Close to 7% of Bolo Live’s paying users come from outside India: Tanmai Paul
Bolo Live Co-Founder and Chief Product Officer Paul noted that countries like UAE, Oman, Malaysia, Singapore, Saudi Arabia, Italy, Germany and Switzerland are showing strong traction
SynergyByte Infotainment, the owner of short-video platform Bolo Live, has big expansion plans in 2022 which include foraying outside India to South Asian countries. The company plans to bolster its app with new tech innovation besides launching new revenue streams for creators. Raising fresh capital also ranks high on the company’s priority list.
On the foray outside India, Bolo Live Co-Founder and Chief Product Officer Tanmai Paul said that the platform already gets 7% of its paid users from countries like UAE, Oman, Malaysia, Singapore, Saudi Arabia, Italy, Germany, and Switzerland.
“We are looking to grow our user base 5X over the next six months where we are primarily going to target the Gen Z and millennials. We already have close to 7% of our paying users coming from outside India. Countries like UAE, Oman, Malaysia, Singapore, Saudi Arabia, Italy, Germany and Switzerland are showing strong traction. We will soon be going to South Asia for live streamers and allow them to earn through the Made in India app, Bolo Live,” she stated.
Speaking about tech innovations, Tanmai said that Bolo Live is placed at a unique amalgamation of UGC live-streaming, gamification and microtransactions. “We are building towards strengthening in app gamified hooks for more enhanced interactions amongst content creators and their fans, to bolster democratisation of monetisation for content creators. We will be working towards AI and ML driven tools for both personalisation, recommendation, and moderation of content.”
The platform is also eyeing tech-driven product growth over the next few months which includes a solution for users to enable seamless social gaming within the app without any use of external tools.
“For instance, a live streamer does not have to bring their quizzing questions written on paper, but the app provides them the ability to select and read out questions on the screen from the question bank present on the platform. These are the kinds of tech innovations we are looking at in the coming days,” Tanmai said.
Bolo Live, Tanmai noted, has witnessed over 8X growth in net revenue over the last 12 months, with 9X increase in creator earnings from the platform over the last 12 months. She also revealed that 18 creators earned above Rs 1 lakh on the platform in 2021.
Further, the time spent by users on the app is close to 57 minutes on a daily basis already while 1 lakh+ monthly active live streamers spend close to 2 hours daily on the platform.
The company’s major focus area will be to further broaden the avenues on the app through which content creators may monetise the live interactions with their fans on the platform. New monetisation streams launched for creators in the next couple of quarters.
“We will be doubling down on existing large categories for us like Entertainment, Astrology and Life Experiences, while focusing on new categories like social gaming as well to further bolster the community effects and creator base while ensuring a better spectrum of content for the consumers on the platform,” Tanmai revealed.
According to Crunchbase, Bolo Live has raised $1.1 million funding till date. According to reports, the company has been in the market to raise $6-7 million. In December last year, Bolo Indya had raised $0.4 million led by Inflection Point Ventures.
Tanmai said that the funds raised recently will be used primarily on strengthening the team, product and scaling up. “We are currently focused on onboarding the talent which can contribute and build scalable architecture for the backend when it comes to technology and can help us enhance the user experience and execute efficient user acquisition when it comes to marketing,” she stated.
Going forward, Bolo Live will focus on managing data consumption and performance of the application in low internet bandwidth areas of the country. “We are already in the process of our next investment round, details of which shall be shared at the right time,” she said, without offering any details.
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