The Rise of Video-Based Social Media Heralds a New Way to Interact

NEW YORK, Dec. 21, 2020 /PRNewswire/ -- Since the emergence of social media platforms back in the early 2000s, the global landscape for this market has changed significantly. Today, besides the global leaders such as Facebook and Twitter, there are many other applications with a more regional focus. Many social media platforms even target specific social media activities and niches. Some social media platforms may not show up in global social media market share statistics, but their regional or niche social media market share is quite significant. Most social media companies provide their platforms for free and usually make money from digital advertisements, data collection, and premium user offerings. And, according to data published by T4, in 2019, the size of the social media industry was 3 billion users and is projected to grow by 4.4% throughout this year. Meanwhile, from 2018 to 2023, the social media industry growth is forecast to average 3.7% per year (CAGR). Hello Pal International Inc. (CSE: HP), JOYY Inc. (NASDAQ: YY), Tencent Holdings Limited (OTC: TCEHY), Baidu, Inc. (NASDAQ: BIDU), iQIYI, Inc. (NASDAQ: IQ)

Social media, as a sector, is very complicated and is fragmented into many different forms. These include blogs, forums, business networks, photo-sharing platforms, social gaming, microblogs, chat apps, video based social apps that have become more popular in recent years and, last but not least, social networks. Specifically, the emergence of video based social apps has pushed many traditional networks to adapt, while also providing a new way for retailers and ecommerce companies to market their products. For example, Walmart recently announced that it is teaming up with TikTok, a Chinese video-sharing social networking service, to sell products on the app months after agreeing to acquire a stake in the video-based social media platform.

Hello Pal International Inc. (CSE: HP) announced last week the, "launch of its one-on-one video matching service as well as a VIP membership system.

Expanding on the Company's successful introduction of video livestreaming a year ago, the Company has introduced a one-on-one video matching service to allow its users to easily meet other users directly through one-one-one live video chat. Users who wish to explore this new way of meeting other users are matched with other similar users, enabling users to quickly and efficiently find others to video chat with.

Launched alongside this new feature is a VIP membership system, where users can subscribe for VIP membership which provides a host of additional perks and functionality to enhance not just the one-one video matching experience, such as targeted matching and video matching chat durations, but also to enhance the experience throughout the Hello Pal app, such as access to unlimited translation. Users can subscribe for VIP membership for different prices and durations, ranging from CAD $3.35 for a week to CAD $64 for a year.

'We are excited to bring this new feature to Hello Pal as it allows our users another way of quickly conversing with other users from all over the world,' said Adega Zhou, President of Hello Pal. 'Although the service is still in an early phase of rollout, we believe this has the potential to be a highly used feature within our platform, especially after we have finished enhancing the service's functionality and tweaking the user experience according to user feedback.'

The introduction of the VIP membership system also marks a new revenue model and revenue stream for the Company, in addition to the revenue stream currently generated through user top-ups from the livestreaming service introduced last year.

'We have just planted a new seed in terms of revenue growth, which we fully expect to blossom and bear fruit for us next year,' said the Company's CEO and Founder, KL Wong. 'The VIP membership revenue stream not only gives us a new revenue model, but will also significantly improve our margins going forward,' he added.

To get more information on Hello Pal International Inc., please visit here.

JOYY Inc. (NASDAQ: YY) through its subsidiaries, operates a social media platform in the People's Republic of China and internationally. Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented in its unaudited financial results for the third quarter of 2020, "Despite uncertainties from macro perspective, we remained focused on executing our dual-engine growth strategy in the third quarter of 2020. Through a combination of globalized market reach and localized operations management, we continued to achieve solid growth in our financial results. Despite the negative impact from Indian government's measures to block certain Chinese-owned apps in its local market and other geopolitical risks, our global MAU remained relatively stable, thanks to rapid expansion of our business in other regions."

Tencent Holdings Limited (OTC: TCEHY) operates through VAS, FinTech and Business Services, Online Advertising, and Others segments. It offers online games and social network services; FinTech and cloud services; and online advertising services. Back in March, the Company announced that WeChat, China's most used social platform, is partnering with major technology platforms including Facebook and Microsoft to invite developers to a global hackathon in order to help the fight against the coronavirus pandemic with technology. The initiative adds to the ongoing efforts by WeChat and its developer community in coming up with creative technological solutions including mini programs and health codes to help billions battle the COVID-19 outbreak in China and shift life online.

Baidu, Inc. (NASDAQ: BIDU) provides Internet search services in China and internationally. Last month the company reported that it 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 US$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. "YY Live comes to Baidu bringing great synergy. YY Live stands to benefit from Baidu's large traffic and thriving mobile ecosystem, while Baidu will receive immediate operational experience and knowhow for large-scale video-based social media development, as well as an enviable creator network that will further strengthen Baidu's massive content provider network. Together with the team from YY Live, Baidu hopes to explore the next-generation livestreaming and video-based social media that can expand beyond entertainment into the diversified verticals on Baidu platform."

iQIYI, Inc. (NASDAQ: IQ) together with its subsidiaries, provides online entertainment services under the iQIYI brand in the People's Republic of China. The company offers internet video, online games, live broadcasting, online literature, animations, e-commerce, and social media platform. In the company's recent financial results it has reported membership services revenue was RMB4.0 billion (US$585.5 million), representing a 7% increase from the same period in 2019. The increase was primarily attributable to our various operational initiatives to improve monetization. "Despite the turbulence this year, we have leveraged a number of strategies, such as launching theatre-themed content and upgrading our membership portfolio, to improve our service and to better serve our users. Our Mist Theatre has become a remarkable success in terms of both reputation and ROI. In the coming quarters, we may continue to see fluctuations in the number of subscribers, driven by the normalization of user behaviour and content pipeline. However, with the valuable insight gained during this period, we believe our capabilities are sharpened in content generation and technology innovation, which have better positioned us to capture greater business opportunities in the future," Dr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI explained.

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. Clients from time-to-time place links in FinancilBuzz.com editorials and these are strictly for informational purposes only and FinancialBuzz.com has not researched these links and are not responsible for their content. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For hello pal international inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by marketjar media inc. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

Media Contact:
info@financialbuzz.com
+1-877-601-1879
www.FinancialBuzz.com

Cision View original content:http://www.prnewswire.com/news-releases/the-rise-of-video-based-social-media-heralds-a-new-way-to-interact-301196817.html

SOURCE FinancialBuzz.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.