The CreatorWorld Influencer Conference opened in Singapore on Thursday with panels touting direct sales as a potential revenue driver next year — even as fears of a recession and shrinking marketing budgets surround an industry dependent on advertising dollars.
Creatorworld is an event under the umbrella of the Singapore Media Festival.
Big Tech representatives pointed to the relative maturity of live sales in Asia, where consumers are already familiar with the experience of influencers with multiple product demonstrations via live streaming, allowing customers to buy products from sellers in real time.
“Live streaming is an established phenomenon [in Asia]. You know, categories like electronics, fashion and beauty are very popular,” said Gautam Anand of YouTube. “An example from Taiwan, a creative team called Mr. and Mrs. Gao celebrated reaching 5 million subscribers. [live selling] five different t-shirt options. And they had 90,000 people on that live stream. The GMV (gross merchandise value) was very, very interesting. “
Koh Weng Wai of TikTok spoke about the popularity of the hashtag #TikTokMadeMeBuyIt, which has more than 17 billion hashtag mentions, as evidence of the platform’s cost-effectiveness and monetization power for sellers.
Koh also cited the effectiveness of the TikTok Creators Marketplace, an affiliate platform that connects brands directly with TikTok creators, cutting out many of the agencies that previously filled the space as middlemen. In a case study, it showed an average cost per customer acquisition of just $0.74 when brands use the TikTok Creator Marketplace.
The convention also revealed the broader and maturing business ecosystem revolving around online influencers. The companies listed offered a variety of services, such as back catalog monetization, artificial audio translation through a creative voice, and brand and personality relationship managers.
Singapore-based startup Nas Company also unveiled its new Nas.io platform product, which allows creators to reach audiences across multiple platforms. The company, started by vlogger Nusair Yassin, closed a Series A funding round of $11 million in 2021 to build the platform.
Despite the optimism about new product launches and revenue drivers, participants and participants were aware of the downside risk to their industry.
“It’s likely that if we hit a recession, the biggest budget that will be cut first is marketing. And that will affect creators,” said Ollie Forsyth of VC firm Antler.
This opinion was expressed by Ho Jia Jian, the founder of the online platform Viddsee. “The conversations we have [with brands]we are looking forward to it [cuts to spending]we’re seeing some pullback, but the demand for content has grown tremendously, so there’s still plenty of opportunity.”