Business News Desk!! The Indian short-form video market is on the cusp of monetization success and could potentially be worth $8 to $12 billion by 2030. This information was given in a report on Friday. According to a report by Redseer Strategy Consultants, Indian apps are now competing well with global short-form apps and there is a significant difference in the offerings of music/dance and dialogue/acting content. leading three of the top five content genres. The report forecasts marketing spend on influencers to grow to $2.8-3.5 billion in 2028 from the current level of $0.35-0.4 billion. Currently, brands and influencers mostly engage through intermediary agencies – a model that is broken and lacks efficiency, said Mohit Rana, partner, Redseer Strategy Consultants.
There is a need for tech-enabled, transparent and scalable solutions, he said. Creator marketplaces can bridge this gap. Globally, short-form video platforms and e-commerce platforms are increasingly focusing on video commerce to drive customer engagement and sales. In India, video commerce is just nascent, with short-form video platforms expected to capture 40 percent of the $8-11 billion video commerce market in 2030. Furthermore, the report revealed that the preferred language for content consumption in metros and tier 1 cities is Hindi, followed by English and other regional languages. It has also been observed that user-generated content (UGC) platforms are developing creator marketplaces which can become a centralized network for creators to connect with brands. This can benefit both creators and brands, as it provides a platform for creators to showcase their work and a platform for brands to find suitable creators to work with. The report also states that virtual gifting on short-form video platforms in India is expected to be worth $1.7 billion by 2030.
–IANS
SKK/SKP