NEW YORK, May 19, 2021 /PRNewswire/ -- Live streaming is now a popular pastime and often a necessary service for education and work. On social media, live streaming has reached new heights of popularity, as various platforms use video streaming in combination with other services to create immersive and interactive experiences. For example, Facebook yesterday revealed the launch of its "Live Shopping Fridays" event series, which will see larger brands live stream beauty, skincare, and fashion content on a weekly basis. The events are designed to encourage larger brands to try out live shopping as a new avenue to sell and promote their products. "The way that we're thinking about this is that e-commerce has made buying incredibly convenient. So, when you have a need, you pull out your phone, purchase, and your order is on its way," explains Yulie Kwon Kim, who leads Product for Facebook App Commerce. Scienjoy Holding Corporation /zigman2/quotes/202665805/composite SJ -1.75% , Tencent Holding Ltd. /zigman2/quotes/207908563/delayed TCEHY +2.51% , Facebook, Inc. /zigman2/quotes/205064656/composite FB +0.50% , Baidu, Inc. /zigman2/quotes/209050136/composite BIDU +1.43% , fuboTV Inc. /zigman2/quotes/201214080/composite FUBO -3.26%
Advances in streaming services now allow users to directly transmit media anywhere, at any time. In fact, the development of technologies such as artificial intelligence, 5G, and cloud has allowed providers to deliver even more advanced streaming services to their users. For instance, AI is allowing content producers to make quality content like never before. Moreover, cloud-based video streaming solutions are increasing the reach of video content, which is further influencing the market growth. For similar reasons, the global e-commerce sector continues to grow at a striking rate, as more and more people are now constantly connected to the internet. Additionally, the implementation of new technologies such as 4G and 5G is also expected to have a positive impact on the market growth, as they help provide an uninterrupted experience to the user.
Scienjoy Holding Corporation /zigman2/quotes/202665805/composite SJ -1.75% announced yesterday breaking news that it, "has entered into a strategic framework agreement with Qingyin (Beijing) Culture Technology Co., Ltd. ("Qingyin Culture"), a leading multi-channel network (MCN) on WeChat Channels, a short video platform embedded in WeChat.
As part of this agreement, Scienjoy will leverage Qingyin Culture's content advantages to accelerate its deployment in the WeChat ecosystem, build a closed loop of private domain traffic operation and market for its e-commerce business.
Qingyin Culture is a MCN that originated in the WeChat Channels ecosystem. Its primary user demographic is women aged 20 to 40 years old who live in first-tier to fourth-tier cities in China. Qingyin Culture operates livestreaming and integrates private domain e-commerce businesses, ranging from physical products to training courses. It carries out in-depth and efficient conversion of hundreds of millions of views at the operational and business levels into e-commerce sales. Qingyin Culture has achieved successful commercialization in both the advertising and e-commerce sectors, becoming one of the top MCNs in the WeChat Channels ecosystem in terms of the number of followers.
Over the last few years, China's short-video industry has witnessed rapid growth. According to the 47th Statistical Report on Internet Development in China released by the China Internet Network Information Center (CNNIC), by December 2020 the number of short-video users in the country reached 873 million, accounting for 88.3% of total national Internet users and representing a year-over-year increase of 100 million. Besides the popular short-video platforms Kuaishou and Douyin, WeChat Channels, which benefits from WeChat's super traffic entrance and existing social network functions, has become one of the largest short-video platforms and an important front for content creators and internet marketing one year after launch.
As Scienjoy endeavors to build a livestreaming ecosystem centered on e-commerce and entertainment, the development of cooperation agreements with MCNs will be a key driving force for the Company's future growth. The strategic cooperation between Scienjoy and Qingyin Culture will give full scope to the business and resource advantages of the two and further empower both parties in their respective fields through synergy and innovation. Drawing on Qingyin Culture's efficient conversion capabilities at the WeChat Channels account operation and commercial level, Scienjoy can quickly access the WeChat ecosystem for more business expansion in terms of WeChat livestreaming, private domain traffic conversion and e-commerce livestreaming. Qingyin Culture will also integrate Scienjoy's resources and technological advantages in the mobile entertainment livestreaming industry, and strengthen its position as one of the top MCNs on the WeChat Channels platform.
'MCN content production is an important part of our full mobile livestreaming ecosystem,' commented Victor He, Chairman and CEO of Scienjoy. 'Increasing exploration and cooperation in different industries will enable us to provide diversified value services for more Scienjoy users, and provide the Company with more favorable operation, traffic and business support, which may further enhance the Company's revenue capabilities and bring greater value to shareholders.'"
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Tencent Holding Ltd. /zigman2/quotes/207908563/delayed TCEHY +2.51% announced on January 19th, its social networking tool Weixin celebrated its 10th anniversary at this year's Weixin Open Class PRO, and disclosed that its ecosystem has continued to grow with flagship services including Mini Programs having attracted more users and served more businesses. Weixin Video Accounts, or Channels, empowers businesses and other influencers to create and watch video and photo feeds. Weixin Channels was only in operation for one year, but has been widely adopted by brands and influencers as a fun and creative way to grow their fan bases. A number of well-known brands such as Nio, JD.com and Baidu have utilized short videos or live-streaming to grow followers, as well as market and sell products directly to consumers.
Facebook, Inc. /zigman2/quotes/205064656/composite FB +0.50% reported yesterday in a blogpost that starting this week and every Friday through July 16, enjoy shoppable live videos from beauty and fashion brands. For shoppers, this means you can discover the latest products from your favorite brands and ask questions about size, fit and tips in real time. And for brands, Live Shopping offers a chance to build relationships with customers, provide new entertaining content, answer questions and streamline the purchase process through convenient checkout with Shops.
Baidu, Inc. /zigman2/quotes/209050136/composite BIDU +1.43% announced last November, that the Company had entered into definitive agreements with JOYY Inc. ("JOYY"). Pursuant to the agreements, Baidu will acquire JOYY's domestic video-based entertainment live streaming business in China ("YY Live"), which includes YY mobile app, YY.com website and PC YY, among others, for an aggregate purchase price of approximately USD 3.6 Billion in cash, subject to certain adjustments. The closing of the transaction is subject to certain conditions and is currently expected to occur in the first half of 2021. "Baidu has built a vibrant mobile ecosystem in the past few years to enable the fast growth of our non-advertising revenues by increasing log in users, adding social engagement to our platform and expanding non-advertising offerings, including membership, live streaming and online games. This transaction will catapult Baidu into a leading platform for live streaming and diversify our revenue source." said Robin Li, Co-Founder and CEO of Baidu.
fuboTV Inc. /zigman2/quotes/201214080/composite FUBO -3.26% announced on April 8th, it has acquired the exclusive live streaming rights to the Qatar World Cup 2022 Qualifying matches of South American Football Confederation. "Our mission is to provide the world's most thrilling sports-first live TV experience with the greatest breadth of premium content, interactivity and integrated wagering," said David Gandler, co-founder and CEO, fuboTV. "By offering the best of South American soccer in advance of Qatar 2022, we are further differentiating fuboTV's sports-first content portfolio enabling us to engage with more consumers than ever before."
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