TikTok: Homegrown apps seize 40% market share of TikTok since ban: Report – Newest Information
New Delhi: Josh-led short video-making apps led by Josh have captured 40 percent of the market share of their Chinese rival TikTok since the Indian government banned them along with other apps in June this year, according to a new report.
A huge loophole was created after the TikTok ban and nearly 170 million TikTok users looked for options to entertain themselves cheaply.
TikTok, which had nearly 85 million users in India in June 2018, surged to over 167 million users by June 2020 when the platform was banned due to national security concerns.
Indian content players like Dailyhunt (owned by Josh who is currently the leading domestic platform) saw a great opportunity here and launched apps like MX TakaTak, Roposo, Chingari, Moj Mitron, Trell and others to fill the big void.
Even Facebook (Reels) and YouTube (Shorts) have started offering short videos in the app, considering that short form videos are increasing in content.
According to Bengaluru-based marketing consultancy RedSeer, the Indian platforms have captured a 40 percent share of the TikTok market and Josh is the content leader because of the quality of the content, extensive content library and the ability to decipher user preferences to get the right results .
“New shortform players have been able to offer users a holistic experience that involves high quality content creators,” said Anil Kumar, Founder and CEO of RedSeer.
“As Indian gamers innovate every day to offer high quality content, engagement is expected to pick up again by January and more than four times over the next five years,” added Kumar.
Roposo currently has more than 33 million monthly in different genres in more than 10 languages.
Glance, a subsidiary of InMobi Group and owner of the video sharing social media platform Roposo, announced this week that it has completed a $ 145 million investment round from Google and existing investor Mithril Capital.
The funds will be used to deepen artificial intelligence (AI) capabilities and product offerings, including expanding the technology team in the Glance and Roposo markets, the company said in a statement.
Roposo was acquired by the leading lock-screen content platform Glance for an undisclosed amount last year.
According to RedSeer, the penetration of short-form content is currently around 45 percent of the approximately 600 million Internet users in India.
The number of Internet users in India is expected to rise from the current 600 million to 970 million over the next five years.
It is also estimated that the short-form market is growing four-fold compared to total time, increasing from the current 110 billion minutes to 400-450 billion minutes per month.
“Questions still remain, however, regarding player monetization and possible changes in dynamics if the TikTok ban is lifted,” said Kumar.