Growth Of Live Video in China
The release of mobile live video streaming has had profound influences on consumer behavior across the world. Countries throughout Asia has seen unprecedented growth in adoption of live video streaming spurring on the creation of innovative & profitable businesses.
No longer a fad, live video streaming has become a normal way of life in these Asian countries. It has embedded itself into the consumer’s lifestyle, similar to how messaging apps have become a core aspect of our digital lifestyles. As a result, live streaming platforms have become extremely popular and its content heavily consumed especially in countries such as China.
Live video technology has changed the social norms in China but what about the commercial opportunities? One opportunity that has arisen is the social influencer domain. Much like the social influencer structure that is present in Western markets, countries like China have a collection of social influencers who are active on live streaming platforms, broadcasting their lifestyles every day whilst being watched by an army of loyal fans. The sheer size of the population is the defining difference between Chinese & Western markets. Influencers are abundant in Chinese markets & apart from making income through brand endorsements, they are also able to generate revenue through gifting which further facilitates the live streaming lifestyle. This is something Western markets have not adopted at scale.
Apart from an entertainment perspective, live video streaming has also opened up opportunities in China’s booming e-commerce markets, with stores & brands now trying to join the bandwagon. It’s still considered early days but live video is frequently used to conduct live AMA’s, live product demonstrations and host video sales all of which are unseen in Western markets.
The growth of live video in China has previously been unfathomable given that live streaming barely existed in China more than a couple of years ago. Revenues have already reached 30 billion yuan ($4.3 billion) and it’s expected to more than triple that by 2020. The boom of live streaming in China has enticed a rush of funding from all of the heavy media players in China’s tech industry. Their vision is for live streaming to enhance current services in e-commerce, social networking, and gaming.