Video and live streaming, according to a report by App Annie, is going to be a key influencer in marketing for the remainder of 2021 and into 2022.
The 32-page report (found here) said "TikTok has upended the streaming and social landscape - with average monthly time per user surpassing YouTube in the U.S. and UK, and making significant strides in South Korea, where YouTube leads by 2.5 times."
Total time spent in the top five social media app - TikTok, Instagram, Facebook, WhatsApp Messenger and Telegram - with an emphasis on live streaming are set to surpass 500 billion hours on Android phone alone, outside of China in 2021.
"Live streaming is driving growth in engagement for social apps, which sets them up for consumer spend," the report says.
Speaking of consumer spending, look for that to continue its upward trend for the remainder of 2021 and into 2022.
The COVID-19 pandemic has forced many consumers and businesses to think differently about how to shop and sell. With many brick-and-mortar stores forced to close because of the pandemic, coming up with new revenue streams have been at the forefront. Over the last several months, social media apps are connecting businesses to shoppers in a different way.
After the fourth quarter in 2019, consumer spending through social apps was at $14 billion. After the second quarter of 2021, that number has jumped to $22 billion. It's expected to increase.
And, according to the report, with 74 billion social media apps downloaded through the end of the second quarter in 2021, the revenue opportunities are there.
Lastly, looking at time spent on apps, YouTube continues to be the leader, followed by Facebook, WhatsApp Messenger, Instagram and TikTok.
In all, the report says consumers are shifting to a video-first social experience that favors content creators.
"Short-video, authentic content and live streaming are pillars to cultivating deep engagement, with live streaming in particular driving growth in time spent," the report says.
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