Following the news that video streaming platform Twitch is set to cut 500 members of staff this week — a third of its workforce — global consumer research company GWI has released data showing the state of play in the live streaming market.
GWI analysed the rise and fall of the livestreaming giant, which, at its peak in Q2 2021, had almost one in 10 consumers around the world tuning in to the platform each month. Since then, the number of gamers who say they livestream their own games has fallen by 19%.
Despite the decline, the data shows that over one in ten Gen Z are still watching Twitch on at least a monthly basis and around a third of Gen Alpha say they tune into a live video stream on a weekly basis, remaining steady since 2021.
Matt Smith, Trends Manager at GWI, said: ‘We can see that the popularity of live streaming overall has declined 8% over the past two years, rising to 11% among Gen Z. With the number of gamers livestreaming their own games falling by 19%, the data implies this could be an industry-wide issue, with less people engaging in the creator economy.
‘That being said, around a third of Gen Alpha (12-15s) say they tune into a live video stream on a weekly basis. And we’ve seen more competitors pop up in the live streaming space that may have drawn people away from Twitch – Kick and Rumble being the most notorious, while YouTube has put more weight into its live streaming offering – pointing to a potential shift in platform preference.’
In a note to the Twitch community, CEO Dan Clancy shared an email sent to current Twitch employees addressing the job cuts. He said the company was taking the ‘painful step to reduce our headcount’ to ‘build a more sustainable business’.
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