Shivank Agarwal, CEO, and Co-founder, Mitron TV sheds light on future trends for the short video app segment and how they can be leveraged for optimum results.
The short-format video app segment is burgeoning, with over 15 active apps in existence and more in the offing. As one of the earlier players in the short-format video space, we are constantly amazed at how rapidly this category is evolving and growing. Other players are also catching on to the lucrative opportunity that the five-minute coffee break offers.
Some of the major trends that we are witnessing in the space are:
Earlier it was hard for brands to imagine how their products will be promoted on the shorts video apps if such varied and diverse content is produced. However, with the growing demand for short format content along with rising influencers the scope has drastically widened. Bigger social networks have successfully managed to monetize their platforms. But in times to come, short video apps are likely to explore varied models of monetization. We will see innovations across monetization models. It could either begin with providing in-house creators who have high followership to create branded content or maybe an insertion of branded ads after every ten videos. Advertisers are likely to funnel more money in this segment.
As the category is becoming increasingly cluttered; there is a likelihood that new apps or even existing ones might change their model to focus on just one category. Apps might cater to a specific target audience based on age-group, preferences, language, or demographics. Alternatively, there is a possibility of some apps offering content based on anything educational or humour. In the coming times, I envisage technological advancement in terms of trends like live streaming, VR technology and AR for immersive user experience, along with in-app models for marketing.
What if I tell you that you can use a short video app for dating? Yes, right now the doors are open to every possibility and cross-selling is one of the key options, which can be leveraged. What does it entail? To increase revenue or to look for new ways of monetization, short video apps may create opportunities for other apps to take a bite of their huge customer base and massive engagement numbers. Companies ranging from music to mobile to gadgets can partner with short video apps to provide combo packages, which can offer multiple benefits to the end consumer.
Just as an organic search on Google, leads to text and YouTube video results, very soon, the search queries will also lead to snippets from the shorts video apps on the result page. This will take the discoverability of content from short video apps several notches higher. The importance of increasing optimization of your videos to be visible on Google search results will increase too.
Rise of Regional Social Celebrities
The lure of social media fame is enticing a lot of talented creators from tier 2 and tier 3 cities to explore the short-format video space. They are beginning to showcase local culture as well as humor prevalent in their respective regions. We will see many more new faces from smaller regions. I believe that vernacular content will become a major driver for mobile content consumption in India. YouTube and Instagram influencers are given the same level of importance as Bollywood celebs, with some of them also having huge brand endorsements in their kitty. The same trend will emerge for creators of short-format video apps because of the regional and vernacular penetration. Users are more inclined to connect with influencers who provide a similar cultural touch. That’s why there is more likelihood of regional influencers getting more traction and creating a steady and niche fanbase.
The article piece is authored by Shivank Agarwal, CEO and Co-founder, Mitron TV