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ValueTheMarkets News Commentary - India is on course to soon become theplanet's biggest social media market, with the country gainingsome serious ground on China. According to Statista ,India's 1.18 billion unique users will be just 33 million behindthe top spot. This article examines who is seeking to capitalize onthis huge market with reference to Meta Platforms Inc (NASDAQ:META) , Snap Inc (NYSE: SNAP), Alphabet (NASDAQ: GOOGL) and QYOU Media (TSXV: QYOU) (OTC: QYOUF) .
Meta Platforms enjoys adominant position in terms of platforms and uses India to test out newmonetization strategies. Alphabet has an already hugely successfulproduct in the country, and one of its features looks set to go fromstrength to strength. Finally, Snap is seeking to leverage its massiveaudience in the country.
QYOU Media (TSXV: QYOU) (OTC: QYOUF) produces anddistributes content created by social media stars. It has a multitudeof TV channels and platforms and is attractinga rapidly growing audience .
Now, the business has brought in bonafide socialmedia royalty to push it to the next stage.
It has appointedIndian digital leader and strategist, Raj Mishra , to the roleof Group CEO of its India operations.
Mishra has held leading roles in some of the mostsuccessful app businesses in India. This includes an instrumental roleat Musical.ly (now TikTok), leading it to over 150 million monthlyactive users.
Heserved as Country Head and led Musical.ly to become the mostdownloaded app on Android and iOS app stores. He oversaw therebranding transition from musical.ly to TikTok after its 2017acquisition wherein it racked up 611 million downloads in under threeyears.
MetaPlatforms Inc (NASDAQ: META) is dominant in the Indian socialmedia market.
Thecompany's flagship Facebook app has a 55% market share in thecountry, according to data from July 2023 provided by Statista . Additionally, the samesource has its Instagram app as the second biggest platform in thecountry, with a market share of 36%.
Such is the might of the platforms that they haveboth been confident enough to launch new paid subscription servicesfor Indian users who want an ad-free experience. This is symptomaticof how the company has been operating Facebook, Instagram and WhatsAppin the country, with the Financial Times noting that India is often used as something of a testingground.
As well asintroducing subscription fees, innovations include click-to-message adformats. These connect customers and businesses within various chatapplications, with the company taking home commission from allbusiness done via the route.
Alphabet (NASDAQ: GOOGL) has a huge interestin Indian social network users too. That's because India is thelargest audience for the company's YouTube video sharing andsocial media platform.
shows that 462 million Indianstuned in to YouTube in October 2023, with the United States in adistant second place with 236 million. What this tells us is thatIndia is hugely important for YouTube and, by extension, its parentcompany.
Thebusiness has a major edge in the country too. With Chinese mega-appTikTok having been banned in India three years ago, the short-formvideo content space is missing a major competitor. YouTube's"Shorts" feature is going a long way to filling this void,helping the company to maintain its huge numbers of viewers in thecountry.
SnapInc (NYSE: SNAP) is another business we must discuss when touchingon short-form video. Snap has also become hugely popular in India,with figures from Statista showing that itsuser base is 59% higher than that of the United States.
If nothing else, this isa testament to how crazy about social media the Indian population is!But there is still room to grow, according to forecasts.
Projectionsfrom Statista indicate that, following a ninthconsecutive annual increase in user base, the platform will reach158.63 million users and therefore a new peak in 2027.
But how is the companyseeking to capitalize on this user base?
Like QYOU Media, the company has recentlyappointed an industry star to run its Indian operations in the form offormer Google executive Pulkit Trivedi. With sagging revenues, the appis reportedly targeting India for new growth amid efforts to localizeservices and shore up ad revenues.
India is a massive prospect for social media-savvy companies.But there are multiple routes to taking advantage of this excitingopportunity. QYOU Media hasachieved consistent quarterly YoY revenue growth and hasbrought in a social media whiz to push things to the next level. MetaPlatforms is rolling out subscription fees and new ad technology,while Alphabet is taking advantage of short-form video. Finally, Snapis trying to solve the puzzle of its lagging revenues throughlocalization.
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