The live-streaming and short video industries in China have seen a dramatic boom in recent years. For example, as of March 2020, the number of live-streaming users surged to 560 million with the number of viewers tuning in live-streaming e-commerce events reaching 265 million, according to report from the China Internet Network Information Center. Especially during the pandemic, live-streaming and short video redefine the way we use social media. Many celebrities, no matter in China or in the US, are creating their accounts on Tiktok, or trying to communicate with their fans through live-streaming.
Extremely popular with Generation Z, the live-streaming or short video is a glimpse into what it means to be growing up in today’s hyper-connected world. The vast majority of users on Facebook today at aged 40 plus, while Instagram is more popular with users aged 20-40. The market has also seen major industry players such as Tiktok, Alibaba and LIZHI achieved enormous commercial success. Now you maybe realize that the future of social media belongs to the younger generation, and you have to take a look at those new social media apps, like Tiktok or LIZHI.
Tiktok’s Ambition in 2020
Last month, Tiktok appointed top Disney streaming executive Kevin Mayer as its new CEO, responsible for driving its global expansion efforts. Mayer, who was the chairman of Disney’s direct-to-consumer and international business, also became the chief operating officer of TikTok’s parent company ByteDance, assuming both roles from June 1.
The Chinese origins of the explosively popular video app, which in April reached the milestone of 2 billion downloads globally, including those of its Chinese version, has stirred worries about whether it censors content frowned on by the Chinese government, or could misuse American user data. TikTok strongly disputes both sets of concerns. ByteDance has even argued that TikTok isn’t owned by a Chinese company, noting that the parent company is incorporated in the Cayman Islands, according to the New York Times. It is obvious that the company is trying to expand globally and maybe trying to pave the way for its IPO in the US in the near future.
One of the biggest audio wonderland in China – LIZHI
Recently, LIZHI INC. (NASDAQ: LIZI), a leading online UGC audio community and interactive audio entertainment platform in China, has been ranked one of the “Top 50 Cultural Enterprise” in Guangzhou, China. Our reporter Jason Lin has internviewed LIZI’s founder and CEO Marco Lai when the company debuted on Nasdaq January 17, 2020.
2020 marks a new milestone for LIZHI, which has seen the Company’s Q1 revenue surge by 42% year-over-year to RMB 370 million (USD 52.3 million). The growth has brought a new record high of average monthly active users and creators, which stands at 54.5 million and 6.2 million, respectively. The average number of monthly paying users also soared by 60% this year, to over 450,000.
“As we build a vibrant platform and community for our users and creators, we want to offer the resources they need to thrive. LIZHI now boasts user-generated content across 27 categories including relationship advice, family, education, music and talk shows”, saidMr. Marco Lai, Founder and Chief Executive Officerof LIZHI, “We are particularly proud to see that our community is helping low-skilled workers and people with disabilities connect with the world via their vocal talent.”
The Era of live-streaming and short video
With the launch of 5G network and the rapid development of Artificial Intelligence (AI), which has accelerated the adoption of Internet of Things (IoT), both the US and China, which are homes to numerous tech and internet giants, are on track to create an economic model developing a diverse ecosystem of live-streaming and short video, spanning music, gaming, audio, entertainment, traveling, commerce.
