User Generated Content Platform Industry Overview
The global user generated content platform market size to be valued at USD 18.65 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 26.6% during the forecast period.
User Generated Content (UGC)/ User Created Content Platform enables brands to accumulate company mentions or visual product references including, short videos, from social media and other sources, to repurpose them to enable sales, advertising, and marketing efforts. The use of user-generated content for brand advertising and marketing purposes has grown explosively in recent years, largely due to the rise in social media and messaging platforms where people have started becoming voluntary content creators on their mobile devices.
Gather more insights about the market drivers, restrains and growth of the Global User Generated Content Platform Market
Marketers, publishers, and agencies are increasingly capitalizing on this trend in their latest ways. UGC as an advertising and marketing tactic has emerged into a distinctly different technique than influencer marketing, and thereby warrants its exploratory. This is a notable shift in the acceptance of UGC that earlier included top-down influencers as part of the definition of UGC.
The music industry and social media networks are highly interdependent. The UGC marketing incorporated into the music industry has proven to be a significant contributor to the overall growth of the music industry in recent years. This growth is attributed to the halo effect of driving audio streams on music platforms, such as Apple Music, Spotify, YouTube Music, and Amazon Music. The music industry and artists have leveraged the extended reach of social media networking to generate a constant flow of content to keeps their followers engaged and reach new audiences. It has been more crucial than ever during the COVID-19 crisis. UGC and social media platforms had given music followers a window into creative pursuits and artists’ lives when more structured content, such as official promo videos, live shows, and finished albums, were not available.
Some popular streams of user-generated content include collaboration between a user and a brand. Many brands repurpose UGC for their benefits and marketing, sharing brand-inspired customer testimonials and fan art across different social network platforms. For instance, GoPro, Inc. utilizes fan-generated content and promotes unique customer-created video content on their YouTube channel. In another instance, Amazon.com, Inc. utilizes customer reviews to get repositioned on the website. It helps the brands improve their ranking as approximately 70% actively seek online reviews before purchasing.
One of the effective ways to get consumer content is hosting contests on social media platforms, creating unique hashtags, and getting brands’ followers to contribute to that unique hashtag. With a UGC hashtag contest, brands encourage followers to share images/ videos on social media and use a particular hashtag. Customers can share social media posts to win prizes. Using such specific hashtags and popularizing them, their followers can push that hashtag to become a trend. It can help to enhance engagement with the target audience, build brand awareness, and consequently boost sales. In addition, it is important to use hashtags that set the brand apart from the competitors.
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User Generated Content Platform Market Segmentation
Grand View Research has segmented the global user generated content platform market based on product type, end user, and region:
UGC Platform Product Type Outlook (Revenue, USD Million, 2017 - 2028)
- Blogs
- Websites
- Advertising and Promotions
- Social Media
- Audio and Video (including live streaming)
- Others
UGC Platform End-user Outlook (Revenue, USD Million, 2017 - 2028)
- Individual
- Enterprises
UGC Platform Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Market Share Insights
- January 2021: InMobi, an Indian mobile advertising technology company, has planned to test monetization for content platform Glance.
- December 2020: Comscore, Inc., an American media measurement and analytics company, reported that the paid content combined with UGC boosted the conversion rate by 28%.
Key Companies profiled:
Some prominent players in the global user generated content platform market include:
- CrowdRiff
- Curalate
- Monotype Imaging Inc.
- Olapic Inc.
- Pancake Laboratories, Inc.
- Pixlee
- Stackla Pty Ltd.
- TINT
- TurnTo
- Yotpo
- Yuema Inc.
Order a free sample PDF of the User Generated Content Platform Market Intelligence Study, published by Grand View Research.
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