many a year, but the launch of Periscope could, in my opinion, help broadcast and online media reach new audiences and drive further engagement.Think of it this way. The number of hours spent staring at small screens is outstripping big screens, so Periscope should, in theory, open TV channels and similar media to audiences that aren't currently engaged.For audiences that do still love TV, it adds a new dimension to the watching experience in much the same way twitter did when it took off. Recently on This Morning, Philip Schofield had a Periscope broadcast running during the show's ad breaks, and the look behind the scenes was almost more interesting than the programme itself.And what about brands? Periscope simply takes access to brands one step closer. You can converse with brands via twitter and Facebook, but Periscope will allow fans, followers and customers the chance to see what's happening at a campaign launch or the company's HQ live and uninterrupted. It's a fantastic opportunity for brands and communicators alike to design even more creative and engaging campaigns that, if done well, will benefit their brands immensely.Finally, the other big opportunity for Periscope is to continue fuelling citizen journalism. We can all contribute to the media these days - from uploading a picture of a celebrity stumbling out of a nightclub to a selfie with a canvassing political leader (Ed Miliband, I'm looking at you), the public contributes to the media on a daily basis and Periscope will enable a greater level of contribution.And, if all else fails, instead of seeing a picture of what your mates had for dinner, you'll now be able to watch them cooking and eating their food. All we need now is smell-o-vision. I'm off to the patent lawyers with that one.