Last Updated: 11.32 PM, Jan 04, 2023
Indian short form video services, as well as YouTube Shorts and Instagram reels have seen rapid growth in users, following the ban on China’s TikTok.
The genre has seen a compound annual growth rate of 150% and is estimated to have ended 2021 with 180-200 million subscribers, but the attention span of users has dropped by 25% to just eight seconds in the last few years, according to a recent BCG report.
Access to high-speed internet has led to demand for fresh content anytime-anywhere, especially so, as the attention span has declined, said industry executives. This trend has resulted in a huge demand for regional language content and an opportunity for the creator economy, non-urban consumers, and brands using cultural nuances to connect with their target audiences.
“With shrinking attention span, there is a constant desire for fresh, engaging content, and people are paying more attention to shorter content formats for bite-sized entertaining content that can be consumed anytime and anywhere. A majority of users do not want to spend time on deciding what content to consume for entertainment. For OTTs, on the other hand, we have observed a decision- fatigue setting in among consumers,” Udit Sharma, chief revenue officer of ShareChat and Moj, said.
More and more Indian users from both urban and non-urban regions are engaging with snackable, yet relatable, content and the creator economy is also getting a boost with several sustainable monetisation opportunities, Sharma added.
Short-video apps are optimised for the scroll and there’s no space for decision fatigue, unlike TV channels or OTTs, said Shreya Agarwal, the head of Pocket Aces-owned channel for short videos FilterCopy.
Here, the content and platform come together to make it highly addictive, and prod the users to spend more time than they plan to, she added. “Gone are the days when content creation required heavy investment, fancy setups or expertise—all apps have in-built tools to make creation simple and have turned the audience into creators—and all one needs is an idea and a phone. Since the user is creating the content is authentic and resonates well, and cuts across segments of population, representing India’s population mix the best across digital platforms.”
Agarwal said the platforms also invest in and experiment with features to make it easier.