fbpx

SOCIAL MEDIA

Growth of livestreaming to push spending on apps

By our News Team | 2021

Livestreaming is likely to push consumer spending on social apps to a whopping US$17.7-billion by 2025, industry experts predict.

“Livestreaming is the new social language that facilitates real connections and authentic experiences with the community. We see livestreaming fuelling the boom in the social media space – with the potential for tremendous growth in the next five years,” says Lexi Sydow, analysis firm App Annie’s Head of Marketing Insights. 

She believes this has paved the way for brand creators to boost engagement within social apps.

Growth in Livestreaming

Livestreaming has evolved during the pandemic. A report by App Annie titled ‘The Evolution of Social Media’ found that US$78-billion is expected to be spent in social apps through to 2025. Consumers are anticipated to spend US$6.78-billion via social apps this year, rising to US$17.7-billion in annual spend in 2025. This amounts to a five-year compounded annual growth rate of 29%.

This growth comes from livestreaming features such as real-time chats, multi-guest rooms and virtual ‘gifting’. According to the report, livestreaming apps increased market share of consumer spend by 24 percentage points from 2018. This forms 76.24% of consumer spend now compared to chat apps (18.81%) and photo and video apps (4.95%). 

Meanwhile, social apps that offer livestreaming as a prominent feature accounted for US$3 of every US$4 spent in top 25 social apps in the first half of this year.

Livestreaming is the new frontier 

The total time spent on the top five social apps with an emphasis on livestreaming are predicted to surpass half a trillion hours on Android phones alone. 

The US, Japan and China accounted for 60% of consumer spend in social apps during the first half of the year. The US, in particular, emerged as the top market for consumer spend in social apps, with a spend of 1.7 times more than second-placed Japan. 

Globally, YouTube emerged as the top app with the most consumer spend, followed by TikTok, Disney+, Tencent Video, Bigo Live, Twitch, HBO Max, iQIYI, Netflix and QQ Music.

 

Source: Marketing Interactive

Social Media

Social Media

While some legislators want a complete ban on TikTok due to spying concerns, US marketers want to spend more on the platform.

Read More »
Social Media

Social Media

Utah is the first state to heavily curb minors’ access to social media, but others may follow with even stricter laws.

Read More »
Supply Chain

Supply Chain

Businesses can make more accurate predictions about demand, optimise their operations and make better decisions about inventory management.

Read More »
AMC News

AMC News

High-level Chartered Marketer (Africa) programme equips marketers to operate successfully in the continent’s complex and diverse markets.

Read More »
Content Marketing

Content Marketing

Why do some articles captivate readers and encourage them to keep reading, while others make them lose interest after just a few sentences?

Read More »
Digital Marketing

Digital Marketing

Analysis finds social media used by less than 4% of people, while mobile phone connections are equivalent to less than 60% of Malawians.

Read More »
E-commerce

E-commerce

E-commerce giant is yet another tech company that is finding the market increasingly tough. It has already cut 18,000 jobs.

Read More »
Customer Data

Customer Data

Survey finds 60% of marketing leaders believe collecting customer data while balancing privacy and customer value is now more challenging.

Read More »
Consumer Health

Consumer Health

It is not sufficient for consumers to want to decrease sugar intake. Brands should offer appealing products that help reduce consumption.

Read More »