“As about 40% of the users have been conducting online transactions on these platforms, the opportunities for monetisation are manifold. It has been observed that monetisation facilities across ecommerce, online gaming and OTT video streaming sites are gaining popularity among users,” the firm said in a statement.
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While global SFV platforms may be popular among urban users, Indian platforms have witnessed greater uptake among audiences in non-metro and semi-urban areas, mostly owing to the availability of quality regional-language content created by local talent, it said.
Redseer said its research revealed that about 45% of Indian SFV users reside in semi-urban and rural centres and interact with a diverse set of internet platforms, ranging from gaming to ecommerce.
“The growing popularity of Indian SFV platforms is a welcome development as it has furthered the ambit of digitisation in India and is maximising value for platforms, brands and end users through its data-led and language-inclusive approach,” said Mukesh Kumar, an associate partner at Redseer.
With the rise in disposable income among the dominantly tier-II users, India’s SFV landscape holds multiple possibilities for monetisation, Kumar said, adding: “New-age models like live commerce and live gifting can prove to be feasible in raising the bar for monetisation.”
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Its research also revealed that around 64% of the users on Indian SFV platforms were people up to the age of 25 years, while less than 3% were mature users.It also observed that the rise of user generated influencers content platforms has helped create an ecosystem of 3.5 million influencers or new-age celebrities who serve as the growth engine of SFV platforms. These influencers can be classified into four archetypes — micro, macro, mega and elite — who can earn more than Rs 1.5-2.0 lakh per month through advertising and live commerce.
“Brands across categories are beginning to utilise homegrown SFV platforms given their value proposition, growing user base, especially in tier-2+ regions, monetisation potential and the volume of online transactions. Currently, beauty and personal care as well as fashion are already collaborating with new-age influencers to tap into larger audiences,” it said. “Despite an ongoing funding winter in the startup landscape, advertorial spending is gradually stabilising across SFV platforms, and experimentation is underway to identify the model of advertising that can provide maximum return on investment,” it added.
