Just like its international counterparts like Facebook Live and Periscope, China's major social networking platform Weibo is also cashing in with its live video streaming feature. Between April and June, Weibo users created more than 10 million live broadcasts, a surge of more than 116 percent compared to its performance within the first three months of the year.

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Aside from casual individual users, Weibo Live is also used by brands and notable media outlets to deliver content to users. Although some of the features of Weibo are hauntingly familiar with those from Periscope and Facebook Live, the absence of the latter two platforms in China has made Weibo Live a refreshingly new platform for users.

Moreover, Weibo Live allows users to share virtual gifts which cost real world money, a feature not supported by Periscope and Facebook Live. These virtual gifts serve as a compliment or a token of appreciation for the live stream host. The broadcaster can then convert these virtual gifts into real world cash.

This live streaming craze has created a new market for Chinese tech broadcasters. According to Tech in Asia, a 23-year-old web celebrity has been able to earn up to $150,000 through her online streams. She turned her project into a media startup this year and managed to attract $1.9 million in venture capital funding.

According Tech Node, to attract user interest Weibo Live is tapping notable celebrities by allowing verified accounts to be used for live streaming. Although a handful of Chinese live streaming sites have already embraced this strategy, Weibo, with its all-encompassing coverage, has managed to be the leader of the bunch.

Tagsweibo, Weibo Live, Live Video streaming, Live Video, Periscope, Facebook Live