Youtube just held its annual Brandcast event, where it dropped some major bombs.
CEO Susan Wojcicki announced they would be axing its “Originals” program, and instead, they have a new focus on live shopping.
YouTube showcased a demo where two creators could join the same live stream and co-host events.
Creators are incentivized to host these events because they get exposed to a new audience while at the same time doubling the potential draw for each event. Smart move.
Viewers will be able to purchase the items shown in the events by tapping on a built-in “view Items” button.
In addition to these features, YouTube will add a “shopping” section to its menu, which will allow people to find these live events.
I found this GIF on their blog showcasing this.
The Rise Of Shopping Influencers
Ad rates are down for media companies like Youtube and Facebook because of the Apple IOS updates and the move by all companies towards privacy.
Live Commerce could be a completely new source of revenue for media giants, which is why you see them all rushing to make this happen. TikTok released its live shopping feature last year with mixed success.
In China, Live commerce drives a massive amount of sales.
Li Jiaqi is a Chinese influencer who sold over 1.9 billion dollars of goods in 12 hours on Taobao during a live commerce event.
Yes, you heard me right, 1.9 BILLION.
They call him the King of Lipstick.
Yea, Id probably slap on some lipstick too, if I could sell 1.9 billion dollars in 12 hours.
Will it work?
Well, it’s defiantly already working in China, but the real question is will it work in the U.S.
While nothing has gained significant traction yet, I believe it will happen.
If you go look in the “Live” tab on youtube, you will see quite a few streams that have over 30k viewers at a time, so YouTube has a good chance
Big media is incentivized more now than ever to make this work, with down ad rates.
If Live Commerce doesn’t work, I think integrating e-commerce natively into these platforms will still become a popular feature.