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Indian apps now compare well with global short-form apps and have a lead on content depth in three of the five top content genres, with significant differences in offerings around music/dance and dialogue/acting content, according to a report by Redseer Strategy Consultants.
The report projected the marketing spend on influencers to be worth $2.8-3.5 billion in 2028, from the current level of $0.35-0.4 billion.
"Currently, brands and influencers mostly engage via intermediary agencies - a model that is broken and lacks efficiency," said Mohit Rana, Partner, Redseer Strategy Consultants.
"There is a need for a tech-enabled, transparent and scalable solution. Creator marketplaces can bridge this gap", he added.
Globally, short-form video platforms and e-commerce platforms are increasingly focusing on video commerce to enhance customer engagement and boost sales.
In India, video commerce has just started, with short-form video platforms expected to capture 40 per cent of the $8-11 billion video commerce market in 2030.
Furthermore, the report showed that the preferred language for content consumption in metro and tier 1 cities is Hindi, followed by English and other regional languages.
It also observed that user-generated content (UGC) platforms are developing creator marketplaces that can become a centralised network for creators to connect with brands.
This can benefit both creators and brands, as it provides a platform for creators to showcase their work and for brands to find suitable creators to work with.
The report also highlighted that virtual gifting on short-form video platforms in India is expected to become $1.7 billion by 2030.
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