Firework, Silicon Valley based Video network app for iOS and Android devices, announced their strategic partnership with Lightstream, a branded content studio owned by Rainshine Entertainment. As Firework’s preferred partner Rainshine Entertainment will build branded content and provide brands the opportunity to experience the Firework platform. This collaboration is in line with Firework’s overall strategy to create a profitable, high-quality, curated content platform to meaningfully connect brands, creators and engaged audiences.
Firework entered India in October 2019 and has emerged as a leader in innovation in the short-video programming segment. With Lightstream, Firework will offer customized solutions to brands with the art of storytelling at its core. Lightstream will also leverage Firework’s intelligence across platforms and its network of creators to provide opportunities for brands to optimize reach through innovation, and experience the power of short-video format.
According to a report on Statista, India stands 4th in social media ad spending. Ad spending in the Social Media Advertising segment will amount to US$3,770m in 2020 and is expected to show an annual growth rate (CAGR 2020-2023) of 7.4%, resulting in a market volume of US$4,677m by 2023.
Another study by Forrester indicates that value-added formats like video have been the primary drivers of revenue per user on social platforms. Social video advertising spend will grow from $17.6 billion in 2018 to $56.5 billion in 2023 — a compound annual growth rate (CAGR) of 26.3 per cent. All these agree with Firework’s effort to drive revenue through short videos.
Speaking on this collaboration, Sunder Venketraman, head of content Monetization & Revenue, said, “We are thrilled to partner with Lightstream. They have a team of passionate professionals with tremendous experience in content and communications aspects of media. Through this partnership, brands and creators can now leverage the Firework platform to maximize their marketing spends. We look forward to Lightstream enthralling the audience on Firework with some iconic and diverse content.”
A creative professional with a keen business eye, Bala Iyengar, co-CEO, Lightstream, said, “Our partnership with Firework presents an exciting opportunity to offer brands a unique platform dedicated to the new age format of short video content. From developing brand-related content to placement and commerce, we will provide the full content-to-commerce universe attracting brands. Keeping in mind the profile of audiences and the interface of the platform, we will leverage our expertise and Firework’s network to offer customized, innovative content to those seeking to engage in compelling storytelling.”
(We got this information in a press release.)