The Global Short Video Platforms Market size is expected to reach $2.7 billion by 2029, rising at a market growth of 9.7% CAGR during the forecast period.
Short video platforms have provided businesses with a new option for distributing online video advertisements. The primary factor attracting users to short video platforms is the quality of advertising. One of the main factors fueling the growth of short-video platforms is the desire of advertisers to successfully promote their products and messaging by combining the power of short videos with the rising popularity of influencer marketing.
Companies are being persuaded to advertise on short video platforms in India, like Dailyhunt’s Josh, Times Internet’s MX TakaTak, and ShareChat’s Moj, during the Christmas season since they have attained a substantial audience reach. As healthcare video production is affordable and effective at visually and audibly conveying information, it is a great way to distribute educational content. In addition, each patient is understandably receiving consistent clinical information due to healthcare video.
More individuals are turning to short video platforms due to the expanding use of wireless networks and the accessibility of the Internet in emerging nations. In addition, due to the broad adoption of 4G & 5G networks, many users have easy access to high-quality short video material, which is anticipated to significantly boost video content consumption on short video platforms.
The market is growing due to the increase in social media users, smartphones, and consumers’ widespread usage of streaming videos. The short has many uses, including entertainment, teaching, and learning. Furthermore, short videos’ audiovisual elements draw the audience’s attention and enable quick and natural information analysis. The widespread deployment and use of the 5G network are anticipated to significantly increase the amount of video content that users consume on these platforms in the future.
COVID-19 Impact Analysis
During the COVID-19 pandemic, online shopping has become more vital than before. As a result of the widespread quarantine, businesses were forced to develop new virtual advertising strategies. Apps like TikTok exploded in popularity as social media became an amusement source. Businesses began utilizing these applications’ analytics, live stream features, and in-app purchasing possibilities to sell their products in novel ways after seeing their potential. Without an end to the pandemic, businesses were forced to react, reorienting their entire operations around these platforms. This phenomenon contributed to the market growth for short video platforms during the pandemic.
Market Growth Factors
Growing development of short & bite sized video platforms
The short video platforms market will continue to expand further by introducing creative and ultra-short videos that highlight key product characteristics, reveal first looks, briefly record moments of customer engagement, and raise awareness. Moreover, interactive videos will remain popular since they engage viewers and keep them watching the film. A short, interactive video that has been carefully thought out and produced will encourage viewers to make more purchases and improve user experience. With the growing development of interactive short & bite-sized video platforms, the market is witnessing significant growth.
Increasing number of video content creators
The easy entry point can help them reach a larger audience and boost their chances of success. In addition, the economic benefits for viewers are incredibly pertinent in the current climate, and short-form material offers an option for individuals who wish to avoid paying for a subscription. Several individuals, especially younger generations, view videos shorter than one minute. Presently, the major social media networks give options to create brief material. This can make video content easier to access for both viewers and creators. The market for short video platforms is booming due to the increasing popularity of videos under one minute and the number of creators worldwide.
Market Restraining Factors
Growing number of fake followers
Since 2016, as consumers have migrated from TV to social media or other OTT channels, influencer marketing has experienced tremendous growth. So as to promote their products and increase sales, businesses compete with one another for the attention of genuine and potent influencers. Demand for both micro and macro influencers has grown because of the competition. On the other hand, finding authentic influencers with a vast audience has emerged as the biggest issue for companies and organizations due to increasing competitiveness. On the other hand, the issue of false followers is a significant barrier to the market’s growth for short video platforms.
Based on type, the short video platforms market is segmented into live video, and video posts. In 2022, the video post segment held the highest revenue share in the short video platforms market. Video content increases audience engagement and is simpler to view and remember. The potential of short-form content can help firms acquire a competitive edge, and giving product demonstrations highlighting features and benefits fosters the growth of the video segment.
On the basis of deployment, the short video platforms market is fragmented into application-based, and website-based. The web-based segment recorded a remarkable revenue share in the short video platforms market in 2022. This results from widespread use by businesses to sell their goods and services. In addition, anything can be used to sell the product, from brand awareness videos to product demos and client testimonials.
By platform, the short video platforms market is bifurcated into android, iOS, and windows. In 2022, the android segment garnered a significant revenue share in the short video platforms market. Customers prefer economical and easy-to-use technology, which is why it is inexpensive and easy to use. Moreover, android-based devices have sensors, fingerprint security, and multitasking functions. Android may be used on devices made by various manufacturers and offers more freedom and customization options because it is an open-source platform.
Based on end-use, the short video platforms market is categorized into education, media & entertainment, live commerce, and others. In 2022, the media & entertainment segment registered the maximum revenue share in the short video platforms market. The increase in live streaming events, the expanding consumer base, and the developments in mobile technology are anticipated to play a big influence in the growth of the media & entertainment industry. The fundamental components of the entertainment industry include live, exhibition, electronic, mass media, and musical.
Region wise, the short video platforms market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the short video platforms market by generating maximum revenue share. With the arrival of improved 5G networking technologies that will make short video platforms significantly faster and more flexible, the region’s growth is anticipated to continue rapidly. Also, many American companies employ short video platforms to advertise their goods and services to improve their brand identification.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Meta Platforms, Inc. and Tencent Holdings Ltd. are the forerunners in the Short Video Platforms Market. Companies such as Vimeo.com, Inc., ByteDance Ltd., and Snap, Inc. (SnapChat) are some of the key innovators in Short Video Platforms Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Meta Platforms, Inc., Vimeo.com, Inc., Tencent Holdings Ltd., Snow Co., Ltd. (Naver Corporation), Yixia Technology (Miaopai), Beijing Weiran Network Technology Co., Ltd. (Pear Video), Kuaishou Technology, Shenzhen Big Head Brothers Technology Co., Ltd. (Doupai), Snap, Inc. (SnapChat) and ByteDance Ltd.
Recent Strategies Deployed in Short Video Platforms Market
Partnerships, Collaborations & Agreements:
Aug-2021: TikTok, a short video platform owned by Bytedance, partnered with Shopify, an e-commerce company, across the Middle East. This partnership would provide merchants with a unique platform to reach new audiences creatively and engagingly.
Jun-2021: TikTok, a short video platform owned by Bytedance, came into partnership with Vimeo, an all-in-one video software solution. This partnership connects Vimeo’s powerful video tools with the TikTok platform. Additionally, SMBs would be able to use Vimeo Create, an advanced AI-driven video production tool, to publish ads directly into the TikTok Ad Manager in a short period.
Feb-2021: Snap, Inc. came into partnership with Moj, an Indian Short-video app. Following this partnership, Snap would release its integrated camera kit which would support creators using AR filters for their content on the platform. Moreover, with this partnership 30 lenses would be introduced on the Moj app for creators to use.
Product Launches and Product Expansions:
Mar-2023: Tencent rolled out Zenvideo, an AI-powered video editing tool. The product includes a variety of features for short-form video creators, including digital narration and text-to-video generation.
Aug-2022: Kuaishou Technology introduced StreamLake, an AI-powered video creation and distribution tool for corporate clients. The product is one stop solution to video and audio, developed to help businesses create and promote videos. Additionally, StreamLake would be able to combine special effects, store and manage multimedia files and enhance resolution.
Oct-2021: Facebook launched Reels, a short Video Format, for users across the United States. With this launch, Users would be able to make and hare short videos on the platform through audio and AR effects.
Mergers & Acquisition:
Nov-2021: Vimeo signed an agreement to acquire WIREWAX, a leader in interactive and shop-able video, and Wibbitz, a leading enterprise video creation suite. Following this acquisition, both companies would bring their products and technology to Vimeo’s all-in-one video solution, broadening its place as the professional video software solution for any firm.
Aug-2021: ByteDance took over Pico, a virtual reality headset marker. This acquisition would benefit ByteDance through Pico’s comprehensive portfolio of software and hardware technologies and also would complement its entry into the VR space.
Scope of the Study
Market Segments covered in the Report:
• Media & Entertainment
• Live Commerce
• Video Posts
• Live Video
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Meta Platforms, Inc.
• Vimeo.com, Inc.
• Tencent Holdings Ltd.
• Snow Co., Ltd. (Naver Corporation)
• Yixia Technology (Miaopai)
• Beijing Weiran Network Technology Co., Ltd. (Pear Video)
• Kuaishou Technology
• Shenzhen Big Head Brothers Technology Co., Ltd. (Doupai)
• Snap, Inc. (SnapChat)
• ByteDance Ltd.
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