SUMMARY
Called ‘Platfom’, the short video app platform is expected to go completely live in January 2023
It will also rope in celebrities including singers, musicians, actors as well as other creators to attract more eyeballs to the upcoming platform
As per a report, the Indian short-video apps are looking at a $12 Bn to $19 Bn monetisation opportunity by 2030
In what could raise eyebrows at Meta, Reliance-backed Jio Platforms has tied up with music and pop culture magazine Rolling Stone India and advertising agency Creativeland Asia to mark its foray into the short video space.
Called Platfom, the short video app will tap into the burgeoning creator economy and will operate just like similar offerings from Facebook, Instagram and homegrown Josh work.
The short video platform is expected to go completely live by January 2023.
It will also rope in celebrities including singers, musicians, actors, comedians, dancers, fashion designers as well as other creators to attract more eyeballs to the upcoming platform.
“We are delighted to partner with Rolling Stone India and Creativeland Asia to create Platfom, a world-class product that enhances the creator journey at every step with a whole host of pioneering offerings for Indian creators,” said Jio Platforms chief executive officer (CEO) Kiran Thomas said during an app announcement event.
Echoing the sentiment, Platfom founder and Creativeland Asia Group chairman Sajan Raj Kurup said, “We are combining the stature and authority of Rolling Stone India with the might of the Jio ecosystem and the creative innovation of Creativeland Asia to give the voice of emerging talent more power. And, catapult upcoming entertainers across music, cinema, comedy, dance and more to stardom through Platfom.”
The app is currently invite-only and will only be initially open to the first 100 founding members. These members can invite other artists to join the platform and preview new features.
Subsequently, the app would be opened to creators from other verticals as well as the general public.
In a statement, Rolling Stones India said that the app will also include functionalities that will allow fans and brands to interact and book artists directly on the app.
According to a statement, the app will prioritise the organic growth of creators on the platform, which will create monetisation and other revenue streams for creators.
Explaining the features, Raj Kurup added “Platfom is all set to disrupt short-form social media for entertainers and creators. We are excited to move the creator economy needle from “watch me” to “book me”. It has several intelligent monetization features coming soon to help entertainers and creators monetize their skills and talent like never before.”
The Competitive Space
The Indian short-video paradigm operates on a different tangent compared to the rest of the world. While TikTok has created waves the world over and cornered a big chunk of the market globally, the Bytedance-owned app disappeared from India after the government banned it in 2020.
The aftermath saw many small Indian companies rise and capture the burgeoning market. The result was the emergence of many homegrown short-video apps such as Josh, Moj, MXTakaTak, Chingari and Roposo. Global giants such as YouTube Shorts and Instagram’s Reels also debuted in India and quickly saw adoption amongst the masses.
A recent report estimated that India had the world’s second-largest and fastest-growing internet market with 700-750 Mn users. It also pointed out that Indians, on an average, spent 38 minutes per day watching short-form content.
But, as the content-to-commerce segment has shown, many players are looking at mixing content with commerce to increase revenue. From video commerce to enabling brands to book stars at the click of a button, the space has scaled up to offer multiple offerings that allow small artists to get business online.
The move is likely expected to ruffle feathers over at Meta which could see Platfom as a competitor to its Reels. Platfom’s likely that comes from the fact that it is backed by deep-pocketed conglomerate Reliance Industries, an advertising agency, and a pop culture media publication.
As per a report, the Indian short-video app market presents an addressable monetisation opportunity of $12 Bn to 19 Bn by 2030. Another report estimated that India was home to more than 200 Mn short video users in 2021, which is expected to rise to 650 Mn users by 2025.
