Chinese quick video app TikTok, which had a share of 85-90 per cent of total month-to-month time spent by Indians on quick-kind content in June 2020 but was banned on June 29 along with other 58 Chinese apps, has lost about 40 per cent share to Indian quick-kind apps in October 2020. From 4-6 per cent share of about 165 billion minutes (275 hours) spent by Indians on quick-kind apps in June 2020, Indian apps such as Josh by Dailyhunt, MX TakaTak, Roposo, Moj Mitron, Trell, and Chingari expanded their share to about 67 per cent, roughly translating to 55 billion minutes (91 hours), in October, according to a current RedSeer report. Importantly, general time spent post-TikTok ban was decreased by more than 50 per cent from 165 billion minutes to about 80 billion minutes (133 hours) indicating a lot of customers are not prepared to shift from TikTok to other quick-kind apps.
Lack of good quality content, lesser quantity of posts, lesser tools for content creation have been amongst the causes for customers to switch, as per the report launched earlier this month. TikTok’s month-to-month active customers (MAU) grew practically 2X from 85 million in June 2018 to 167 million in June 2020 although its day-to-day active customers have been 75 million. The quick-kind content apps saw a decline in month-to-month time spent by customers to just 37 billion minutes in July 2020. However, it has bottomed out given that then and has scaled back to 95 billion minutes till early December. Among Indian apps, primarily based on a survey of 8,071 respondents, Josh, MX TakaTak, and Roposo had more than 25 per cent awareness amongst customers, RedSeer added. Awareness incorporated prime of the thoughts recall, aided and unaided awareness.
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“As Indian players innovate to offer fresh quality content every day, short-form engagement is expected to resurge back to Jan and grow more than 4X in next 5 yrs. However, the questions still remain on the monetization front for the players and potential change in dynamics if the ban on TikTok is lifted,” mentioned Anil Kumar, Founder and CEO, RedSeer.
The quick-kind content penetration at present is about 45 per cent of about 600 million world-wide-web customers in India, translating into about 275 million customers accessing quick-kind content on the back of shorter consideration spans of millennials and GenZ, elevated visibility for creators, need to have for entertainment, and vast vernacular libraries, according to the report. The present retention price of the segment is about 65 per cent with about 180 million MAUs. The user base is most likely to enhance to 580 million customers and about 430 million MAUs by FY25.