Brought by the hard-hit of COVID-19, many brands suffer from severe financial loss. While the advertising industry anticipates a back-to-normal bounce to happen around the 618 shopping festival (Jing Daily, 11 Mar 2020).
Due to confinement at home, boredom drives many to go online, explaining why the entertaining video content, like livestreaming, is receiving a rising popularity. According to Zhihu, Douyin and Kuaishou, 2 popular video platforms, recording a gain of 100K-500K among 574 accounts in less than a month, from 20 Jan to 2 Feb, in less than a month (Zhihu, 6 Feb 2020). Videos are viral as 48% of people said are more likely to share video content with their friends, ahead of any other type of content like social media posts which stood at 23% (Wyzowl, 2018).
Among different types of video content, livestreaming is fast gaining popularity. It is estimated that China’s livestreaming industry will reach RMB12.6 billion by the end of 2020 (Alibaba, Feb 2020).
Reference: https://www.xsocialgroup.com/x-insights