BENGALURU: Nearly 40 per cent of the popular Chinese short video app Tik Tok’s market has been captured by homegrown start-ups, finds a new survey by Redseer. According to the research and advisory firm, Bytedance’s Tik Tok had captured 85-90 per cent of the short-form content market with Indians spending 165 billion minutes on an average per month on its platform.
Post the Indian government banning Chinese apps, however, Tiktok’s user base gradually shifted to homegrown apps riding on strong voices for a self-reliant technology in the country. Tik Tok was estimated to have more than 120 million users in India. The study surveyed 8,000 consumers of which 77 per cent were aware of at least one of the Indian short-form video apps.
In October this year, Redseer estimated the homegrown apps to have captured 67 per cent of the short-form content market with average time being 55 billion minutes spent monthly on these platforms. Dailyhunt’s Josh has emerged as the leader in the space in overall experience with the highest index score of 56 out of 100.
This was followed by InMobi’s Roposo (40) and Times-owned MX Takatak (38). However, 60 per cent of the Tik-Tok’s market is not captured due to factors including lack of quality content, lesser number of posts, value proposition of players and lesser tools for content creation. The report also suggests that the short form content market will grow 4X by FY25 with 580 million user base. The short-video/ content apps currently have 275 million users.
“Content consumption in India is growing faster than global growth. Users need free and bite-sized entertainment, which is not offered by OTT. Plus, a wide gap exists between free and paid OTT users implying need for low-cost entertainment and a stronger need-gap for short-form,” said Ujjwal Chaudhry, Associate Partner at RedSeer Consulting.
Short-form market in India to grow manifold
With the number of internet users in India set to grow from 600 million to 970 million over the next five years, the short-form market is also estimated to grow by 4X on total time spent and reach to 400-450 billion minutes a month from 110 billion minutes. This would benefit players like Rosh, Roposo, MX and Takatak.