1. spin-off (n)
a product that develops from another more important product
2. segment (n)
one of the smaller groups or amounts that a larger group or amount can be divided into
3. monetisation (n)
the act of changing something into money, or expressing something as money or currency
4. reiki (n)
a treatment that involves directing energy from your hands into someone’s body to make them feel better
5. boom (n)
a period of sudden economic growth, especially one that results in a lot of money being made
6. marketplace (n)
a set of trading conditions or the business environment
Zoom launches paid-for live events with OnZoom
Video calling app Zoom has announced a system to let people pay for live “online experiences”. Called OnZoom, the new spin-off platform is launching in beta with live events for fitness, music and art online events.
Zoom said it had “added event discovery and monetisation features” for online versions of “traditionally in-person events”. That puts it in a segment of the market between major live-streaming platforms such as Twitch and YouTube, and one-on-one calls.
Joseph Evans, head of technology at Enders Analysis, says the decision comes as things that people used to think had to be done in person have been forcibly moved online during lockdown. “People are doing reiki sessions online, yoga online, medical consultations over video calls,” he explained.
The company said OnZoom was directly inspired by the sudden boom in businesses using its service during lockdown earlier this year. Among the launch partners is WW – formerly Weight Watchers – which will use the system for its virtual workshops.
Technology had previously been a major obstacle to such ideas, Mr Evans said – but Zoom, among others, proved that online classes could work during the lockdown. And the company has an opportunity for growth.
Building a marketplace means that Zoom can make things easier for those providing the service by centralising the booking and payment systems – and take a cut of the sales. “That’s the classic tech business model,” said Mr Evans. “Create a marketplace, and then you skim off a bit of the value.
Resource: https://www.bbc.com/news/technology-54538854
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