The rise and rise of short video platforms in India

Till a few years ago, it was a difficult proposition to tell a story in less than 15 seconds. However, the proliferation of many media platforms has destroyed all preconceived conceptions of storytelling. It is important to note the prevalence and appeal of short video platforms, which grew significantly, particularly during pandemics.

Marketers and advertisers attest to the effectiveness of these short video platforms, the unique form of storytelling mediums, in reaching out to their target audience, particularly employing influencers.

As per a 2021 RedSeer Consulting study, over the previous year, Indian short-form applications effectively onboarded between 30% and 35% of new users, while successfully retaining 67% of TikTok customers. The term “micro influencers”, which refers to individuals from metro areas to Tier 2 and 3 cities, has been coined by these platforms.

Short video platforms offer consumers and artists an engaging experience and plenty of stimulus in the fast-paced world of today. These platforms are used by users from all over the world to advertise their businesses, forums, concepts, and aspirations. According to a survey by Bain and Company, 20% to 25% of users on short video platforms are between the ages of 25 and 35 years, while the majority of users are under the age of 25 years. Short video platforms like MX Takatak, Moj, Chingari, Tiki, Josh, and others have the potential to inspire the nation’s youth due to their sizable user bases of millennials and Generation Z.

Trends that are dominating the industry

The creator economy is booming worldwide, but social platforms are still desperate to provide promising monetisation methods to their creators. From tech giants to start-ups, everybody is bidding on the next generation of social media – multiverse. Application of 5G and growing Internet penetration are making markets like India the next stop for their global business.

These trends include:

• Increasing the impact of influencers
• Celebrities as digital content creators
• Modifying monetization models
• The popularity of NFTs
• User generated content on fun and entertaining dance & dialogue challenges
• Increase in LIVE video streaming
• Shoppable videos will be big

This not only makes short video platforms a one-stop solution for entertainment and online shopping, but also works well for various brands that are always on the lookout to reach new audiences.

A spokesperson from Chingari pointed out, “The creator economy is now a multibillion-dollar industry that has helped launch the careers of some of the world’s most famous people. According to one estimate, this generation of micro-entrepreneurs will be worth $104.2 billion by 2022. Creators and influencers are becoming more professional in their approach to creating content and managing their careers. Global brands and corporations have figured out how to use this new media environment for advertising and marketing.”

The spokesperson further said, “Because of their fame and admiration among their fans and followers, successful content creators are frequently compared to film stars and celebrities. Viewers have a more personal relationship with the creators than previous era stars. Production companies and music labels are now approaching creators and influencers to promote their content and gain maximum exposure. Factors such as rising Internet usage and globalisation of content consumption have allowed the creator’s economy to expand significantly.”

Sakina Arsiwala, Co-Founder, Taki, said, “The paradigm shift from TV to OTT platforms is primarily due to the fact that viewers can directly access these platforms on the go. Since viewers can access OTT platforms from their mobile phones and laptops, the reliance on television has declined in the last few years. Further, OTT platforms have opened doors for the consumption of both global and domestic content at a much higher pace when compared to the DTH services.”

Elaborating on the growing community of content creators in India, Ian Goh, Co-founder & CEO, Tiki, said, “The passion of the Indian creators has acted as the foundation stone of Tiki. Every creator success story is a win that we are adding value to the creator economy. There is exuberant talent in India and they don’t hesitate to showcase their forte to millions. They never run out of ideas to create their own original work. In addition to short video creation and live streaming, Indian creators love forming their own communities and organizing offline meetups to give back to their communities. Short video platforms for them are not just a place to create and watch content, but also to socialize, make friends and benefit society at large. If a platform is providing its creators the space to network with one another and expand their connection online and offline,  it is an evident sign that they are rooting for the platform.”

Live-streaming ecosystem

Understanding consumption patterns, Chingari powered by GARI has launched its LIVE feature, which provides a platform for users and creators to connect and share content that is important to them. Whether it's a session on the importance of Mental Health by an influencer or a session by an upcoming singer showcasing her talent for her followers, LIVE Streaming aids in real-time engagement and will only grow in popularity in the coming years.

Live streaming is all about connecting Creators with their fans, building a relationship & interacting on the Tiki live metaverse. Tiki encourages their creators to build a virtuous circle involving both short video and live streaming creators: this helps creators of both dimensions to understand each other’s content and try to adapt that. They keep strict moderation for live streaming as they have been doing for the short videos, in order to ensure a safe environment and decent content. Tiki’s aim is to create original content and along with that, They support healthy, decent, high-quality, and entertaining content for our live streaming.