Indian short-form video apps emerge as formidable competitors to global tech giants: Redseer Report
The report highlighted that due to the large and growing population of smartphone users, SFV apps have already gained significant popularity in India.
According to the latest report by Redseer Strategy Consultants, the adoption and engagement of SFV apps in India has continued to grow. The leading players have approached the global players in terms of scale while having a similar level of commitment. The report highlighted that due to the large and growing population of smartphone users, SFV apps have already gained significant popularity in India. The content library of Indian SFVs meets the needs of India – linguistically and culturally diverse.
Indian apps compare well with global short-form apps, leading in terms of content depth in 3 of the top 5 content genres, with significant margins in music/dance and dialogue/acting.
Additionally, the report revealed that Hindi is the preferred language for content consumption in metros and Tier 1 cities, followed by English and other regional languages. While regional languages find an audience across India, it is preferred only in cities above tier 2.
According to the report, India’s short form video (SFV) market monetization is on the verge of breakout and could represent an $8-12 billion opportunity by 2030.
For brands, influencer marketing is becoming an increasingly popular marketing strategy in India. The report predicts that influencer marketing spending will reach $2.8 billion to $3.5 billion in 2028, up from the current level of $0.35 billion to $0.4 billion. The results highlighted the need for a technology-enabled, transparent and scalable solution to engage influencers and brands.
The report also observed that user-generated content (UGC) platforms are developing creator marketplaces that could become a centralized network for creators to connect with brands. This can be beneficial for both creators and brands as it provides a platform for creators to showcase their work and brands to find suitable creators to work with.
“Currently, brands and influencers mostly engage through intermediary agencies – a broken and inefficient model. Agencies can significantly reduce compensation for their services, which can reduce the amount of money influencers receive. So a tech-compatible, transparent and scalable solution is needed. Creator marketplaces can bridge this gap,” says Mohit Rana, Partner, Redseer Strategy Consultants
All over the world, we are seeing short form video platforms and e-commerce platforms increasingly focus on video commerce to increase customer engagement and increase sales. Video commerce has just taken off in India, and short-form video platforms are expected to account for about 40% of the $8-11 billion video commerce market by 2030, with the top three categories being fashion, beauty and personal care, and packaged food and beverages.
The report also highlighted that virtual gifting on short-form video platforms in India is expected to reach $1.7 billion by 2030.