Social Networking Platforms Projected To Exceed $50 Billion This Year
Palm Beach, FL – July 27, 2020 – The social networking apps market is on fire. A social networking/messenger site is an online platform which people use to build social networks or social relationship with other people who share similar personal or career interests, activities, backgrounds or real-life connections. In June 2020 alone, one app in the Apple App Store (LINE) had generated $6.78 million in global app revenues. A recent report by IBISWorld projected that social networking sites in the US market size in 2020 would reach $52.7 billion, with a Market Size Growth of 16.8%. Another report from MarketWatch said that the global social networking sites market will grow by US$ 60.1 Billion by 2024 at a CAGR of 18% in the given forecast period… and yet another report, from Market Research Engine projected that The global Social Networking Sites Market will grow by US$ 70.8 Billion by 2025 at a CAGR of 18%. The MarketWatch report added: “Major factors expected to drive the growth of the social media is being increasingly acknowledged as a platform that helps in directing search keywords towards the websites of companies, leading to enhanced website traffic and brand popularity/visibility. The proliferation of smartphones is also playing a vital role in the growth of the market. Social media apps designed for smartphones regularly track activities and further increase the relevance of social media marketing.” Active companies with recent developments include: Hello Pal International Inc. (CSE:HP) (OTCPK:HLLPF), Twitter, Inc. (NYSE: TWTR), Snap Inc. (NYSE: SNAP), Tencent Music Entertainment Group (NYSE: TME), JOYY Inc. (NASDAQ: YY).
Two of the related sub-markets are the global social media analytics market and the social media Advertising market. MarketsAndMarkets projects that: “The global social media analytics market size is expected to grow from USD 3.6 billion in 2020 to USD 15.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period. Major growth drivers of the market are an increased focus on competitive intelligence and increasing user engagement of social media using smartphones.”
Hello Pal International Inc. (CSE:HP) (OTCPK:HLLPF) BREAKING NEWS: Hello Pal Announces Record Results in May and June 2020 – Hello Pal International Inc. (CSE: HP) (FSE: 27H) (OTC Pink: HLLPF) (“Hello Pal” or the “Company”), a provider of rapidly growing international live-streaming, social messaging and language learning mobile apps, is pleased to announce that it achieved record receipts in May and June 2020 as set forth below:
Financial Performance – Hello Pal’s livestreaming service achieved record receipts of approximately $1,200,000* in May 2020 and $1,064,250* in June 2020 for a two-month total of $2,264,250*.
Monthly receipts of over $1,000,000* is a significant milestone as it results in Hello Pal’s Asian subsidiaries to be profitable.
“We’re very pleased to have achieved yet another significant milestone in our Company’s growth,” said KL Wong, Founder and Chairman of the Company. “Being able to sustain ourselves without external funding has been crucial for us especially during the current economic downturn, and it also shows our resilience during abnormal times like these.”
User Base Performance – As of the date of the news release, Hello Pal’s registered user base is over 5 million users from over 200 countries and regions. The positive increase in registered users continues to be driven by our livestream service.
The livestreaming service continues to be active with over 10,000 daily active users, but even more notably, the daily number of users making top-up payments to the Company has more than doubled from the beginning of the year, from around 150 in January to over 300 by the end of June.
“We are also seeing a significant improvement in user engagement with our services, and we expect this to continue to improve as we roll-out new features and address new markets going forward,” said Adega Zhou, President of the Company.
Marketing Agreement – The Company is also pleased to announce that it has entered into a marketing agreement with Think Ink Marketing to drive users to the Hello Pal app and for investor awareness of Hello Pal. Under the terms of the agreement. Read this entire press release and more news for Hello Pal at: https://www.financialnewsmedia.com/news-hp
Other industry developments from around the markets include:
Twitter, Inc. (NYSE: TWTR) recently announced financial results for its second quarter 2020. “Our product work is paying off, with tremendous growth in audience and engagement. We grew mDAU to 186 million, a 34% year over year increase in Q2, the highest quarterly year-over-year growth rate we’ve delivered since we began reporting mDAU growth,” said Jack Dorsey , Twitter’s CEO. “I also want to address the security issue Twitter suffered last week. We moved quickly to address what happened, and have taken additional steps to improve resiliency against targeted social engineering attempts, implemented numerous safeguards to improve the security of our internal systems, and are working with law enforcement. We understand our responsibilities and are committed to earning the trust of all of our stakeholders with our every action, including how we address this security issue. We will continue to be transparent in sharing our learnings and remediations.”
“Revenue was $683 million in Q2, down 19% year over year, reflecting moderate recovery in advertising demand relative to the last three weeks of March. Despite the pandemic, brands have found innovative ways to join the conversation on Twitter to connect with their customers,” said Ned Segal , Twitter’s CFO. “We have completed our ad server rebuild and are making progress accelerating our performance ads roadmap. With a larger audience and progress in ads, we are even better positioned to deliver for advertisers when the live events and product launches that bring many people and advertisers to Twitter return to our lives.”
Snap Inc. (NYSE: SNAP) recently announced financial results for the quarter ended June 30, 2020. The Financial Highlights were: Operating cash flow improved by $29 million to $(67) million in Q2 2020, compared to the prior year. – Free Cash Flow improved by $21 million to $(82) million in Q2 2020, compared to the prior year. – Common shares outstanding plus shares underlying stock-based awards totaled 1,616 million at June 30, 2020, compared to 1,553 million one year ago. – Revenue increased 17% to $454 million in Q2 2020, compared to the prior year. – Net loss was $(326) million in Q2 2020, compared to $(255) million in the prior year. – Adjusted EBITDA was $(96) million in Q2 2020, compared to $(79) million in the prior year.
“We continued to grow our community and business in a challenging and uncertain environment,” said Evan Spiegel, CEO. “I am proud of our team for innovating on new experiences for our community and driving value for our partners, demonstrating the importance of our service in people’s lives. We are grateful that the resilience of our business has allowed us to remain focused on our future growth and opportunity.”
Tencent Music Entertainment Group (NYSE: TME) the leading online music entertainment platform in China, recently celebrated three years of achievements in artist support by its indie musician program, Tencent Musician. Since it launched three years ago, Tencent Musician has provided powerful backing for musicians to continue their creation. The program has generated 590 million yuan in revenue for original music content creators since its inception.
Both before and since the COVID-19 pandemic swept across the world, TencentMusician has run the “One Hundred Million Yuan Incentive Project”, which was later followed by the “One Hundred Million Yuan Incentive Project 2.0”, a more sustainable and upgraded project. The One Hundred Million Yuan Incentive Project has opened up a new model for musicians to generate, or increase, their incomes via a variety of incentive methods. According to data from the One Hundred Million Yuan Incentive Project 1.0, more than 40 percent of the musicians who enjoyed exclusive incentives were able to double their incomes, while over 80 percent saw their incomes rise by more than 50 percent.
JOYY Inc. (NASDAQ: YY) a global video-based social media platform, recently announced its unaudited financial results for the first quarter of 2020. Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, “First and foremost, we would like to extend our sincere gratitude to our global teams. Your resilience, ingenuity, and dedication have enabled us to continue delivering strong operating and financial results despite the global challenging macro environment due to the COVID-19 pandemic.”
Mr. Li continued, “During the first quarter, our dual-engine growth strategy of combining living streaming with short-form videos continued to produce good results across all of our business segments. Bigo Live, our global live streaming platform, achieved 37.8% year-over-year MAU growth with our continuous global expansion. Driven by the rapid growth of Bigo Live in the developed market, the live streaming revenues of Bigo segment increased 92.4% to RMB1,972.3 million (US$278.5 million) in the first quarter. 6 Also, Likee, our global short-form video platform, grew its MAUs by 121.9% year over year as it accelerated its expansion in developed markets and further strengthened its leading position in the key developing markets. In addition, Hago is entering into a new growth phase to become a vibrant social network platform for young generation with solid progress in monetization.”
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