China’s video market to increase 4 times to 56 billion yuan in 2020
China’s video market to increase 4 times to 56 billion yuan in 2020
  • Son Da-som
  • 승인 2019.05.13 17:54
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Korea International Trade Association says

By Son Da-som

China's video marketing market is growing around various types of mobile video platforms. According to KITA (Korea International Trade Association) on May 7, 2019, driven by the Chinese consumers’ high rates of mobile internet use and video use and popular use of social media, the market size is expected to increase by about four times from 14 billion yuan in 2018 to 56 billion yuan in 2020.

In particular, China's "Short-video" platforms such as ‘Douyin’ and ‘Xiaohongshu’ targeting young people are in the spotlight and the number of users has reached 600 million. This takes up about 75 percent of China's mobile Internet users.

The video marketing platforms, according to the KITA report, are connected with various social media in China, and they serve as important communication tools when it comes to consumption activities as individuals share their daily lives through video production and consumption and purchase the linked products.

As such, China has already entered into 'New Commerce Era' where consumer participation is the most important, and the industries are creating new marketing opportunities by taking advantage of the phenomenon. Consumers consume content and simultaneously produce user-generated content (UGC) or re-edit or enlarge professionally generated content (PGC) and Ready-mix concrete (RMC) content and play a role to publicize the companies’ products and brands directly or indirectly through social media.

There are some 100 existing video platforms in China, and the number of major platforms that small and medium-sized companies can utilize for their marketing is over 10.

Therefore, video marketing in China should be based on the understanding of the characteristics of each type of platform. In addition, five major strategies such as 'to build reference and content foundation', 'to operate multiplatform', 'to run official account', 'to utilize Korean creators' and 'to collaborate with the experts' need to be reviewed in advance and establish a master plan that suits the companies’ objectives of video marketing in China. On the other hand, sufficient preparations for exports and product competitiveness are prerequisites, and the efforts to comply with China's legal system regarding video distribution and electronic commerce and to diversify distribution channels are also continuously required.

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