BEIJING, July 27, 2022 /PRNewswire/ -- Infobird Co., Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a leading provider of AI-powered customer engagement solutions in China, today announced that it has been engaged by Shanghai Ximalaya Technology Co., Ltd ("Ximalaya"), a leader in China's online audio industry, to optimize Ximalaya's service quality and improve customer experience by utilizing Infobird's "Intelligent Interactive Training" solution. This agreement represents Infobird's entry into the expanding online audio industry in China, and opens a new chapter for both parties to work together to deepen cooperation, and promote high-quality user services.
Ximalaya is the leading online audio platform in China, with a rich audio content ecosystem, bringing together hundreds of millions of free audio contents such as audiobooks, children's stories, comic books, Peking Opera, news segments and radio stations. The mission of the Ximalaya platform is to empower people to share wisdom and embrace a better life via voice. Ximalaya has connected hundreds of millions of people across China and built a platform for content creators and users to grow together. By 2021, and according to Ximalaya, approximately 340 million pieces of content in its audio library containing 101 categories have been accumulated on the platform.
With the rapid expansion of mobile Internet in China, the public can easily receive massive amounts of information through smart terminals such as cell phones. This information fills up everyone's "fragmented" time, among which audio has become one of the most important ways to obtain content in people's lives, and the "audio economy" has flourished in recent years.
According to a survey by Frost & Sullivan, the user scale of China's Internet audio market is close to 500 million in 2019. It is expected that with the gradual rise of knowledge payment and the full use of "fragmented" time, the value of Internet audio content is expected to continue to grow, and the user scale is expected to exceed 700 million people by 2023. China's Internet audio market size grew from about 3 billion RMB in 2014 to nearly 10 billion RMB in 2019, with a compound annual growth rate of nearly 30%. As the willingness of cell phone users to pay for content further increases, the market size is predicted to exceed 14 billion RMB by 2023.
The huge market scale and user groups make the competition in the online audio industry increasingly fierce, and therefore improving service experience to retain users has now become one of the major areas of focus for enterprises' operating in the online audio industry. In this cooperation, Ximalaya will utilize Infobird's "intelligent interactive training" product to conduct comprehensive training and assessment for customer service personnel, covering hundreds of service scenarios as well as knowledge points, and helping Ximalaya to build an exclusive intelligent practice platform. In the simulated service scenario, the customer service personnel will conduct in-depth communication skills practice and assessment with the AI-played "virtual users" to enhance their own skills and product awareness, helping the customer service personnel to communicate with users with unified service and skills standards when facing real users, improving user service experience and helping to build brand image and competitive barriers.
As a leading AI SaaS software provider in China, Infobird is committed to making enterprises' customer engagement more personalized and intelligent. As an innovative intelligent training product, Infobird's "Intelligent Interactive Training" penetrates AI and SaaS technology into all aspects of corporate marketing and customer service training to achieve the dual upgrade of training management and supporting market growth. In the future, Infobird hopes to deepen cooperation with Ximalaya, accelerate the application of "intelligent interactive training" in the online audio industry, and continue to energize the development of the "online audio economy" with intelligent technology.
About Infobird Co., Ltd
Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China. For more information, visit Infobird's website at www.Infobird.com.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "future," "expects," "believes," and "intends," or similar expressions, are intended to identify forward-looking statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events, results, conditions or performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date they are made. In evaluating such statements, investors and prospective investors should review carefully various risks and uncertainties and other matters identified in the Company's filings with the U.S. Securities and Exchange Commission. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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