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- The overall time spent growth in social media grew ~8%, while the time on non social media has grown at 57%: RedSeer
According to the latest report released by homegrown consulting firm RedSeer Consulting, Shortform Content has grown 1.37x in terms of the monthly active user (MAU) and 1.1x in terms of daily active users from June 2020 when the Chinese app TikTok was banned in India.
Despite the TikTok ban, domestic apps have significantly grown in the past one year and short-form video continues its growth journey as it shows a continuous increase in engagement outside top-50 cities and currently accounts for 9% of time spent on overall content consumption, according to the report.
The report adds that while global social media dominates in the Top 50 cities, Indian Social Media platforms and short-form video platforms garner a major chunk of share in the ROI. Further, while the overall time spent growth in social media has been organic at ~8%, non-social media (short-form video) time has grown at 57%, indicating a shift from social media consumption to short-form video.
While traffic has increased, content creation velocity has grown 4.4x in the last 2 quarters due to:
- Improvement in filter tools leading to users becoming creators at a higher pace
- Access to studio and high-quality content creation facilities for large influencers
- Growing “mainstream-ing” of the space for advertisers leading to higher monetization for creators
Both Josh and Moj have seen a good jump in user and creator NPS largely driven by
- With users seeing more personalisation, fresher and more filtered content
- And creators having access to new tools, increased reach and more collaboration opportunities.
Sharing his thoughts, Ujjwal Chaudhry, associate partner at RedSeer, said,
“While shortform video ad monetization is still at a nascent stage, and accounts for less than 1% of the digital ad spend, the ad revenue in the sector has grown more than ~3X in last 6 months and as the user base continues to rise, ad revenue will continue to grow. Live stream gifting and live e-commerce are also showing early signs of growth and will form an important monetization opportunity for shortform players,”