Singapore-based BIGO Technology, which operates social live streaming platform Bigo Live, sees the advent of Web3 has sparked a fundamental shift in how content i created and monetized, according to its top executive.
“The age of Web2 was all about user-generated content and the social media explosion. Web3, however, will be able to take that a step further by decentralizing control as it is rooted in exclusive data ownership and compensation, with users becoming the central gatekeepers of their own content,” its Vice-President Mike Ong told TechNode Global in an interview.
“Web3 and its related technologies can help level the playing field that will enable content creators to entirely own and manage their content. This will cut creator dependency on traditional social media platforms, while allowing creators to prioritize their own interest and explore creative direction and innovation, he said.
According to him, Web3 can also facilitate decentralized autonomous organizations (DAOs), which naturally supports the growth of the creator economy.
“Through DAOs, content creators and the online community can collaborate to launch creative projects and pursue initiatives under a transparent ownership mechanism that gives autonomy of content back to users through highlight open communities,” he explained.
With these features within the age of Web3, Ong said creators have the freedom to fully focus on making quality creations and not be distracted by stringent requirements implemented by traditional social media platforms.
“We take a creator-centric approach to our platforms to encourage and reward content creators who produce great content and added value to our virtual community of users. For example, our livestreaming platform Bigo Live has democratized livestreaming by being a global platform that allows all users and creators from around the world ease their way into hosting livestreaming sessions that enable them to create daily, fresh, and authentic content for a global audience. We will also stay open to the new ecosystem and continuously co-create with our creators,” he added.
With the arrival of Web3 and the metaverse, social media platforms today are already implementing new features and technologies to further improve user experience and deepen interactions through immersive and multi-dimensional online experiences, he opined.
BIGO Technology said it is one of the fastest-growing Singapore technology companies, with more than 30 offices and 6 R&D centers around the world. Powered by Artificial Intelligence technology, BIGO’s video-based products and services have gained immense popularity, with users in more than 150 countries. These include Bigo Live (live streaming) and Likee (short-form video).
BIGO Technology, which is owned by NASDAQ-listed global social media platform JOYY Inc., aims to connecting the world and to enabling everyone to share their beautiful moments. With a vision to be a content platform that inspires one billion people’s lives, BIGO aims to empower a new generation of users with an exciting new social language where they can showcase, discover and stay connected in a positive and creative online environment.
In the interview, Ong also shared how Web3 technologies are shared BIGO’s vision of the metaverse, some of the key trends and developments that will shape the social media and livestreaming industry in 2022 and beyond, among others.
Below are the edited excerpts:
How are Web3 technologies shaping the evolution of social media?
Social media is first and foremost a tech-first industry, hosting important technological tools that form the crux of their operations. However, virtual interactions on social media platforms are often assumed to lack depth compared to in-person exchanges. With the rise of technologies such as artificial intelligence (AI), augmented reality (AR) and virtual reality (VR), social media platforms can adopt these technologies to narrow the gap in interactions by offering an extended reality to its users that complements physical interactions.
In fact, social media platforms are already hosting realistic online events such as virtual livestreamed events, digital fashion weeks and even virtual conferences, among many others.
Additionally, social media platforms can also leverage VR, AR and AI to develop and employ virtual avatars that can enable users to generate an accurate virtual representation of themselves online.
With the evolution of Web3, these virtual avatars have the potential to become more sophisticated and lifelike, thus creating more engaging online presence among users that can lead to richer, more fulfilling interactions that help build stronger bonds among users and retain user engagement.
At BIGO, we have launched ‘Virtual Live’, an interactive feature that leverages augmented reality (AR) and VR technologies, on our livestreaming platform Bigo Live to allow users to create personalized virtual 3D avatars to represent themselves and communicate with others. This enables our users to enhance their social experience while reinventing the livestreaming experience and offer infinite possibilities for virtual interactions.
What are the 3 key challenges that social media platforms need to address in terms of innovation? How should social media platforms adapt to remain relevant in an increasingly competitive and saturated environment?
For social media platforms to ensure their longevity and relevance in a highly competitive space, they must think beyond simply attracting new individual users. Instead, they should invest in sustainable virtual communities that give users a reason to stay, engage, and grow. Formed based on the unity of shared interests, virtual communities can facilitate the interaction and engagement crucial for providing a sense of belonging. They can help people foster deeper emotional connections and provide a safe and open space for individuals in their self-creation journeys. This is especially so for marginalized groups or communities who are often overlooked.
Social media platforms should help their users explore their passions transparently and virtual communities can enable users to develop their identities and form meaningful connections that are not physically bound to any geography.
Building virtual communities requires a deep understanding of user behaviors, as well as being agile in adapting to the preferences of target demographics. This helps ensure that users are constantly engaged with the platforms, building familiarity and recognition. As such, social media platforms should be constantly exploring market reaction to new content and features, and tailor it to their preferences.
For example, Generation Z users may welcome regular testing of new content due to having varied interests while e-commerce tools may be of more interest to older generation of users who prioritize convenience and value. When complemented by features that promote interaction, such as comments, reactions, and even livestreaming, this can further foster engagement and result in the natural creation of communities on social media platforms.
Through our livestreaming platform Bigo Live, we do not substitute the joys of real-life interactions. However, it does lessen boredom and stave off cabin fever as users immerse themselves into a virtual community, providing an experience unlike any other. In our efforts to provide our users with an engaging and immersive livestreaming experience, we have been progressively exploring and pushing out new innovations.
For example, we recently launched ‘Community’, an interactive feature in the livestreaming industry that allows users to create and manage online communities and post original content that cannot be easily showcased on a livestreaming session.
These functions elevate and enhance the social aspect of audience interaction, reinvent the livestreaming experience, and offer infinite possibilities for virtual interactions. We have actually nurtured a virtual community where users can band together to form ‘families’, and lend support as they grow together in strength, passion, talent showcasing, and in community spirit.
With Web3 in the picture, what does it mean for content creators and social media platforms in terms of decentralization of ownership and control over content?
The advent of Web3 has sparked a fundamental shift in how content is created and monetized. The age of Web2 was all about user-generated content and the social media explosion. Web3, however, will be able to take that a step further by decentralizing control as it is rooted in exclusive data ownership and compensation, with users becoming the central gatekeepers of their own content.
Web3 and its related technologies can help level the playing field that will enable content creators to entirely own and manage their content. This will cut creator dependency on traditional social media platforms, while allowing creators to prioritize their own interest and explore creative direction and innovation.
Web3 can also facilitate decentralized autonomous organizations (DAOs), which naturally supports the growth of the creator economy. Through DAOs, content creators and the online community can collaborate to launch creative projects and pursue initiatives under a transparent ownership mechanism that gives autonomy of content back to users through highlighting open communities.
With these features within the age of Web3, creators have the freedom to fully focus on making quality creations and not be distracted by stringent requirements implemented by traditional social media platforms.
At BIGO, we take a creator-centric approach to our platforms to encourage and reward content creators who produce great content and added value to our virtual community of users. For example, our livestreaming platform Bigo Live has democratized livestreaming by being a global platform that allows all users and creators from around the world ease their way into hosting livestreaming sessions that enable them to create daily, fresh, and authentic content for a global audience. We will also stay open to the new ecosystem and continuously co-create with our creators.
How do you envision the future of social media?
With the arrival of Web3 and the metaverse, social media platforms today are already implementing new features and technologies to further improve user experience and deepen interactions through immersive and multi-dimensional online experiences. As we continue our journey towards Web3, its impact on social media platforms are still very much forward-looking as new technologies and use cases are still being developed today.
However, there is no doubt that when Web3 finally comes into its own, we will see many interesting and innovative cases of how social media platforms can leverage Web3 technologies to transform the way users interact and conduct their activities online.
Most importantly, we see the future of social media as a gateway that facilitates cross-platform interactions where users will be able to connect their existing network of contracts on almost any social media platform without the need to rebuild them from scratch. This will enable more seamless and diversified interactions as social media platforms continue to evolve and adapt to the next generation of digital communities.
What is BIGO’s vision of the metaverse?
The metaverse has sparked many conversations around its potential as the next evolution of the digital world, and we believe that livestreaming will be an important gateway to exploring and developing the full potential of the metaverse. With the growing appeal of live e-commerce, online social gatherings and events, and online gaming over the past few years, the boundaries between the digital and physical world have been blurred. As we move towards Web3, the metaverse will be the culmination of this shift. Interactive experiences are crucial to the metaverse’s success, and the livestreaming industry has already successfully bridged that gap.
Our vision of the metaverse is that it is an open environment for anyone to participate in and where the virtual world is an extension of the physical world. Through the metaverse, users will be able to interact within the virtual world simultaneously and have these interactions complement physical ones.
Can you share some key trends and developments that will shape the social media and livestreaming industry in 2022 and beyond?
As we further progress towards the metaverse and Web3, social media will see an expansion of its offerings in the virtual world into a hybrid environment where physical and virtual worlds can complement one another.
While the metaverse is still at a very nascent stage, mega industries such as social media, events and communications tech are already recognising and beginning to leverage the new capabilities and opportunities it offers.
Combined with other innovative technologies, livestreaming will be an important gateway to exploring and developing the full potential of the Metaverse. Here at BIGO, we hope to create a holistic livestreaming experience bolstered by our VR and AR technology, empowering people to build meaningful connections and fully explore the beauty of humanity.