Short-video apps have gained a lot of popularity, especially after the lockdown. Its market is also growing now like never before. The format is expected to touch $19 billion by 2030 supported by the rapid growth of these apps and deeper internet penetration in smaller towns and cities.
What is your growth prospect about the short-video apps market by 2030 in general and Chingari app in particular?
The short video app market has immense potential in India, especially after the exit of TikTok. Short video apps have an opportunity for up to $19 billion in monetisation by 2030, as per estimates. We believe the $19-billion mark will be breached considering the rapid growth of such apps coupled with deeper internet penetration in tier-2 and tier-3 cities and the introduction of 5G.
Chingari has monthly active users of 40 million and we expect it to more than double in the time frame you have suggested. We are already in the top-20 most-downloaded apps worldwide on Google Play and more than 100 million videos are getting uploaded on the Chingari app. The video content is doubling month on month basis. We are on track for robust growth in the next 18-24 months time frame.
As the 5G network is going to be rolled out soon in the country, what will be its impact on short video apps?
5G service will give a huge boost to short video apps, including Chingari, as it will facilitate people to access high internet speed allowing more users to onboard such apps and existing users to leverage the app more seamlessly. The countries that have launched 5G services are witnessing a spike in video consumption and a similar trend is expected in India.
In view of a lot of buzz regarding content monetisation, how are you incentivising users on Chingari?
In June, we launched the GARI crypto mining programme that incentivises the users for doing in-app activities like watching, liking, and uploading videos on Chingari and in return users are rewarded with the crypto token GARI. We are the first social app in the world that rewards users just for spending time on the app. The rewarded crypto tokens can be traded on exchanges. Since the start of the mining programme, our engagement rate has increased multiple times.
Since the GARI price crash, the crypto has not been able to recover fully. Do you think it will recover in the near future?
Price correction was just a hiccup in our journey to onboard 1 billion onchain users. Our fundamentals are strong and the community has been supportive of the project. More than 10,000 users have activated their GARI wallet on a daily basis since this event. Till now, we have attracted more than 1.3 million active wallet users which is a testament to constant support from the creators and users.
How do you see the crypto market going forward?
The Ethereum Merge is expected to be the most significant prospective crypto market-moving event in recent times. A successful merge will definitely further boost investor confidence in the potential of crypto. The biggest growth sectors of crypto will be the emerging technologies developments like decentralised finance (DeFi) and decentralised autonomous organisations (DAOs). With greater acceptance from businesses, the overall sentiment of the crypto market will remain bullish.
The crypto market has been dull for a while. Could the festive season bring some cheer?
The crypto market is not affected by such festivities. The festive season is focused more on the traditional equity market where the greater consumption of goods is reflected in the prices of respective stocks. The bull market in the crypto market is driven by other factors such as larger market sentiment, project fundamentals etc. We anticipate that for the near and mid-term future, the crypto market is expected to remain tepid.
Chingari recently launched a video NFT marketplace ‘Creator Cuts’. How has the response been from the community?
We have received a warm response from the community. We sold all 100 video NFTs within just 48 hours of its launch. The community has shown a great interest in this offering as it is seeing a great way of monetising its content.
What are your plans for global expansion and in which countries are you planning to launch Chingari?
Within a short span of four years, Chingari has transcended geographical boundaries and become a truly global brand. A global user community is a testament to the huge popularity of this short video app. Apart from India, we have launched our feed in the US, UAE, Indonesia and Turkey. We have plans to launch Chingari in a lot more countries in the near future.
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