Over recent years, live streaming has become a more prevalent and common occurrence in society. In China specifically, live streaming has quickly become a core component of their everyday life, and is also becoming one of the stars in the Chinese business industry. Despite live streaming in China can be traced back to 2005, only in recent years has this industry taken off, after the success of Meerkat. This recent success of live streaming has inspired the China Tech Insights team to depart on a group venture with Tencent MyApp Big Data and QuestMobile to offer an in-depth view of the Chinese live streaming industry to all interested readers.
Currently, there are around 140 different live stream video applications in the Chinese app market. Amazingly, despite this section of the app market being so densely populated, these social apps are extremely profitable, earning millions through tip-based monetization models. There are currently five live streaming apps which are leading the market: Inke, YY Live, Douyu TV, Huya, and Panda TV.
These services are being used as a primary means of entertainment in China and people are willing to pay for this entertainment for two reasons. The first reason is to provide encouragement to the content providers to create new and entertaining content. Second, these payments or donations are a way to gain attention online in the live streams viewers watch. Despite the issues the live streaming industry is facing from regulators and illegitimate content, the Chinese live streaming industry is still booming. Live streaming as a source of media, offers a diverse selection of content to viewers and could very well be the next major media contender. Personally, I love the opportunities which live streaming has to offer and with this major boom in China, live streaming has proved its potential and will hopefully become a major source of media globally in the near future.