The Latin America, Middle East and Africa User Generated Content Platform Market would witness market growth of 28.3% CAGR during the forecast period (2021-2027).
The social media networks and the music industry are extremely interdependent. The UGC marketing integrated into the music industry has paved the way for the development of the music industry in the last couple of years. Factors such as the halo effect of playing audio streams on music platforms like Apple Music, Youtube Music, Spotify, and Amazon Music are responsible for the growth of the market. The higher reach and popularity of social media networking have been leveraged by the music industry and artists to create a consistent flow of content in order to keep their customers engaged and target new customers. This has become even important during the global pandemic. UGC and social media channels had offered music lovers a possibility to explore creative pursuits and the lives of artists when more organized content, like official promo videos, finished albums, and live shows were not easily accessible.
The massive utilization of smartphones with high-speed internet technologies like 2G, 4G, and LTE, has resulted in the massive consumption of data and production of user-generated content like live podcasts as well as live streaming videos. Moreover, some of the catalysts for the growth of the regional market include the brands’ higher engagement with customers, a massive potential for shareability on social media platforms, and the accessibility of high-speed internet.
In addition, the players operating in the regional market are started implementing customer base expansion tactics by increasing investment in the development of their platforms. This tactic helps them to get a competitive edge over other players. Hence, these aspects are anticipated to create a positive outlook for the regional user-generated content platforms market during the forecast period.
The Audio and Video (including live streaming) market dominated the South Africa User Generated Content Platform Market by Product Type 2020, thereby, achieving a market value of $50.6 million by 2027. The Social Media market is showcasing a CAGR of 28.4% during (2021 - 2027). Additionally, The Advertising & Promotions market is expected to witness a CAGR of 29.6% during (2021 - 2027).
Based on Product Type, the market is segmented into Audio and Video (including live streaming), Social Media, Advertising & Promotions, Websites, Blogs and Others. Based on End User, the market is segmented into Enterprises and Individual. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global User Generated Content Platform Market is Predict to reach $13.7 Billion by 2027, at a CAGR of 24.3%
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), Emplifi Inc., Bazaarvoice (Curalate, Inc.), Monotype Imaging Holdings, Inc. (HGGC), and PowerReviews
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