Ad spends on short-form video platforms have grown 3X in the last six months: RedSeer
The report also stated that there is a mismatch between ad spend and time spent. Though 7% of time is spent on short form video, less than 1% of ad dollars is spent on these platforms
The advertisement revenue from Indian short form space has been growing at a rapid pace and has tripled itself in just 6 months, according to the latest report released by homegrown consulting firm RedSeer Consulting. The report stated that there is a mismatch between ad spend and time spent. Though 7% of time is spent on short form video, less than 1% of ad dollars is spent on these platforms.
The report noted that short form content has grown 1.37x in terms of monthly active user (MAU) and 1.1x in terms of daily active users from June 2020 when 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 continuous increase in engagement outside top-50 cities and currently accounts for 9% of time spent on overall content consumption, according to the report.
According to the report, Facebook and Instagram have jumped on the bandwagon by “converting” social media time to short-form video. While overall time spent growth has been organic at 8%, non-social media (short form video) time has grown at 57%, indicating not just the growth in short form video, but also a shift from social media consumption to short form video.
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 last 2 quarters due to 1) Improvement in filter tools leading to users becoming creators at a higher pace, 2) Access to studio and high-quality content creation facilities for large influencers, and 3) Growing “mainstream-ing” of the space for advertisers leading to higher monetisation for creators.
As per the report, both Josh and Moj have seen a good jump in user and creator NPS largely driven by 1. With users seeing more personalisation, fresher and more filtered content, 2. And creators having access to new tools, increased reach and more collaboration opportunities.
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