A report on Thursday revealed that India has hit 25 crore or 250 million users on short-form video platforms, with approximately 70 per cent hailing from tier-2 cities, semi-urban, and rural areas of the country. According to a report by Redseer Strategy Consultants, the users of short-video platforms predominantly belong to middle and high-income backgrounds. Additionally, around 64 per cent of the user base on these platforms in the country consists of individuals under 25 years of age.
Around 64 per cent of users on Indian short-form video (SFV) platforms are under 25 years old. The report from market research firm Redseer indicates that less than 3 per cent of SFV users in India fall into the mature user category.
The 2020 ban on ByteDance-owned TikTok created a deep content void, which was quickly filled by homegrown and international short-form video platforms. With 40 per cent of users engaging in online transactions on these video platforms, the potential for monetisation is huge. The report also noted that monetisation facilities across e-commerce, OTT video streaming sites and online gaming are gaining popularity among users.
As per the Redseer report, User-generated influencer (UGC) content platforms have contributed to the development of a network comprising 3.5 million influencers or modern-day celebrities. These influencers act as the driving force behind the growth of SFV platforms in the country.
Innovative models such as live commerce and live gifting hold potential in elevating the standards for monetization, the report added. Although global short-form video (SFV) platforms are attracting urban users, Indian SFV platforms have experienced higher adoption among non-metro and semi-urban audiences, primarily due to the availability of high-quality regional-language content produced by local talent.
“The growing popularity of Indian SFV platforms is a welcome development as it has furthered the ambit of digitisation in India and is maximising value for platforms, brands and end-users through its data-led and language-inclusive approach,” Mukesh Kumar, associate partner at Redseer, said in a statement.