Tech

Fading Platform Giants: Marketable Video Pioneer Firework Announces Milestone Predictions for Engagement, Ecommerce, and Open Web for 2022 and Beyond


At the forefront of digital engagement for internet 3.0 and helping to redefine the relationship brands, retailers and publishers have with their customers, Firework, the short-form video platform designed to Bringing a live, shopable video experience to any website, today released a series of predictions for engagement, the video space, and the web in 2022.

Firework is delivering on its predictions after a year of dizzying growth, positioned at the heart of a boom in live streaming and short-form interaction and commerce. Firework’s network’s quarterly short-form video views have grown a staggering 861% from 2020 to 2021, and the company expects quarterly views to exceed 5 billion by the end of the year.

Now, as the industry looks to the next 12 months and beyond, the leaders at Firework have come together to make key predictions based on expertise as market leaders and from insights gathered through their work with some of the world’s brightest organizations. Their predictions include:

The end of the “platform era” and the ongoing transition to Internet 3.0: Social media platforms are running out of welcome — and will soon run out of utility too. As the social media giants have consolidated power – and eyeballs – over the past decade or so, they’ve also built up a lot of bad will. Their inability and unwillingness to put user privacy and safety first and their refusal to give brands and organizations a chance to win at participation will continue drive users and companies away from the platform. In turn, the growing shift towards internet 3.0, a decentralized online environment in which traffic, commerce, interactions and conversations take place equally on the open web, will continue to increase. speed. New tools — among them Firework’s live streaming and short-form video solutions — are serving as the foundation of internet 3.0, allowing individuals and companies to create immersive experiences across properties their own digital nature; to become a platform for themselves without relying on walled gardens on social media.

The live streaming revolution is well underway: Two-thirds of Chinese consumers said they purchased products via live streaming in the last year, and live-streaming sales are expected to gain traction. $423 billion in 2022. The pervasiveness of in-person shopping seems unusual by US standards, until you think about the massive success of home-shopping TV networks like QVC in the 1990s, which operated on a similar model. Plus, the wave of live streaming e-commerce has hit our shores. US retailers are waking up to the value of real-time, engaging, shoppable video. While some of the early iterations of in-person shopping have been altered the most (hello, Amazon Live?), more immersive, organic, and immersive live streaming formats are on the way. prioritized. And as millennials — and Generation Z in particular — continue to gain purchasing power, live streaming e-commerce will only continue to grow as US retailers realize that video can be bought. be doable on their websites and on their own terms.

Media and commerce are converging: Purchasing does not happen in a vacuum. Neither does the consumption of content. Daily purchasing decisions are strongly influenced by everyday life, including what we see, hear, and experience online through our content consumption habits — a long and continuous buying funnel. . In 2022, we will see the line between commerce and media increasingly blurred. Consumers will increasingly opt for online experiences in which they can interact with colleagues, learn about and talk about products, and buy them — without clicking. The store will be the studio, and the studio will be the store. Publishers will increasingly promote commercial and livehopping capabilities. New avenues to engagement, discovery, and revenue will be delivered on the open web.

Retail media will grow — and grow: Retail media is still a growing sector, but as brands move further away from social media platforms, we expect to see retail media rise in tandem. Brands are finding ways to get their messages to the places where shopping happens, rather than indirectly targeting a target audience on social media, away from the place of purchase. However, as retail media continues to evolve, the format will need to change. Much of retail media is currently display-based, which will need to grow as consumers seek the same dynamic experience they receive on social feeds. As retail media grows to take advantage of video — including shoppable video — we’ll see a huge boom in the space.

“It is clear that we are entering a new digital world order as we turn the page into 2022,” said Yang. “Brands, retailers, and publishers see the writing on the wall — or they will soon see. Consumers are looking for new ways to interact with content and products, they’re fed up with stripping their privacy for social dopamine hits, and they’re ready to navigate a new web , decentralized to connect with their peers. Now it is up to the brands to adapt to the times.”

Fireworks will start in 2022 with exponential growth, having signed important agreements with industry leaders such as Albertsons’ companies, Heinz® and the PGA Tour, and ended the year with a landmark investment from Amex Ventures.

About fireworks

Firework is the world’s leading immersive “entertainment shopping” platform with shoppable video, streaming commerce, and monetization powering over 600 brands, retailers, and publishers direct communication to consumers worldwide. Accelerated by the pandemic, Firework experienced 10x year-over-year growth, bringing a TikTok-like interactive video experience to your own website or app. Firework enables its customers to create and host purchasable, original video content for engaging product discovery, a seamless shopping experience, and ultimately a deeper emotional connection with consumers. The company is backed by IDG Capital, Lightspeed Venture Partners and GSR Ventures, with over $100 million in capital raised to date. To learn more, please visit firework.com.

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