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Global User Generated Content Platform Market By Product Type, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027

Global User Generated Content Platform Market By Product Type, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027

  • August 2021
  • 186 pages
  • ID: 6155879
  • Format: PDF
  • KBV Research

Summary

Table of Contents

The Global User Generated Content Platform Market size is expected to reach $13.7 billion by 2027, rising at a market growth of 24.3% CAGR during the forecast period. With the help of User Generated Content (UGC)/ User Created Content Platform, brands become empowered to collect the company’s mentions or visual product references such as short videos from social media and other sources with an aim to repurpose them to facilitate sales, marketing, and advertising efforts. In the last few years, the adoption of user-generated content for marketing and branding advertising purposes has been substantially increased. This is credited to the massive use of social media and messaging platforms where a growing number of people are becoming content creators just by using their mobile devices.

Marketers, agencies, and publishers are leveraging this trend by adopting unique ways. User-generated content platform is quickly emerging as a marketing and advertising strategy that can impact the marketing and hence guarantees its boost. This is a major shift in the adoption of UGC that previously involved top-down influencers as part of the concept of UGC.

The partnership between a brand and a user is one of the popular streams of user-generated content. Many brands redesign the concept of UGC for their advantages and marketing, fan art, sharing brand-inspired customer testimonials across various social network sites. For example, GoPro, Inc. uses fan-created content and advertises unique customer-generated video content on their Youtube Channel. Moreover, Amazon.com, Inc. takes the help of the customer reviews to get repositioned on the website. It is capable of assisting the companies to enhance their ranking as a majority of the customers check online reviews before the final purchase.

COVID-19 Impact

As COVID-19 remains one of the major concerns for the majority of the countries around the world, companies have been compelled to look for alternatives to the complicated studio installations, massive budgets, and massive production value – all of the conventional desires for an impactful advertising program. A strategy that helps the companies to succeed is the clever usage of user-generated content (UGC) as it uses genuine expectation for human connection, and bolsters a community.

In various ways, the adoption and popularity of UGC platforms have increased significantly during pandemic times. Moreover, the pandemic and its ensuing restrictions have only boosted the dominance and popularity of these platforms as companies, agencies, and brands were facing various sorts of content production restrictions. In addition, UGC is specifically appropriate during crisis times, as a growing number of individuals are searching for motivational, uplifting, and directly connected content that is relatable to them. UGC, being an excellent storytelling tool behaves as the link between brands and their audience as it helps in bringing the community closer and offers a higher sense of belonging and unity. Therefore, COVID-19 has accelerated the demand & growth of the user-generated content platforms market.

Market Growth Factors:

Uniqueness and cost-effectiveness of UGC

User-generated content (UGC) is an authentic method that motivates brands to use it frequently. Different people come up with unique content as every person is different and they perceive and express things in their own unique manner. In addition, people usually reflect their creativity in the content they create. When people start using UGC as their content type, they present something new each time they post the content.

Easy and Efficient way to access valuable content

Many new initiatives in the marketing world use user-generated content (UGC). They may embed it on their website to engage visitors, improve dwell time, and lower bounce rates, and simultaneously increasing the attractiveness of their website. One of the most notable advantages of user-generated content is that it is easily available with simple curation that requires little to no effort and capital investment.

Market Restraining Factor:

High requirement for supervision

In the virtual world, one can help the users to discuss what they desire, upload any appropriate images, and express opinions in a desirable manner. Unfortunately, there is a high requirement for supervision and moderation of the user content. Many people can become uncivilized online which could harm the reputation of the brand. Therefore, UGC platforms would witness a declined growth over the forthcoming years.

Product Type Outlook

Based on Product Type, the market is segmented into Audio and Video (including live streaming), Social Media, Advertising & Promotions, Websites, Blogs and Others. Video content published across different social media channels obtain a significantly higher engagement as compared to other forms of user-generated content. For example, in December 2020, Comscore, Inc., a media measurement and analytics company based in America, noted that the paid content along with UGC increased the conversion rate significantly. The growth of the live streaming video segment in the UGC market would be fueled by the monetization integrated into video applications.

End User Outlook

Based on End User, the market is segmented into Enterprises and Individual. The individual segment would display the maximum growth rate during the forecast period. The massive increment in the number of mobile phone users and the massive adoption rate of social media channels has increased the accessibility of the UGC. Each person has now become the main content creator. For example, millions of photos are posted on Facebook, millions of photos and videos are shared through Instagram, and millions of tweets are posted on Twitter.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the user-generated content platforms market in 2020. Factors such as the presence of a large number of ICT solution vendors and a huge customer base are responsible for the growth of this segment. The region is defined by a huge number of content platform vendors like Pixlee Inc.; Taggbox.com; and Pancake Laboratories, Inc. Strategic initiatives like mergers & acquisitions would create growth opportunities for advertising and marketing companies to bolster their video content libraries.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include CrowdRiff, Yotpo Ltd., Walls.io, Stackla Pty. Ltd. (Nosto Solutions Oy), TINT (Filestack), Social Native (Olapic), Pixlee, Bazaarvoice (Curalate, Inc.), Monotype Imaging Holdings, Inc. (HGGC), and PowerReviews.

Recent strategies deployed in User Generated Content Platform Market

Partnerships, Collaborations, and Agreements:

May-2021: Social Native entered into a partnership with TikTok, a video-sharing-focused social networking service owned by Chinese company ByteDance. This partnership aimed to deliver companies unmatched access to native TikTok content creators, who actually understand the app and its audience, to make data-driven content to improve advertiser strategies on the platform.

Dec-2020: Walls.io formed a partnership with BrightSign, the global market leader in digital signage media players. This partnership aimed to help content managers in live events, hospitality retail, education, and corporate environments gather and curate user-generated content over various social platforms onto a digital signage display, powered by BrightSign players.

Aug-2020: Bazaarvoice came into partnership with PowerReviews, a leading provider of ratings, reviews, questions, and answers technology. This partnership aimed to help customers to reach and influence more shoppers on their way to purchase.

Aug-2020: PowerReviews came into a partnership with Reputation Studio, the enterprise Online Reputation Management (ORM) platform. This partnership aimed to provide an integrated solution, which would help companies to respond to reviews gathered by PowerReviews directly from the Reputation Studio platform.

Jul-2020: CrowdRiff entered into a partnership with Simpleview, a global digital agency specializing in the tourism sector. This partnership aimed to provide UGC software and services across the globe. In addition, the companies would also deliver DMO customers globally with a one-stop portfolio of innovative digital solutions, which help them to tell their unique stories.

Jul-2020: Pixlee came into a partnership with TurnTo, the top platform for customer-generated product content. Together, the companies would provide Customer-Powered Commerce and also enable companies to leverage all asset kinds in a single place, from text reviews and ratings to customer photos & videos to all kinds of influencer content from any source.

Jul-2020: PowerReviews entered into a partnership with Cohley, a content platform focusing on influencer marketing, visual asset creation, and text review generation. This partnership would aim at assisting their mutual customers to generate product reviews to fill PowerReviews’ on-site reviews integration. The partnership would also help Cohley’s customer base to obtain and syndicate reviews to key retailers like Target.

Jun-2020: Yotpo entered into a partnership with PageFly, a Page Builder Application. Through this partnership, the companies would make sure that users who are fond of PageFly’s hassle-free page building efficiency would now discover and deploy the revolutionary power of User Generated Content that has emerged as synonymous with the Yotpo brand.

Jun-2020: Filestack collaborated with Unsplash, a website dedicated to sharing stock photography under the Unsplash license. Under this collaboration, Unsplash images would be available via Filestack, which enables software developers to combine with the Unsplash library with some lines of code, through which millions of their customers could utilize Unsplash visuals in seconds via numerous apps and programs.

May-2020: Yotpo came into partnership with Cohley, a software platform that helps brands scale their content strategies. This partnership aimed to help mutual customers to share both user-generated content & product reviews from the Cohley platform directly into the company’s on-site Yotpo integrations.

Feb-2020: Bazaarvoice formed a partnership with Yotpo, an eCommerce marketing platform. Through this partnership, Yotpo users would syndicate their product reviews and visual user-generated content to the largest network of retail websites, which empower approx a billion monthly shoppers to carry out more confident purchasing activities.

Acquisition and Mergers:

May-2020: Monotype entered into an agreement to acquire URW Type Foundry, a subsidiary of Global Graphics. Through this acquisition, Monotype would expand its line of type IP to consist 513 latest and popular typeface families like Futura, URW DIN, Franklin Gothic, Corporate S Pro, and Nimbus Sans Global, among many more.

Jan-2020: Yotpo acquired SMSBump, the leading SMS marketing solution for eCommerce brands. This acquisition aimed to boost product innovation and surface the distinct synergies through Yotpo’s eCommerce marketing platform.

Jan-2020: Monotype took over Fontsmith, a leading independent type foundry based in London. This acquisition aimed to increase its expertise and expand its library of type IP to involve 70 new edgy, colorful, and workhorse brand font families like FS Brabo, FS Albert, FS Koopman, FS Millbank, FS Meridian, and FS Untitled.

Aug-2019: Bazaarvoice completed the acquisition of Influenster, a product discovery and reviews platform for consumers. Following the acquisition, Bazaarvoice would reinforce its user-generated content (UGC) and word-of-mouth platform for retailers & brands.

Product Launches and Product Expansions:

Jul-2021: Bazaarvoice introduced Visual Syndication Network. This network makes it easy to accumulate visual UGC for products on social media and share it to the Visual Syndication Network for showcase on retailer sites.

Jul-2021: Monotype launched Helvetica Now Variable, offering almost a million new Helvetica Now styles in one state-of-the-art font file. This variable font enables designers to combine Helvetica Now’s weights, optical sizes, and latest compressed & condensed widths to make infinite shades of expression, ultra-refined typography, and extraordinary typographic animations.

May-2021: Yotpo introduced Yotpo Loyalty for Marketing Cloud on Salesforce AppExchange. This launch would empower users to leverage Yotpo data to share more effective emails directly via Salesforce Marketing Cloud.

Jul-2020: PowerReviews launched UGC Analytics, the user-generated content reporting & text analytics portfolio powered by AI and Natural Language Processing. This new platform helps companies and retailers to understand, benchmark, and enhance consumer sentiment via deep analysis of customer-submitted content on product pages.

Mar-2020: Nosto introduced the latest Segmentation & Insights and Onsite Content Personalization offering. This offering would help a company to explore the way these products completely transform the shopping experience for all the customers.

Scope of the Study

Market Segments covered in the Report:

By Product Type

• Audio and Video (including live streaming)

• Social Media

• Advertising & Promotions

• Websites

• Blogs

• Others

By End User

• Enterprises

• Individual

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• CrowdRiff

• Yotpo Ltd.

• Walls.io

• Stackla Pty. Ltd. (Nosto Solutions Oy)

• TINT (Filestack)

• Social Native (Olapic)

• Pixlee

• Bazaarvoice (Curalate, Inc.)

• Monotype Imaging Holdings, Inc. (HGGC)

• PowerReviews

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