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Platforms do battle to secure content creators

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South Korean platforms are vying to attract content creators, offering innovative incentives and investments, as the market booms.

According to multiple sources from the information technology (IT) industry on Sunday, live-streaming platform SOOP, which recently rebranded from AfreecaTV, introduced the Hello SOOP project.

This initiative lowers the entry barriers for streamers with at least 100 hours of activity on other platforms to qualify for the Best Streamer status on SOOP. Best Streamers benefit from a reduced revenue-sharing ratio, keeping 70 percent of earnings from virtual gifts such as star balloons, compared to the usual 60 percent.

SOOP is also launching a program through its Content Support Center to back streamers with funding of up to 10 million won ($7,000) for creative broadcasting ideas, along with technical and promotional support.

The platform also plans to appoint popular streamers as honorary ambassadors to collaborate with new creators in their videos.

The competition is especially intense in the burgeoning VTuber (virtual YouTuber) market, where 3D avatars take center stage. VTubing requires specialized equipment and technology, and platforms are stepping up their support.

Naver is building a motion capture studio called Motion Stage in the basement of its new headquarters in Pangyo, Gyeonggi Province, slated for completion in the first quarter of 2025. The facility will enable VTubers active on Naver‘s streaming platform, CHZZK, to produce high-quality content.

To attract new creators, platforms are hosting contests and offering substantial incentives. Naver plans to recruit 5,000 Clip creators for the first half of next year, promising awards of up to 10 million won for creators with high viewership or rapid growth. The initiative is part of a 7 billion won support package to foster talent.

The focus on creators stems from their significant economic impact.

According to Forbes, the global creator economy was valued at $104.2 billion last year.

A report by Adobe, titled “The Future of Creativity,” revealed that since 2020, Korea has seen 11 million new creators, bringing the total to 17 million.

These creators, defined as individuals who produce and share content such as articles, photos, or videos at least once a month, play a pivotal role in the content ecosystem.

The economic potential of popular creators is exemplified by streamer woohankyung, who recently moved from CHZZK to SOOP. In her debut stream on SOOP on December 1st, 2024, she earned 206,830 star balloons, or the equivalent of 22.75 million won.
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