The Mobile Social Market Is Growing Fast, WIMI’s Entertainment and Social Visual Products Are Attractive to Young Users

August 06 02:00 2021

It is not difficult to find that most emerging products in the era of mobile internet are trying to attract the attention of young consumers. The younger and more serious online enthusiasts and consumers have the characteristics of being more active and receptive to new trends, and they also have high-intensity consumer demand and online payment habits.

The market size of the mobile social industry is growing rapidly

In 2020, mobile social networking market reached 116.2 billion yuan, with a compound annual growth rate of 50.10% from 2015 to 2019, and will exceed 232.2 billion yuan in 2024, with a compound annual growth rate of 18.9%. Advertising and paid services are the main components of the market, among which paid services mainly include virtual goods, virtual gifts for live streaming, and membership subscriptions.

In 2020, the scale of advertising revenue in the mobile social market will be 73 billion yuan, accounting for 62.8%. It is estimated that by 2024, the scale of advertising revenue will be 133.1 billion yuan. According to data calculations, Tencent’s social and other advertising revenues in 2020 will be 68 billion, and WeChat-related advertising revenues are assumed to account for 80% to 90% of this, and the corresponding revenue will be 544.612 billion. In 2020, Weibo’s advertising revenue is 10.281 billion yuan (converted at an average exchange rate of CNY 6.9), while the advertising revenue of other social apps in 2020 is 1.6 billion to 8.4 billion.

This is a huge set of data, and the market behind it represents the high consuming power of young people. Putting this group of young people in the social field, what kind of social interaction is needed to win them over? The mobile social market is growing rapidly, and we need to deliberate carefully if we want to break through the social field of the new generation of user groups. To answer the above questions perfectly, we must first understand what the social needs of this generation of young people are. At present, young users are leading the expansion of mobile social networking from the circle of acquaintances to social interaction with strangers, and the demand for making friends ranges from meeting the opposite sex to finding likes. The reason behind this reflects the spiritual needs of young children who are eager to meet relationships outside the stable circle as they grow up in the Internet age. It also reflects the diversification of the interest and value orientation of the new generation of consumers brought about by the country’s economic, political, and cultural prosperity.

Discuss the social love of those which directly hit contemporary young people

The growth of this generation is accompanied by the rapid development of economy, society, and the Internet, with a wide range of hobbies, diverse value orientations, and niche culture popular, and the social interaction based on hobbies and values is realized. Under the compulsory education policy, they usually have a relatively high-quality education, and their appreciation of culture and art is generally higher than that of the previous generation. Meanwhile, growing up with the Internet, the penetration of social media, search engines, and other communication media has given them the opportunity to access all kinds of rookie music, animation, movies, games, and other pan-trend content. In the social process of searching for hobbies, personality, and aesthetic fit, circles of different styles and cultures have gradually formed. This generation of young users particularly loves virtual two-dimensional culture, virtual space and time, etc.

Speaking of virtual things, the current mainstream AR, VR, MR, XR, and other applications are widely used, born out of the real world, while parallel to the real world, enhancing human vision, hearing, and even touch. The sensory integration of the real world and the virtual world gives people a shocking visual experience, which is quite popular among young people. For example, ReadyPlayerMe, a VR avatar production platform created by the Estonian company Wolf3D, is compatible with VR social applications. Coincidentally, the well-known VR social application Somnium Space also joined this field.

Although there is currently a set of VR avatar solutions, compatibility with ReadyPlayerMe means that users have greatly enhanced options for creating VR avatars. Now users only need to upload a selfie to create a VR avatar. Users of Somnium Space can create VR avatars online without going through any APP. Before entering the virtual world, users can directly create a virtual character on the client, such as uploading a selfie to get a VR avatar, and can customize the avatar’s facial shape, hair color, clothes, and other attributes.

Through bringing users a way of expressing their individuality in social interaction, Wolf3D has indeed received the pursuit of some young people. According to iiMedia Research, the scale of Mobile’s social users exceeded 900 million in 2020, and the future social product scenarios will be more abundant. A new type of social interaction with interests and emotions as the core and hobby circles will be the mainstream way. 33.9% of people said that socializing is to make friends with people with similar interests. This means that interest in social networking has become the main key factor in the social field.

Popular WIMI Hologram Cloud leads the young social stage

Focusing on user experience and continuing to create in-depth value, WIMI’s high user stickiness, interaction rate, and activation rate mean that the platform will explode in the future with greater commercial imagination. According to some public information, WIMI Hologram Cloud was founded in 2015. It focuses on holographic cloud services, mainly in vehicle-mounted AR holographic HUD, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation, and other professional fields, covering multiple links of AR technology, including holographic vehicle-mounted AR technology, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication, and so on. It is a holographic cloud comprehensive technical solution provider.

WIMI Hologram Cloud Service has achieved breakthroughs and leapfrog development in holographic application fields such as advertising, entertainment, social networking, and 5G communications. It brings a patent for holographic real-time imaging with an atomized particle size of 2-4μm, and provides a 3D holographic pulse laser radar product “WiMi HoloPulse LiDAR”, an excellent product in the holographic AR head-mounted display series. WIMI aims at the in-depth R&D and market application of holographic 3D computer vision collection, AI synthesis, transmission, presentation, and application, and is committed to building a highly expandable and open service platform. WIMI hopes to realize the application and presentation of holographic computer vision in different scenarios, promote the leapfrog development of the industry, and realize its ultimate vision of “becoming the creator of holographic ecosystem”.

WIMI’s M&A financing has become a steady growth trend

WIMI was listed on the Nasdaq and achieved a leap in revenue in the second half of 2020. For the full year of 2020, its revenue increased by 140% year-on-year to RMB 766 million ($117.4 million). Especially after obtaining strategic investment from a number of well-known investment institutions such as Weibo, WIMI expanded the business scope of holographic AR. Its AI technology research layer develops towards AI face recognition and AI face-changing technology, and actively expands to the semiconductor industry and achieves breakthroughs.

WIMI’s entertainment and social visual products are rich

WIMI’s high-quality products continue to attract users, and the advertising and entertainment business provides new revenue. WIMI has ever-changing forms of entertainment and social experience, which can meet the ever-changing and innovative needs of customers. The cloud entertainment application system can switch the theme scenes of the audience with one click, keep up with changes in customer needs, and provide users with value-added services such as virtual projects and membership privileges. Thanks to the continuous improvement of products to provide a better social experience, WIMI’s user scale continues to increase. Meanwhile, the platform’s rich and high-quality virtual services have stimulated the increase in user payment rates. Besides, the company expanded its services in high-end home holographic entertainment, holographic office meetings, holographic karaoke, holographic music cafes, holographic dance halls, holographic bars and nightclubs, holographic high-end catering, holographic entertainment venues, holographic amusement, etc., giving birth to a new business form and model of offline holographic visual experience. This continues to attract more advertising, which has also contributed to the steady and accelerated growth of WIMI holographic social entertainment revenue.

Specifically, the WIMI Holographic Cloud Entertainment Platform has about 5,000 high-quality virtual IP rights content, and customers can choose the desired holographic visual presentation content according to their needs. It covers a wide range of categories, including holographic animation, virtual live broadcast, virtual idol, and virtual social. Among them, 2,961 holographic IPs are used for virtual education, 851 holographic IPs are used for virtual tourism, 739 holographic IPs are used for virtual art and entertainment, and 103 holographic IPs are used for virtual science. It can be said that currently in the entertainment, advertising, education, medical, automotive, and other industries, the hardware is relatively mature, and the development of software and content in these fields has a unique advantage.

With the advent of the 5G era, the business ecosystem of the AR+AI era built by WIMI will be deeply integrated with 5G. With the collaboration of 5G’s high-speed and low-latency, big data videos are delivered through digital platforms and social media, encompassing the life circle of a new generation of young users. This is a huge leap in sociality and may become a creative technology for young users to socialize. Using holographic technology to empower technology in more 5G application scenarios, so that it can more actively contribute to the love and interest of young users.

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