According to a report that was released on Friday, the monetization of the Indian short-form video market is on the verge of a breakthrough and might represent an opportunity of between $8 and $12 billion by the year 2030.
According to a survey by Redseer Strategic Consultants, Indian apps now compare favourably with global short-form apps and have a lead on content richness in three of the five major content genres. However, there are substantial differences in the offerings surrounding music/dance and dialogue/acting content. From its present level of $0.35-0.4 billion, the marketing spend on influencers is projected to be worth $2.8-3.5 billion in 2028. This is a significant increase from the current level.
According to Mohit Rana, Partner at Redseer Strategic Consultants, “In the present time, brands and influencers engage most commonly through intermediary agencies, which is a model that is broken and lacks efficiency.”
“There is a pressing requirement for a solution that is tech-enabled, transparent, and scalable. Creative marketplaces have the potential to close this gap “, he continued.
In order to improve client engagement and increase revenue, short-form video platforms and e-commerce platforms throughout the world are progressively concentrating their attention on video commerce.
Short-form video platforms are projected to grab 40 percent of the $8.11 billion to $10.3 billion video commerce market in 2030, despite the fact that video commerce is only getting started in India.
In addition, the findings of the survey demonstrated that Hindi is the most popular language for the consumption of content in metro areas and tier 1 cities, followed by English and several other regional languages.
Also, it was found that platforms for user-generated content (UGC) are building creator marketplaces, which have the potential to become a centralised network through which producers may engage with brands.
This can be to the advantage of both artists and businesses because it gives a platform for creators to display their work and helps brands locate creators who are a good fit for their projects.
The survey also underlined the fact that by the year 2030, it is anticipated that the market for virtual giving on short-form video platforms in India will reach $1.7 billion.