Livestreamed shopping is exploding after the pandemic has put the focus on new ways to shop, blending influencers with salesmanship.
Popshop Live is a new startup that has closed a Series A funding round of $20 million. It gives the livestreamed shopping experience company a valuation of around $100 million. The funding round was led by Benchmark, with participation from TQ Ventures (Andrew Marks, Schuster Tanger, and Scooter Braun’s firm), Mantis VC (The Chainsmokers’ VC vehicle), Access Industries and SV Angel – along with previous seed investors.
Popshop isn’t disclosing how many sellers are now on its platform, but says the figure has jumped 500% in the last three months. Sellers on Popshop Live are seeing gross merchandise value of $500,000 with 80% of customers returning within 30 days to buy again.
Popshop was founded by Danielle Li as a way to connect to millennial and Gen Z shoppers who want a more personal connection to the gear they buy. The whole concept feels like QVC or the Home Shopping Network meets TikTok. Don’t like the product you’re seeing? Swipe right for a new video and a new presenter.
Online shopping networks are a new frontier for the tried-and-true eCommerce devotees. Livestream commerce has taken off in Asian countries like China and South Korea. Popshop and Talkshoplive are hoping to bring that appeal and selling staying power, to the West.
“Livestream commerce is not just a trend in China and through the pandemic, it is an emerging multi-billion-dollar phenomenon whose growth is accelerating every day,” says Benchmark’s Matt Cohler. “Dan Dan has created something fundamentally new, unbounded, and powerful. Her tenacity and commitment to her vision of creating a marketplace for culture is singular.”
That descriptor, ‘a marketplace for culture’ is exactly why livestreamed shopping is exploding.
Talkshoplive has also closed a $6 million seed funding round. That gives the Los Angeles-based eCommerce platform a valuation of $75 million. Celebrities from across the spectrum have embraced Talkshoplive to connect with their audiences.
Paul McCartney, Garth Brooks, Trisha Yearwood, Dolly Parton, Alicia Keys, Meghan Trainor, Tim McGraw, and Oprah Winfrey are just a handful of those celebrities who have joined. In the first half of 2021, Talkshoplive’s company sales grew on average 85% month-over-month. The company says its Q1 2021 sales increased 440% compared to the year before (without disclosing actual numbers).
Shoppable video content created on platforms like Talkshoplive and Popshop Live could be the future of music industry merchandise, too. This content can be shared and embedded across multiple sites, including social media platforms.