Social networking establishes the connection and interaction between people. Entering the Internet era, social networking products bring everyone closer to each other. For Internet companies, social networking products are closest to people and can build an infinite commercialization derivative space based on the relationship chain, which is why this business looks both s*xy and real.Recently, ShineGlobal, a global industry think tank, released the "Global Audio and Video Social Networking Market Report 2022" which provides a detailed overview of the global audio and video social networking market size, market segmentation in 2022, and the industry development trends in 2023.
After the epidemic, audio and video social networking has undoubtedly become the most popular product format in the sector, and more and more developers are eager to have a try. In addition to TikTok, a short-video app that has successfully achieved globalization in recent years, audio and video social apps such as Match Group's Azar, Joyy's Bigo Live, and NewbornTown's MICO have gradually become the main force of globalization.
1. Audio and Video Social Networking Has Become the "Rigid Demand" for Users Around the World
In 2022, although our offline activities gradually restored, the online life is still a major trend, and people continue to migrate their life scenes from offline to online. Social networking, as an indispensable part of people's daily life, has maintained a rapid growth. Currently, most social networking products on the market have incorporated audio or video features with strong immersion, making users, especially the young, more dependent on these products.
According to Frost & Sullivan's forecast, the global social media market size is expected to grow at a CAGR of 15.1% from 2021 to 2024, with a CAGR of 27.6% for video social market size and 25.8% for audio social market size. The growth rate of audio and video social far exceeds the overall growth rate of online social market. It is expected that by 2024, the overall size of the global social media market will reach US$300 billion, of which the audio and video social market size is US$181.3 billion. Video social is expected to reach US$128.7 billion, accounting for 42.8%; audio social is expected to reach US$52.6 billion, accounting for 17.5%.
Currently, the normalization of the epidemic has driven a high increase in users' time spent on social media in almost every country and region. In social apps, there is an average of 325% year-over-year growth in usage time per user. This trend is also reflected in the number of downloads. According to Branch, downloads of social apps saw rapid growth at the beginning of the outbreak, and maintained a stable trend afterwards.
In terms of market performance, global audio and video social app downloads are mainly from countries such as India, the US, Brazil, and Indonesia, while users from countries in the Middle East, Africa, and other emerging markets are embracing audio and video social products most rapidly.
In addition, the Report lists in detail the mega apps and established apps in each segment of the audio and video social networking, as well as products that have achieved rapid growth since 2022. For example, in "Sociality + Live streaming", Bigo Live and MICO are at the top. In "Sociality + Voice Call", Litmatch has grown rapidly in the past year, and its cumulative downloads exceeded 45 million in the first 10 months of 2022.
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