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Video Chat Market

Goals

To gain understanding of the video chat market size related to social events, with a focus on the United States. Examples of video chat companies include Rally and Predella. An ideal response would answer 3 research questions:

1. What percentage of the video chat market results from social events?
2. What percentage of social events, with more than five (5) attendees, occur online?
3. What are average costs of video chat services for social events?

Early Findings

Social Media Usage

  • Approximately 70% of Americans use some form of social media to remain connected to others, and nearly 80% have some form of social media account.
  • Facebook remains the most popular social media site among Americans for online social connection, though YouTube is gaining popularity as well.
  • In 2019, approximately 28% of adults in the United States report being online "almost constantly," and 81% reported being online daily.
  • Early 2020 surveys showed 97% of internet users have used social media within the past month, and 84% of internet users use some form of social media.

Online Events

  • Multiple video chat options exist to host online meetings with direct interaction of more than five (5) attendees, meeting the needs of various event types, such as Zoom, Spike, WeChat, Google Hangouts, Predella, and Rally.
  • Virtual events continue to gain popularity, leading event leaders to seek ways to make this transition smoother.
  • Hosting events online can be highly interactive, entertaining, and allow people to connect from across the nation and globe.
  • Multiple applications exist to host virtual gatherings, such as Predella and Rally, which allow more customizable events than the well-known Zoom app.
  • The CDC has recommended large in-person gatherings be avoided, which has made the ability to host events online an increasing need and choice for multiple event types.
  • Given the increasing reliance on virtual events, 60% of event planners have noted video technology as the most helpful option to enhance these events.

Market Impact

  • The global pandemic has had a significant impact on the video chat market, as this technology is in more demand.
  • Reports indicating specific statistics on the video chat market were not publicly available, yet this report is available for purchase via this link.

Summary of Early Findings Related to the Research Questions

  • The initial hour of research found information regarding online social media usage to remain connected.
  • Multiple options for virtual social gatherings using video chat were identified that accommodate more than five (5) attendees.
  • Specific statistics regarding percentages related to the video chat market size were not publicly available, though information did indicate this is a growing market. Specific information regarding percentages of virtual gatherings of more than five (5) attendees were not found, as information appears more platform-specific.
  • Information regarding costs of video chat services was not analyzed in depth during the initial hour or research, though this information does appear available for additional research.

Proposed next steps:

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