The report found out that Josh has the most number of monthly active users amongst Indian SFV platforms.
According to a new report, titled Demystifying India’s SFV Platforms, by Redseer Strategy and Consultants, homegrown Indian short-form video platforms like Josh, Moj, Chingari, MX Takatak, Josh, Sharechat, command a combined user base of over 250 million.
The report highlights that these platforms hold a special appeal to users in Tier-2+ cities, where approximately 70% of all online transactions occur. After TikTok's ban in 2020, Indian SFV platforms rapidly gained traction. Currently, 65-70% of their users are from Tier-2+ cities, driving the exponential growth witnessed post the ban.
Josh is the market leader amongst India SFV platforms in terms of monthly active users, the report found.
"With original, relevant and non-inflammatory contents for users, India SFV platforms are rated high on net positive customer sentiment; average NPS of India SFV platform is ~55% and for market leader, Josh, is ~62%," the report says.
The rise of SFV platforms has led to the emergence of influencers who have become pivotal in shaping trends and influencing purchase decisions. Currently, there are 3.5 million influencers shaping the platforms. These influencers, ranging from Micro to Elite categories, have found innovative ways to monetise their presence, earning an average of INR 1.5-2 lakh per month through advertising and live commerce.
Brands, recognising the potential of SFV platforms, are increasingly leveraging them for advertising campaigns. These platforms offer cost-effective channels to connect with their target audience, especially for Beauty and Personal Care (BPC) and Fashion brands.
Although in the nascent stages of monetisation, SFV platforms are swiftly gaining ground. Focused on ad revenue and influencer marketing, these platforms follow a trajectory similar to TikTok's success story. With ad formats including video ads, display banners, and influencer-driven campaigns, brands are experimenting with various strategies to harness the vast potential these platforms offer.
Mukesh Kumar, associate partner, Redseer, in a press note observed, “The growing popularity of Indian SFV platforms is a welcome development as it has furthered the ambit of digitization in India and is maximising value for platforms, brands and end-users through its data-led and language-inclusive approach. With the rise in disposable income among the dominantly Tier-2+ users, India’s SFV landscape holds multiple possibilities for monetisation. New-age models like live commerce and live gifting can prove to be feasible in raising the bar for monetisation.”