Lemon8: Marketing itself as a 'content sharing platform with a youthful community', the app lets users make longer blog-like posts about topics such as fashion, fitness, travel and cooking
In India, the Redseer report also said that video commerce has just started, with shortform video platforms expected to capture about 40 per cent of the $8-11 billion video commerce market in 2030
The move comes at a time when other social media apps like YouTube and Instagram have shifted their strategy and adopted TikTok like short video formats and UI for shorts and reels respectively
The short-form video market can provide the country with a monetisation opportunity worth $19 billion by 2030, according to a report by management consulting firm RedSeer
Since Jan 2021, the company has grown to over 2000 employees and added several new features as it focuses on building its products to be the leader in the Indian short video and social media space
India's online video user base has scaled to more than 350 million people, growing 24 per cent over 2018 to 2020, nearly twice as fast as markets such as China and Indonesia.
Raghavan said the firm was constantly adding more product features, depending on how consumers are using some of the existing ones, so that the product becomes more robust
With billions of dollars spent every year on original programming--and movies now being launched via OTTs with theatres remaining shut--the need for audience measurement is stronger than ever