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The Live Streaming Industry: The Backbone of the New E-Economy

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The value of live-stream broadcasting has risen rapidly during the pandemic as a result of the public's enthusiasm for using social media to advertise their enterprises. Live streaming can be delivered by any mobile application or website that provides synchronous and cross-model (video, text, and image) interactivity. When the coronavirus first appeared on the scene, it turned out to be a blessing in disguise for many enterprises. It’s also a more cost-effective option than traditional marketing tools and approaches, allowing for more tailored interactions with customers all around the world.

Many live streaming sites have become a source of income for many who have seen their business revenue and career options dwindle. When the Coronavirus outbreak caused a lockdown due to inter-district limitations, one of the Chinese farmers, Li from Yunnan province, was about to be demolished. Until he connected with his acquaintance on JD.com. His friend joined JD live and sold his flowers live, with the live audience purchasing them by clicking on the buy cart button; in exchange, JD live kept a small proportion of the sales. Now, Li professes to have a passion for live broadcasting as his company has prosper.

live-streaming-industry-backbone-for-new-e-economy

In Douyin, a 27-year-old young man named Li Jiaqi sells lipstick. He has over 40 million followers on Twitter and is known as "Lipstick Brother No 1." He demonstrates the lipstick code and color by applying it to his lips during the live broadcast to ensure its quality and application. Once the product is presented, the dialogue box shows up on the screen, and the spectator can buy it with a single click. He sold 15000 lipsticks in 5 minutes during one of his live streams, bringing his net worth to $5 million.

live-streaming-industry-backbone-for-new-e-economy

Luo Yonghao, a 48-year-old former English teacher, has amassed a following of 50 million people on the internet in China. In April, she held a live streaming sales event that generated $15.5 million in just three hours. Similarly, Wei Ya, 33, the "Queen of Good," sold a $6 million rocket launch on Taobao on April 1 that wowed the worldwide bidders.His hashtag #WeiYaSellsARocket has been used by almost 620,000 Weibo users.

Luxury brands are keen on joining the new business trends, which include not only small firms, but also large corporations. According to the Digital IQ Index: Luxury China 2020 survey, 60 percent of luxury brands have social media accounts. On Douyin, 49% of premium brands advertise their enterprises (TikTok). Austin Li is endorsed by Bottega Venetta, which sells 230 bags in 10 seconds. On WeChat, Salvatore Ferragamo has 3.2 million followers. China's top leaders are increasingly becoming live-streaming celebrities.

Top Live Streaming Apps

Live Streaming AppsNo. of Subscribers

YouTube

150 million

TikTok

80 million

Netflix

75 million

Disney+

45 million

Amazon Prime Video

40 million

Twitch

35 million

Young influencers are big fans of live-streamed gaming. From 1.35 billion hours in 2019 to 3.58 billion hours in 2020, the annual watching time for Facebook games increased by 166 percent. People spend one hour and eleven minutes a day watching streaming services like Netflix, Amazon Prime Video, and Disney+, while 12 million people signed up for a service they had never used before.

Household tasks such as ordering groceries and booking cabs, as well as entertainment such as listening to music, may now be completed with a single tap on your smartphone. All thanks to the developers of applications like Uber and Amazon, as well as social media sites like TikTok and Facebook, who are contributing to make life easier.

Amazon livestreams

The image was provided by Kanye West, an American artist. "Lockdown has demonstrated that streaming splits are a complete joke." Many musicians used Instagram live to reconnect with their fans during the epidemic, such as Tory Lanez and Drake, who set the record for the most Instagram live viewers with 31000 people during the pandemic.

live-streaming-industry-backbone-for-new-e-economy

Live streaming, like websites, email, and mobile devices, is a new media tool in the marketer's toolbox. Many marketers, however, are unsure if they will fit into this unrivalled market funnel. It is still considered a waste of old-school thinking. Live streaming e-commerce is used by over 35 percent of marketers, up from 28 percent last year. Old-school thinking still sees it as a waste. Almost 35% of marketers use live streaming e-commerce as compared to last year's 28%. Perhaps it should be used more frequently. The new transition will not occur without hurdles. However, these growing endeavours in the industry are indications of opulence. Live streaming has given the Chinese economy a boost. It has enabled the vendor to earn money from anywhere in the world without having to engage personally. If live streaming is extensively used, the globe will be able to embrace this new bright and strong future sooner rather than later.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2021 aima

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