DUBLIN--(BUSINESS WIRE)--The "User-Generated Content Platform Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
Global User-Generated Content Platform Market was valued at USD 4.26 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 26.38% through 2028
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 application of user-generated content (UGC) for brand advertising and marketing purposes has grown explosively in recent years, the emergence of online shopping and the growing consumer aversion to intrusive marketing techniques, many advertisers and brands have turned to user-generated content to engage and connect with their customers.
User-generated content shared via social media may have more power and influence than other sources because it is transmitted by a reliable information source embedded in a consumer's network. Social media allows consumers to share their opinions and exert individual and collective influence on other consumers and brands which propels the application of user generated content.
Key Market Trends
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 attributable 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 keep 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 its YouTube channel. For 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.
User-generated content platforms help to promote creative designers and performers. It also encourages innovation and creativity by bringing together all types of talent on a single platform. Instagram has emerged as the most popular social platform for user-generated content, with thousands of businesses adopting the trend of posting user generated content to build brand loyalty and extend their reach.
One of the effective ways to get consumer content is by 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. A user-generated content strategy can be remarkably effective, as demonstrated by Adobe and their Instagram campaign #Adobe Perspective, which enabled designers to freely publish their original works and Adobe planned to interact with members of various other groups.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 178 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.26 Billion |
| Forecasted Market Value (USD) by 2028 | $17.51 Billion |
| Compound Annual Growth Rate | 26.3% |
| Regions Covered | Global |
Key Market Drivers
Key Drivers of Growth in the Global UGC (User-Generated Content) Platform Market
- Internet Penetration and User Base Expansion: The increasing global internet penetration rate has led to the expansion of the potential user base for UGC platforms. As more regions gain internet access, billions of new users come online, increasing the demand for platforms that facilitate content creation, sharing, and engagement.
- Proliferation of Smartphones: The widespread adoption of smartphones equipped with advanced cameras and internet connectivity has made it easier for individuals to create and share content on the go. Smartphones' convenience and portability have led to a surge in user-generated content, particularly in the form of photos and videos shared on social media platforms.
- Dominance of Social Media Platforms: Social media platforms like Facebook, Instagram, Twitter, Snapchat, and TikTok heavily rely on user-generated content. These platforms encourage users to share their thoughts, experiences, photos, and videos, driving user engagement and content creation. The popularity of these platforms boosts the demand for UGC tools and technologies.
- E-commerce Integration: User-generated content, such as product reviews, customer photos, and testimonials, plays a crucial role in the success of e-commerce. Consumers seek peer reviews and authentic user experiences when making purchasing decisions. The integration of user-generated content into product pages and marketing strategies is on the rise, driving the demand for UGC platforms.
- Influencer Marketing: Influencer marketing has become a major industry within digital marketing. Influencers create and share content related to products, services, and brands, leveraging user-generated content to establish trust and credibility among their followers. UGC platforms facilitate brand-influencer collaborations and content campaigns.
- Content Personalization and Recommendation: User-generated content provides valuable data for content personalization and recommendation systems. Algorithms analyze user-generated content to understand user preferences and behaviors, offering tailored recommendations. Content personalization enhances user experiences and engagement on UGC platforms.
- Building User Trust and Authenticity: User-generated content is perceived as more authentic and trustworthy than traditional advertising and brand-generated content. Brands that encourage and leverage user-generated content can benefit from increased credibility and user trust, driving sales and brand loyalty.
- Technological Advancements: Advances in artificial intelligence (AI), machine learning, and data analytics have improved UGC platforms' capabilities. AI-driven algorithms enhance content recommendation, moderation, and creation tools, making user experiences more engaging and relevant.
- Globalization and Multilingual Support: UGC platforms facilitate cross-cultural interactions and content sharing, attracting a global user base. Platforms that accommodate diverse languages, cultural nuances, and user preferences are better positioned to expand their reach.
- Monetization Opportunities: UGC platforms offer opportunities for content creators to monetize their content, including advertising revenue, sponsorships, affiliate marketing, and crowdfunding. Monetization motivates individuals to produce high-quality content, enriching the UGC ecosystem.
Key Market Challenges
- Content Moderation Challenges: Ensuring that user-generated content adheres to legal, ethical, and community guidelines is a complex challenge. The scale and volume of content, balancing free expression and safety, and evolving content types like deepfakes pose moderation challenges.
- Privacy and Data Security Concerns: UGC platforms collect and handle user data, making data breaches and misuse of personal information significant concerns. Compliance with privacy regulations and obtaining user consent for data collection are essential.
- Fake News and Misinformation: UGC platforms face challenges in verifying the accuracy of user-generated content and combating the spread of fake news and misinformation. Striking a balance between content verification and free expression is crucial.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global User-Generated Content Platform Market.
- Wyng, Inc.
- Taggbox.com
- Grin Technologies Inc.
- Brandbassador
- CrowdRiff
- Upfluence
- TINT
- Monotype Imaging Inc
- Pixlee TurnTo
Report Scope:
Global User-Generated Content Platform Market, By Product Type:
- Blogs
- Websites
- Advertising Promotions
- Social Media
- Audio and Video
- Others
Global User-Generated Content Platform Market, By End- user:
- Enterprises
- Individual
Global User-Generated Content Platform Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- Egypt
- UAE
- Israel
For more information about this report visit https://www.researchandmarkets.com/r/km65eg
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