New Delhi, Nov 8 (IANS): India now has reached 250 million (25 crore) users on short-form video platforms, with around 70 per cent of them coming from tier-2 cities and other semi urban and rural centres — often from middle and high-income backgrounds, a new report showed on Wednesday.
About 64 per cent of the user base on Indian SFV platforms comprised individuals up to the age of 25 years.
Less than 3 per cent of Indian SFV users are mature users. according to the report by market research firm Redseer.
The user-generated influencers (UGC) content platforms have helped create an ecosystem of 3.5 million influencers or new-age celebrities who serve as the growth engine of SFV platforms in the country.
The TikTok ban in 2020 left a major content gap that was quickly filled by the rise of both Indian and international short-form video platforms.
As 40 per cent of the users have been conducting online transactions on these platforms, the opportunities for monetisation are manifold.
It has been observed that monetisation facilities across ecommerce, online gaming and OTT video streaming sites are gaining popularity among users, the report noted.
“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,” said Mukesh Kumar, associate partner at Redseer.
New-age models like live commerce and live gifting can prove to be feasible in raising the bar for monetisation, he added.
While global SFV platforms may be popular among urban users, Indian SFV platforms have witnessed greater uptake among audiences in non-metro and semi-urban areas mostly owing to the availability of quality regional-language content created by local talent.
Around 45 per cent of Indian SFV users reside in semi-urban and rural centres and interact with a diverse set of internet platforms ranging from gaming to e-commerce.
“Content led by the ‘hook and hero’ narrative is effective in reaching out to diverse user demographics. SFV platforms are home to original and relatable content which is seen to have grown to 99 per cent in 2023, in comparison to 92 per cent in 2022,” the report mentioned.