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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

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.