Singapore's Bigo expects Web3 to fuel livestreaming growth

SINGAPORE -- Singapore-based Bigo Technology, which operates the livestreaming platform Bigo Live and short-form video app Likee, wants to tap the burgeoning multibillion-dollar creator economy to grow its network and user base around the world.

Over 50 million people now consider themselves to be creators on social commerce platforms, according to data from venture capital firm SignalFire. They create entertainment or educational content that is shared on the platforms, often connecting a brand to its potential consumers. Celebrities also use these platforms to connect with their fans and other content creators.