Desi Short-Video Apps to Have About 580 Million Users, Grow 16% In 5 Years: Redseer
Home grown short-video applications have a massive business opportunity in India, as the country has one of the largest smartphone user bases with internet connectivity and the overall base is also growing at a rapid pace. Going forward players like Josh, Moj, Chingari, and Mitron have a huge market to tap, found out by consulting firm Redseer. In a report published by Redseer on online personalised video consumption in India. The consumption of short-video applications in the country is set to grow four times in terms of minutes spent and will see a 16 percent growth in total users within a span of five years.
India has the second-largest number of smartphone users at 560million just after China which has over 900million. But the country has only 40 percent penetration of such devices, which means that there is an open space available where more consumer scan be expected to join the sector and consume entertainment online. The report has predicted that in the next five years, the number of smartphone users in India will jump to 940 million. Out of this overall base, short form video which is being consumed by 275 million users, will grow at a rate of 16 percent and go upto 580 million. Just to put this into perspective, online shoppers could go to 400 million from 104 million, consumers who will buy something online atleast once. This growth will be supported by cheap data costs and highest consumption of data per smartphone.