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<keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> chairman <keyword id="19981455" type="General" weightage="100" keywordseo="Ratan-Tata" source="keywords">Ratan Tata</keyword> left for his heavenly abode on Wednesday. Tata, aged 86, died on Wednesday evening at Breach Candy Hospital in Mumbai after a brief illness. The industrialist was widely known for transforming the Tata Group into a global powerhouse and would often make headlines for his <keyword id="21072972" type="General" weightage="20" keywordseo="philanthropic-efforts" source="keywords">philanthropic efforts</keyword>. Perhaps this is why, the death of the renowned industralist has struck a chord with the entire nation and beyond. The Maharashtra government also declared a day of mourning today in Ratan Tata's honour. From Reliance Industries MD <keyword id="19916798" type="General" weightage="20" keywordseo="mukesh-ambani" source="keywords">Mukesh Ambani</keyword> and Adani Group chairman <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> to <keyword id="19902762" type="General" weightage="20" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> CEO <keyword id="164502" type="General" weightage="20" keywordseo="sundar-pichai" source="Orion">Sundar Pichai</keyword>, a lot of business tycoons have reacted to Ratan Tata's death. Let us take a look at some reactions. Industrialist Gautam Adani hailed Tata as a “giant” and a “visionary” who redefined modern India’s path. “He wasn’t just a business leader; he embodied the spirit of India with integrity, compassion, and an unwavering commitment to the greater good,” Adani said. His words echoed the sentiment of many who admired Tata for his values and leadership, which transformed the Tata Group into a global enterprise while maintaining its deep connection to Indian society. Google CEO Sundar Pichai also expressed his grief over Tata’s death, noting his deep commitment to India’s progress. “Ratan Tata deeply cared about making India better,” Pichai wrote on X, formerly Twitter. Reflecting on his last meeting with Tata at Google, where they discussed advancements in Waymo, Pichai added that Tata’s vision was inspiring. “He leaves an extraordinary business and philanthropic legacy, having mentored and developed modern business leadership in India.” Anand Mahindra, Chairman of Mahindra Group, shared his sorrow over the loss of a mentor whose guidance he believed was invaluable, particularly at a time when India’s economy is poised for significant growth. “Ratan’s life and work had much to do with our current position on the global stage,” Mahindra noted. “His example will continue to guide us, and legends like him never die.” Reliance Industries Chairman Mukesh Ambani expressed personal grief over the loss of a “dear friend.” Ambani described Tata as a visionary who took India to the world and brought global innovations to India. “With his passing, India has lost one of her most illustrious sons. His contributions will continue to inspire future generations,” Ambani said, adding that Tata’s legacy of humility, integrity, and compassion was one that would remain etched in memory. RPG Enterprises’ Harsh Goenka also paid tribute to Tata, describing him as a beacon of ethical leadership. “The clock has stopped ticking for the titan of Indian industry,” Goenka wrote, underscoring the indelible mark Tata left on both business and society. Other prominent figures, including Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> and Commerce Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword>, also expressed their sorrow. Sitharaman lauded Tata as a leader whose deep resolve for innovation and social responsibility transformed industries and uplifted communities. Goyal, meanwhile, referred to Tata as a “true nationalist” who brought immense pride to India through his global achievements. Apart from celebrities, politicians and business tycoons, Ratan Tata is also being remembered by millions of Indians on social media. Various people have shared heartfelt posts on platforms like Instagram and X, mourning the death of the Tata Group chairman. Tata, born in 1937 in Mumbai, led the Tata Group as Chairman of Tata Sons from 1991 until his retirement in 2012. He was instrumental in expanding the group’s global footprint while staying true to the company’s founding principles of ethical business practices and social responsibility. His leadership extended far beyond the boardroom, as he dedicated much of his life to philanthropy, focusing on education, healthcare, and rural development. As India mourns the loss of a corporate icon, the tributes from business leaders paint a portrait of Ratan Tata as a visionary who transcended his role as an industrialist to become a symbol of India’s aspirations and values. His legacy, built on integrity, innovation, and a commitment to the greater good, will continue to inspire future generations. Tata’s mortal remains will be kept at the National Centre for the Performing Arts (NCPA) in Mumbai for the public to pay their respects, before his final rites are performed later in the day.

‘Deeply cared about making India better’: Mukesh Ambani, Gautam Adani, Sundar Pichai and others react to Ratan Tata's death

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> has sought proposals from the industry to set up <keyword id="22514802" type="General" weightage="20" keywordseo="E-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> (ECEH) in the country for examination, support, and hand-holding. Based on the proposal, further details, including software requirements for ECEH, to facilitate seamless and expeditious export clearances, will be firmed up, the Directorate General of Foreign Trade (<keyword id="19985555" type="General" weightage="20" keywordseo="DGFT" source="keywords">DGFT</keyword>) has said in a trade notice. In this regard, it said, draft modalities for operation of these hubs have been formulated. Based on draft modalities proposed, the government would like to initiate a pilot launch of ECEH. "In this regard, detailed proposal(s) for setting up ECEH may be submitted to this directorate, for examination, support and hand-holding," the DGFT said. In the Budget, the government announced setting up of these hubs to promote <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> through e-commerce medium in public-private-partnership (PPP) mode. Initially there are plans to set up 10-15 hubs in the country. These hubs would be designated areas, which would act as a centre for favourable business infrastructure and facilities for cross border e-commerce activities. The major objectives are to provide for predictability and shortest possible turnaround time for e-commerce exports, easy re-import for e-commerce returns or rejects, bringing various cross-border e-commerce stakeholders under one roof. At present, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s exports through this medium are only about USD 5 billion compared to China's USD 300 billion, annually. There is a potential to take it to USD 50-100 billion in the coming years. The draft modalities for operations of these hubs talked about movement of goods from supplier's premises to ECEH; pre-screening of goods; design of these hubs; and process flow for customs clearance once a buyer is found. ECEH will have two physical components -- first will be the fulfilment area for packing, labelling, storing to take place after pre-screening and till a buyer is found; and the second will be a customs station where the goods will be customs cleared after the buyer is found, ready for dispatch. Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregator will find markets to sell. Export products, which hold huge potential through this medium include jewellery, apparel, handicrafts and ODOP (one district one product) goods. In such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging. A report by economic think tank GTRI India's e-commerce exports have the potential to reach USD 350 billion by 2030, but banking issues hinder growth and increase operational costs. India has set a target of USD 1 trillion of merchandise exports by 2030 and cross-border e-commerce trade has been identified as one of the mediums to meet this aim. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Govt seeks proposals for setting up e-commerce export hubs

<ul><li>Due to the ongoing festive season, advertisers and brands are going all out to connect with consumers.</li><li>This year, the number of brands approaching influencers is significantly larger than last year, and there is a good mix of startups and well-established companies.</li><li>From fashion to home decor creators, brands have partnered with social media influencers to promote their new festive launch before Diwali.</li><li>So, with Diwali around the corner, we speak to <keyword id="2540701" type="General" weightage="20" keywordseo="influencer-marketing" source="Orion">influencer marketing</keyword> agencies to find out how important is the festive season for creators, what kind of uptick in demand can we expect due to the festive season, response from advertisers so far and trends we can look forward to during Diwali.</li></ul>If you are sprucing up your house on a small budget or planning to buy new accessories or ethnic dresses for India’s biggest festival -- Diwali, are you using a search engine for inspiration or are you following social media’s top influencers for ideas? If you are active on Instagram, then chances are you are also turning to influencers for festive advice. We all have at least a 100 bookmarked posts on Instagram for rangoli ideas, DIY home decor, or ethnic dress inspiration. According to Facebook’s Festive Marketing Guide for 2021, social media has now become a leading channel to drive brand discovery and purchase during the festive season. Facebook’s report further reveals that half the people said that influencers help them discover new products and 45% added that influencers help them make a purchase decision. The year 2020 accelerated influencer marketing’s growth, perhaps by a decade, and revolutionised the Indian marketing ecosystem completely. It is because of the pandemic and the consumer’s heavy reliance on social media platforms that the influencer marketing industry has undergone a severe transformation in a short time, becoming a mainstream marketing vehicle. According to the latest figures in the Global Web Index (GWI), the average Indian spent 2.29 hours per day on social media in 2020 and as always, brands are following consumers where they spend the most time. So, this Diwali, from fashion to home decor creators, brands have partnered with social media influencers to promote their new product launches. <cmsannotation type="cmsannotation" annotationid="Growth so far and predictions for this festive season" text="Growth so far and predictions for this festive season">Growth so far and predictions for this festive season</cmsannotation> GroupM and INCA’s study revealed that influencer marketing has become a top priority for marketers this year. Every other leader indicated a budget growth of more than 25% in 2021. INCA’s report further said that the Influencer Marketing industry is poised to grow at a CAGR of 25% for the next decade, reaching a size of Rs 2200 crore in 2025. So, with India’s biggest festival around the corner and to leverage the increasing demand, brands have also increased their budget for influencer marketing. “Influencer Marketing is set to be one of the top choices for brands to enhance the brand value this festive season. In fact, brands have culled out almost 30% of the overall budget for influencer marketing. It has been on an all-time high this year. According to an industry report, brands are likely to spend around Rs 600 crore on influencer marketing. Thus, one thing is definite about influencer marketing this festive season: It’s going to take a big leap from 2020. The primary reason for the rise in influencer marketing is the personalization of content along with the disruption in cost and speed. Influencers are real and relatable for consumers and can deliver real value for brands by offering exciting ways of sharing a brand’s message,” said <keyword id="11300089" type="General" weightage="20" keywordseo="neel-gogia" source="Orion">Neel Gogia</keyword>, Co-Founder, IPLIX Media. Festive season has given a further push to the industry’s growth. Experts are expecting to see 50% more brands exploring influencer marketing this festive season as marketers look to solidify their social media presence and reach out to the group with highest spending power, GenZ and millennials. "The festive season is already looking very positive for the influencer marketing space. We expect a 50% uptick in brands leveraging influencers to connect with their audiences during this season,” said Sagar Pushp, Co-founder and CEO, ClanConnect. “Since the consumer sentiment had plummeted gravely in 2020, brands are looking forward to explosive growth and pent up demand that will translate to greater sales and revenues this year. Brands are likely to capitalize on this positive sentiment by tapping into the influencer marketing space, which will in turn provide a significant fillip to our industry,” added Pushp. Apaksh Gupta, Founder &amp; Chief Executive Officer of One Impression also said that brands have increased their budget by 50% this year. “Last year, brands had spent very little on their marketing efforts because of the pandemic restrictions and other factors, but the curbs are now eased out and traders are expecting a boost in sales. To put things in perspective, last year we saw brands spending about Rs 20-25 lakh [average] on their influencer campaigns, but this year we expect it to go beyond Rs 50 lakh [on an average] during festive seasons. Additionally, during the pandemic, we also witnessed a boom in the creator economy, and brands have taken note of it. Social media platforms have enabled brands to reach out to a wider audience with the help of influencers who help in putting their messages across, in a more personalized and creative manner, what we nowadays call as snackable content.” <cmsannotation type="cmsannotation" annotationid="This festive season, a diverse set of brands are upping their spends on influencer marketing" text="This festive season, a diverse set of brands are upping their spends on influencer marketing">This festive season, a diverse set of brands are upping their spends on influencer marketing</cmsannotation> After going through a lull for a year and a half, startups like MamaEarth, Slurrp Farm to established brands and FMCG giants, all key players are leveraging influencer marketing for better visibility and consumer attention. There’s another interesting shift in the industry after the pandemic. Brands are leveraging influencer marketing not just for brand awareness and engagement but also for performance marketing and driving customer acquisition through relevant targeting. Sharing which categories are the biggest spenders this time, <keyword id="7372416" type="General" weightage="20" keywordseo="viraj-sheth" source="Orion">Viraj Sheth</keyword>, Co- founder and CEO, Monk Entertainment said, “FMCG brands, e-comm players, and FinTech clients I believe will be massive spenders. Brands that are selling products that are best suited for festive gifting will be heavy spends and FinTech clients that help buy digital gold or provide buy now pay later schemes will be in demand as well.” Avantika Mohan, Travel, Lifestyle and Fashion Influencer, represented by WORD Talent, has also seen more lifestyle brands coming her way lately. She said, “I’ve noticed an influx of briefs focusing on fashion (particularly festive wear), online shopping portals and jewelry; brands across these categories along with technology and cosmetics are investing heavily in this festive season, which should go on till the end of the year. Festivals also become an excellent opportunity for brands to offer additional discounts and offers to drive up sales hence brands work with creators to spread the word on the same. It’s an exciting time. Brands are willing to not just work but also allow the creativity of the influencer to drive the content. Brands now understand that the content that creators push can drive real value for them and their products. Our niche allows them to connect with their target audiences directly with content that is fun, relevant and most importantly seasonal. The air is already abuzz with celebration and brands are pushing their seasonal marketing ideas and products that creators are exhilarated to deliver.” Brands with smaller budgets are also partnering with nano-creators. <keyword id="3630874" type="General" weightage="20" keywordseo="dharika-merchant" source="Orion">Dharika Merchant</keyword>, COO, Alchemy Group &amp; WORD said, “Brands are now dedicating special budgets for their influencer marketing campaigns which have resulted in a lot of new brands entering the space. Brands earlier would focus only on large creators but now they’re happy to have smaller spendings but are willing to explore relevant nano or micro influencers for the same. So as we move forward, we are forecasting a more focussed approach towards influencer engagement as compared to before. Brands are now becoming conscious of which creator they want to work with, what kind of content they want to push out and majorly why the creator’s creative process shouldn’t be hampered with. Secondly, we are expecting more brands focussing on micro or nano influencers. These influencers usually cater to a very specific niche and have a higher rate of engagement. As brands start to realise the importance of content over numbers, this is a trend we’re very excited about.” <cmsannotation type="cmsannotation" annotationid="Instagram or home-grown apps, which medium is getting the biggest piece of pie?" text="Instagram or home-grown apps, which medium is getting the biggest piece of pie?">Instagram or home-grown apps, which medium is getting the biggest piece of pie?</cmsannotation> As brands vie for consumer’s attention this Diwali, which is divided into different mediums, where are brands investing the most? “2021 is seeing comparatively more inclination towards influencer marketing strategies. We are seeing a growth upwards of 75% in the influencer marketing industry. Instagram is still the leader when it comes to influencer marketing promotions. YouTube would be the other platform that has gained momentum over time. Even some of the newer short video apps like Josh, Taka Tak and Moj are also being experimented with, by the brands. Increasingly we are also seeing brands leverage content created by creators for performance marketing with Instagram Branded Content Ads and Youtube Creator Promotions for maximum reach and conversion,” Arushi Gupta, Head - Influencer.in told Ad and Media Insider. GenZ and millennials do not consume a lot of television. They either spend their free time scrolling on social media or on an OTT platform. They are looking for authentic content that keeps them engaged, entertained and informed, which happens to be influencer marketing’s core offering. Therefore, influencer marketing is becoming a pivotal marketing tool for brands and its significance is only likely to grow in the future.

As brands turn to influencer marketing for the festive season, experts are optimistic about seeing about a 40-50% growth in ad spends

<ul><li>WATConsult’s research division – Recogn, unveils the 3rd report of WATInsights - Digital commerce series.</li><li>146 million <keyword id="9674678" type="General" weightage="20" keywordseo="video-commerce" source="Orion">video commerce</keyword> shoppers in India who have purchased and transacted on <keyword id="21654" type="General" weightage="100" keywordseo="video" source="Orion">video</keyword> commerce platforms.</li></ul>WATConsult, an Isobar Company and the globally awarded hybrid digital agency from dentsu India, has released ‘Digital Commerce in India - Video Commerce’, the 3rd report of WATInsights - Digital commerce series. The report by Recogn, WATConsult’s research division, shares insights on the scope of the futuristic channel of advertising and captures consumer sentiments towards using this platform for shopping. Today, India has one of the highest per capita consumptions of Internet data, heavily skewed towards video content consumption. This, along with the rapid growth of the Indian e-commerce market, has given rise to a new format called video commerce. Currently, there are around 146 million video commerce shoppers in India who have purchased &amp; transacted on video commerce platforms. The total is nearly 49% of all e-commerce users in India, today. The number of video commerce shoppers is expected to reach 216 million by the end of 2022, growing at a rate of 47%. Thus, the format has immense potential for brands to connect directly with their consumers. As per the report, when it comes to the video content format, most customers prefer explainer content videos followed by customer testimonials &amp; product demonstrations. While product videos add a different dimension to the online shopping experience, video content with a duration of 15 seconds to a minute can make users stay longer on the platform. Also, if they like the videos, they share them with their circle of friends and family, further increasing the reach of the content. Live streaming commerce in India is gaining traction and it can help brands, retailers, and marketplaces to accelerate conversion, improve the brand appeal &amp; create differentiation. More than half of the customers state their affinity towards shopping online during live streaming on social media and shopping apps. Commenting on the latest issue of WATInsights- Digital Commerce in India- Video commerce, Heeru Dingra, CEO, Isobar India group said, “Video commerce has become popular with more Indians moving online and discovering new ways of shopping through video platforms. When it comes to buying products, customers are interested and want to see what they are getting. It offers businesses and marketers a higher rate of conversion and is the most powerful instrument in today’s age. There is a huge opportunity to capture the video-based social commerce market, especially live-stream-based e-commerce while the market matures. Consumers today are frequently looking out to streamline and enhance their experience, they prefer instantaneous results. Brands can use this format to streamline their sales. I believe this latest issue of WATInsights will be an invaluable resource for anyone who intends to demystify <keyword id="13192684" type="General" weightage="20" keywordseo="video-commerce-in-india" source="Orion">video commerce in India</keyword>.” Sahil Shah, Managing Partner, WATConsult added, “The world has moved towards dynamic content and is driving commerce through video. This is the next big leap! I think the true power of video led marketing on digital will come into play when it can have a direct impact on the bottom-funnel metrics as well. On top of that, if one can get creative with the many formats available then it is the ultimate icing on the cake. This fantastic report made by our research division will give you a lot of data backed learnings &amp; insights to activate the next phase of growth for your brand’s commerce through the use of video. I hope everyone enjoys reading the report as much as we did, making it.” For the record, WATInsights are periodically published reports based on primary research conducted by Recogn, the agency’s research division that provides consumer and business insights to its audience. WATInsights delve into the different aspects of the digital industry, consumer behaviour and more. Additionally, the research also covers some relevant topics like Instagram in India – users’ perspective, voice technology in India and the usage of the internet in the local language. WATConsult’s research vertical, Recogn, in the past, has published many detailed and comprehensive pieces of research such as ‘Digital Diverse and Multilingual India’, ‘Voice Technology in India: Now &amp; Future’ and ‘Instagram in India’, to name a few.

Number of video commerce shoppers is expected to reach 216 million by the end of 2022, growing at a rate of 47%: WATInsights

The world is on a wave of digital transformation. And without a doubt, MSMEs need to adapt to this advancement. MSMEs may be micro, small, and medium businesses by classification, but the impact they have is massive and invaluable. They prevail as the backbone of the economy due to their high share of employment and value-addition. An added bonus to this business revolution aka the <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword> movement would be a refreshed focus on innovation and digitalisation. It has emerged as the need of the hour for these companies: to engage in global markets as numerous segments still rely on conventional on-premises deployments and manual documentation. They must relook at their procedures and adopt new tools and systems if they want to remain relevant. At Business Insider India, we want to highlight how MSMEs can find solutions to unique challenges for their businesses with the help of new-age digital tools. The <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME exchange</keyword> on January 18-19, 2023, will extensively discuss how businesses can terminate the challenges that are slowing them down in the race of digital transformation. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] Whether finance or security concerns, digitization resolves each issue without a hitch. Now, let's look into some important areas that require technological advancement. Finance Startups need significant amounts of finance to survive and expand. For this reason, signing up for government programmes will be necessary if you want to receive enough funds. In general, processing associated documentation for government funding takes longer. So it makes sense to switch to reputable fintech company policies. Numerous fintech companies that offer credit enable you to access significant financing at low interest rates. Project Administration Another crucial area to pay attention to for a business's seamless operation is project management. Micro, small, and medium-sized businesses often have between 10 to 250 employees. So, controlling the workflow while performing numerous tasks is really difficult. However, the tools and software for project management guarantee a well-organized workflow with maximum productivity. Asana and Trello are a couple of project management applications that support team management, project workflow management, and much more. Marketing For small and medium-sized enterprises, marketing is their top priority. MSMEs face significant obstacles when trying to engage audiences in other states due to local regulations and legislation. For businesses looking to expand their global audience, it is crucial to concentrate on digitising their marketing activities. For example, using social media platforms like Facebook, WhatsApp, Instagram, or Pinterest can help engage and grow a following. It consequently has a tremendous impact on conversion rates and sales. Security Security is one of the most important factors that businesses should take into account. As the company expands, it should concentrate on cutting-edge security measures to safeguard both internal and external data from hackers. There are a number of problems for customers and organisations when cybersecurity systems are lacking. In contrast, a workspace's effective security measures ensured minimum liabilities, compensation, and costs. Engagement &amp; Interaction with Customers Customer involvement and interaction is the final important area that MSMEs should digitise. Customer engagement and contact are essential in all businesses, whether they are service-based or eCommerce. To improve consumer engagement, a number of organisations use chatbots, review sites, websites, email marketing, contact forms, forums, and social media. Although it can be somewhat daunting, using these tools correctly ensures credibility and wins over customers' trust. Being successful at digital transformation is not always straightforward, which makes it more difficult for MSMEs to implement. While concentrating on digitalizing their internal operations, MSMEs must also maintain a strategic measure to make sure that their end clients are only positively impacted by this. MSMEs must develop strategies to undergo digitalization that will yield this result. A crucial component of digital transformation is technology adoption. However, the excitement surrounding digital transformation is increased by the fact that its advantages far outweigh its requirements. With the dependability that these modern technologies deliver, they have the potential to dramatically boost business productivity. The skills required to offer any firm its full benefits will take time, and it might not be an instant process. If the organization's employees are uncomfortable working with new methods, the digitalization process will fail and allow the potential for inefficiency or a slowdown in operations and results. Reminder: One week to go! Business Insider India’s MSME Exchange 2023 on January 18-19. You can register below and stay updated with the latest news and insights from industry leaders to business owners on all you need to know to future-proof your business. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>]

MSMEs in the face of digital transformation

<keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword> has crossed $1 billion annual revenue run rate for ads on its <keyword id="6762469" type="General" weightage="50" keywordseo="tiktok" source="Orion">TikTok</keyword> rival short-video making platform Reels, and Reels now has a higher revenue run rate than <keyword id="14575477" type="General" weightage="20" keywordseo="facebook/instagram-stories" source="Orion">Facebook/Instagram Stories</keyword> at identical times post-launch, its Founder and CEO <keyword id="6354630" type="General" weightage="50" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> has revealed. <keyword id="353568" type="General" weightage="80" keywordseo="zuckerberg" source="Orion">Zuckerberg</keyword> said that in the April-June period (Q2), "we saw a more than 30 per cent increase in the time that people spent engaging with Reels across Facebook and <keyword id="819905" type="General" weightage="80" keywordseo="instagram" source="Orion">Instagram</keyword>". Meta had announced during its Q1 earnings call that Reels made up more than 20 per cent of the time on its platform. "Our work on ads monetisation efficiency for Reels is actually making faster progress than we'd expected. The bottom line is I think we're on track here and we just need to push through this one," he told analysts during the company's quarterly earnings call late on Wednesday. The company saw a 15 per cent increase in watch time in the Reels video player on Facebook alone. "In Instagram, we see that Reels makes up more than half of content reshared into messages," Zuckerberg said. He said that the near-term challenge is the growth of short-form video. "Reels doesn't yet monetise at the same rate as Feed or Stories. So in the near term, the faster that Reels grows, the more revenue that actually displaces from higher monetising surfaces," the Meta CEO added. Meta launched ads and Reels last year and it is growing quickly and "we see it as an area where there is significant potential for growth in the future," said outgoing COO Sheryl Sandberg. "Our focus right now with Reels is ramping up ad load, improving performance and making sure the ads are easy for advertisers to create," she noted. The company is also using AI to better understand the content being published in Reels, so "users can connect to the content that is most relevant to them and marketers can also show more relevant ads". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-trade-higher-as-us-fed-rate-hike-of-75-bps-priced-in/articleshow/93177494.cms">Markets trade higher as US Fed rate hike of 75 bps priced in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-wealthiest-indian-women/slidelist/93164704.cms">Meet the top 10 wealthiest women in India</a>

Meta crosses $1 bn annual revenue run rate for Reels ads

<ul><li>India’s digital advertising spending is estimated to surge to $21 billion in the next five years, growing at a compounded annual growth rate (CAGR) of 19-21%. </li><li>Key amongst the drivers of the growth in digital ad spends is the growing use of smartphones and internet. </li><li>Ad spends on digital platforms – which also have 2.5-3 million content creators in India – are expected to increase to $3.5 billion by 2028. </li></ul>India’s digital advertising spending growth in FY23 will be muted largely due to macro factors, increasing from $8 billion in FY22 to $9 billion this year. However, it is expected to pick up speed in the next five years to hit $21 billion on the back of a surge in smartphone and internet usage, according to <keyword id="3359665" type="General" weightage="100" keywordseo="redseer" source="Orion">Redseer</keyword> Strategy Consultants. The agency says that after FY23, spendings on digital advertisements would account for 65-70% of the total ad spends in India. “Upon mapping market sizing across media agencies, we observe a significant under-reporting of digital ad spend in India. However, Redseer projection has considered enterprise spends, small and medium business (SMB) spends, <keyword id="2540701" type="General" weightage="20" keywordseo="Influencer-marketing" source="Orion">influencer marketing</keyword>, affiliate marketing and gaming,” said Mukesh Kumar, engagement manager, Redseer Strategy Consultants. Over the next five years, the firm estimates total ad spends will be $21 billion, growing at a compounded annual growth rate (CAGR) of 19-21%. The disruption caused by Covid-19 also helped in accelerating the digital push – the total spends on digital advertising grew from $5 billion in FY21 to $8 billion in FY22, registering a 60% growth in just one year. <cmsannotation type="cmsannotation" annotationid="Here’s what will drive the growth in ad spends" comment="subhead" text="Here’s what will drive the growth in ad spends">Here’s what will drive the growth in ad spends</cmsannotation> Key amongst the drivers of the growth in digital ad spends is the growing use of smartphones and internet – according to the report, users spend nearly 7 hours per day on their smartphones. This provides marketers with a lucrative target audience that has a higher engagement rate. In addition to this, the content creator ecosystem also allows marketers to precisely target their advertisements. “The user-generated content and influencer ecosystems have the capacity to drive highly-targeted advertising. Since the UGC (user-generated content) platforms already possess content creating communities, they are better positioned for setting up the creator marketplace,” the report said. India’s advertising spends as a percentage of the country’s gross domestic product (GDP) is also on the lower side, at 0.5%. In contrast, the US and UK spend 1.4% and 1.3% of their respective GDPs on advertisements, the Redseer report noted, adding that India’s advertising spends will increase going forward. <cmsannotation type="cmsannotation" annotationid="Bright days ahead for influencer economy" comment="subhead" text="Bright days ahead for influencer economy">Bright days ahead for influencer economy</cmsannotation> The influencer economy – or the content creators on platforms like <keyword id="819905" type="General" weightage="50" keywordseo="instagram" source="Orion">Instagram</keyword>, Facebook, YouTube and others – driven by UGC, have bright days ahead, according to the Redseer report. Ad spends on digital platforms – which also have 2.5-3 million content creators in India – are expected to increase to $3.5 billion by 2028, while influencer-led live commerce is expected to grow to $8 billion by 2030. The report says there are four types of content creators – micro, macro, mega, and elite. Interestingly, it notes that it’s the micro and macro content creators who have delivered better returns on investment for brands, and not the mega and elite ones. <cmsannotation type="cmsannotation" annotationid="SMBs embrace digital ads" comment="subhead" text="SMBs embrace digital ads">SMBs embrace <keyword id="155791" type="General" weightage="20" keywordseo="Digital-ads" source="Orion">digital ads</keyword></cmsannotation> Small and medium businesses (SMB) are embracing digital ads, according to Redseer. In FY22 alone, SMBs accounted for 30-35% of the $8 billion spent on digital ads. This is expected to increase to 40% by FY28, or about $8.4 billion of India’s total digital ad spends. If it comes to pass, then SMBs will spend more on digital ads by FY28 than India’s current digital ad spends. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/psus-stage-a-comeback-in-2022-and-the-future-looks-healthy-say-analysts/articleshow/96522444.cms">PSUs stage a comeback in 2022, and the future looks healthy, say analysts</a> <a href="https://www.businessinsider.in/business/news/uber-rides-indians-spent-11-billion-minutes-traveling-and-covered-4-5-billion-kilometers-in-2022/articleshow/96535396.cms">Indians spent 11 billion minutes traveling and covered 4.5 billion kilometers in 2022 in this taxi service</a> <a href="https://www.businessinsider.in/business/news/venugopal-dhoot-the-man-who-went-from-making-colour-tvs-to-being-involved-in-the-icici-bank-loan-fraud-case/slidelist/96537909.cms">Venugopal Dhoot – The man who went from making colour TVs to being involved in the ICICI Bank loan fraud case</a>

India’s digital ad spend estimated to surge to $21 billion in the next five years, rising 2.5x over FY22 levels, says Redseer

<ul><li>As we enter a brand new year, we want to crystal gaze into what the year holds for us.</li><li>The global pandemic has spawned strong growth in influencer marketing and creators have cemented their position boosting consumer trust in 2022.</li><li>In our first year-ender, we take a closer look at the year gone by, speak to influencer marketing experts to understand what does the future hold and how is the ecosystem shaping up.</li><li>They also shared with us a few key trends and opportunities that the industry will bring forth as we move forward in 2022.</li></ul>After brands and advertisers slashed their marketing budgets for traditional mediums in 2020, digital marketing took the center stage. Within the hemisphere of digital marketing, social media became a leading channel that drove brand discovery and purchase decisions last year. Influencer marketing also got its due recognition as brands looked for affordable and niche options to reach out to GenZ and Millennials. Marketers also realised that the influencer marketing model is well-suited in a time in which the audience is looking for some inspiration to keep going on, searching DIY videos as they turned home chefs, learning new recipes or focusing on self-care. Creators played an integral role in building a sense of community -- something people searched for when living in isolation. Bolstered by prolonged stay-at-home periods, consumers also steered away from pictures and text and started consuming more videos than ever before. According to Bain and Company, the online video user base in India has increased to more than 350 million people, growing 24% in the last three years. Today, Indian smartphone users spend about 4.8 hours on their devices daily, of which a staggering one hour on average is spent consuming videos, said the report. So, as video consumption scales and attention span reduces every day, influencer marketing offers quick turnaround time and personalisation. Another key factor that attracted brands to this medium is the bond of trust and authenticity that creators share with their fans, giving brands an opportunity to reach out to a niche audience. As a result, the influencer marketing industry has gone through a severe transformation in a short time, becoming a mainstream marketing vehicle. Brands have started looking for agencies that can provide them with interesting campaign ideas rather than just a list of influencers and expected reach. They are more involved in their marketing campaigns and have started exploring creative ideas collectively with the influencers to create engaging content. So, in 2021, we saw brands moving away from ‘one-time associations’ for single posts to actually collaborating with influencers for long-time deals. GroupM and INCA’s study conducted earlier this year also proves how significant influencer marketing is to a marketer today. It said that influencer marketing has become a top priority for marketers this year, as every other leader indicated a budget growth of more than 25% in 2021. INCA’s report further went on to predict that the Influencer Marketing industry is poised to grow at a CAGR of 25% for the next decade, reaching a size of Rs 2200 crore in 2025. As per the report, celebrities corner only 27% of the marketing dollars while a bulk of 73% are taken by digital influencers. Keeping in mind how 2020 and its aftermath in 2021 revolutionised the digital industry, we reached out to a few influencer marketing agencies to understand what does the future hold and how is the ecosystem shaping up. Here is what they said: Neel Gogia, Co-founder of IPLIX Media: The upcoming year is bringing a plethora of opportunities for existing as well as aspiring influencers and creators. The first and foremost are long-term partnerships. With each passing day, more and more brands are realizing that ROI delivered by influencer marketing is unparalleled. Therefore, they are increasingly investing in influencer marketing, and especially in long-term partnerships. Long-term partnerships help them build advocates and ultimately, increase trust amongst the audience. Apart from that, the regionalization of content will increasingly be gaining momentum in the upcoming years. In fact, global brands and platforms are already experimenting with it. Recently, LinkedIn launched its regional version after almost every major global networking app available in the country across Facebook, Twitter and Clubhouse have already introduced it to support the multiple Indian languages. In this wave of regionalization, the local languages that are gaining popularity are Telugu, Marathi, Bengali, Punjabi, Malayalam, etc. Dharika Merchant, COO, WORD and Alchemy Group: The influencer marketing industry in 2022 will see a huge rise in the demand for micro influencers. Micro influencers' share in the total industry increased drastically last year due to brands favouring them owing to their higher engagement rates &amp; affordability. The industry is expected to shift to a more data-driven approach which will become the primary reason for the rise in demand for micro-influencers. Brands are now willing to work on branded content with micro influencers due to favourable data and better insights. It also leads to an effortless long-term relationship between the brand and the influencer thereby ensuring an always-on marketing approach. This always-on influencer marketing approach portrays brand loyalty from an influencer point of view and adds onto credibility of the brand and better brand recall. Without a doubt, focus on micro influencers will be one of the leading trends for the industry in the coming year and we’re excited to see how this changes the face of branded content. Pranav Panpalia, founder, OpraahFx: ‘Live streaming’ is all set to emerge as one of the widely accepted and used influencer marketing tools in the coming year. Live-eCommerce as a concept was started in China last year during the pandemic and got popularized amongst other nations. Live-eCommerce is a great way to connect with the right set of target audiences and turn them into ‘customers’ of the brand the influencers are vouching for. This is one of the best ways for brands who are focusing on ‘ROI’ driven campaigns and not on awareness or brand-building. In India, with many start-ups and MSME brands now focusing on performance-driven influencer marketing campaigns, the concept of live-eCommerce will be practiced and this shall disrupt the influencer marketing industry. Brands promoting highly accessible and affordable products and services are more likely to make use of this new concept. Alongside, live streaming is known for enabling better connections between creators, brands, and consumers as it is a more authentic and real-time content piece. It also provides an opportunity for consumers to interact with their favorite creators, thereby there is a larger scope for personalisation, feedback, and results-driven conversations. Currently, the live-streaming concept is highly dominated by gamers, and this trend will soon see a shift. The live-stream feature provides an equal opportunity and benefits to influencers and content creators of all kinds if used strategically and creatively. For eg: Content creator, Viya from China live-streams about beauty, cosmetics, real estate, cars, and rockets; and is gaining immense out of such brand deals. Likewise, we too are soon to witness such a trend in India. Apaksh Gupta, CEO and Founder, One Impression: While there are going to be plenty of emerging trends that we are expecting to take over the influencer marketing economy in 2022, one particular trend that is going to stand out is the mainstreaming of the metaverse. The way the world of content and social media is evolving, we can easily assume now that the metaverse is here. While the pandemic forced brands to jump on the digital marketing train, newer technological innovation and integration of various platforms to build a virtual ecosystem is bringing the dream of Metaverse closer every day. 2022 is going to witness a lot of investments from brands into mainstreaming the metaverse. We have already seen in 2021 that bigger brands like Nike and Verizon are already initiating their strategies to get a head start in this league from their competitors. Gucci has also launched its limited collection for Roblox letting players customise their avatars in Gucci products. In 2022, we will be witnessing an increase in these numbers of brands who will be deploying technologies like AR/VR with influencers and content creators at the centre of them to promote their products and services. Rohan Tyagi, VP Strategy and Operations, India - Triller: The advent of technologies like NFTs, Crypto has opened up new engagement and revenue channels for brands. In fact, there is great affinity toward it among GenZ and millennial buyers. Through NFTs, brands can disrupt their markets with new strategies to raise awareness, develop new consumer journeys and increase customer value and loyalty. However, In the decentralized world of Web3, the power has shifted back to creators, and brands looking to leverage technologies like NFTs know that they cant simply buy into the space. Community interest today is driven by creators as a result there will be an uptick in brands partnering with influencers to leverage the opportunities afforded by NFTs. While influencer marketing is a fairly young industry with Metaverse becoming mainstream there is a huge likelihood of it taking off quickly and becoming a multibillion-dollar economy in the virtual world. In fact, this may happen much quicker than we think. Aayush Tiwari, VP - Talent Management &amp; Music Business, Monk Entertainment: One pretty evident trend is the dominance of short video content. We’ve noticed a wave of crisp crunchable 15-30 seconder bites taking the internet by storm in 2021 already, bound to multiply in the coming years. Factors that act as a catalyst are low entry barrier, easy to make, large-scale consumption. What drives the short video ecosystem is the ability of it getting recreated under the banner of ‘trends.’ Every week, there are hypothetically ten new trends which garner lakhs of videos lifting the consumption and UGC levels to higher levels. Dominant social media platforms like Instagram, YouTube launched their verticals, and new players like MOJ, TakaTak, Chingari entered the game encouraging regional tiers to showcase their talent. Even Netflix launched a short vertical that features the best scenes from their series, which people are binge-ing on the go. Vaibhav Odhekar, Managing director India &amp; Middle East, AnyMind Group: Influencer marketing has seen few major changes from the consumer approach towards the whole marketing and influencer segment and monetization of platforms. With the rising social media consumption and engagement, D2C brands across segments have moved towards influencers marketing. As per 'State of Influencer in Asia 2021' report by Antag, the most popular are Art &amp; Entertainment, Food &amp; Beverage and Fashion &amp; Beauty while Finance, health &amp; wellness are also attractive eyeballs and set to become trendsetting in 2022. One of the trends that stood out this year was Influencers creating and launching their own brands, driven by their expertise in a certain field, passion or life experience. Along with Direct-to-consumer and e-commerce, Consumer behavior shifts driven by the pandemic have accelerated trends. We've also noticed a trend of rising social commerce which will stay. Platforms like Facebook, Instagram, YouTube and Twitter have already made such features available in some parts of the world. The report also found out that Youtube is the most used social media platform in India. As we move towards 2022, more trends will see a spike and the ongoing trends will keep growing with the brands' demand. Sagar Pushp, Co-founder and CEO, ClanConnect: Two major trends are emerging in the influencer marketing sector and will likely dominate in 2022. Firstly, the creator economy will move towards a subscription-led model wherein true fans will be able to pay a sum of money to access exclusive influencer content. Such premium content will not be available on public platforms like Instagram and YouTube. Secondly, the use of NFTs is going to skyrocket over the next year. With NFTs, users can assume ownership of content such as images, videos, or sound clips, unlocking more revenue opportunities for creators. Pulkit Agrawal, Co-Founder &amp; CEO, Trell: Two words: Social Commerce. While the pandemic has given a massive push to India’s creator economy, the industry will thrive in 2022, with newer shopping and engagement models being adopted across the ecosystem. India’s GenZ and millennial shoppers are now harder to reach through traditional media channels and prefer social media networks to make purchase decisions. Hence, brands now want to integrate social and commerce to drive higher awareness, consideration, and sales. Further, Vertical videos are bound to take the centre stage in the coming year, which means long-form or episodic content will create opportunities for influencers to integrate brands into their content with the help of data-driven insights- brands and influencers will churn more personalized content for their followers’ The rise of social commerce in India will also give a fillip to digital-first brands while opening up newer avenues for influencers to monetize from brand collaborations, making it a full-time profession. With this, the industry is all set to create transforming shopping experiences and become more interactive, immersive, and entertaining. Live commerce is one of such innovations where an influencer demonstrates product usability in a live video setting, driving higher visibility, excitement, and loyalty for consumers. Gautam Madhavan, CEO, Mad Influence: Short Video and Live Stream will dominate in the influencer marketing industry. Consumers are becoming restless in watching long format videos - hence they want to consume on-the-go type of content. Original Content will be one of the key factors driving this. Content Quality and content authenticity is something consumers will be wanting.

Influencer Marketing: Trends to watch out for in 2022

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has a population of 1.3 billion people and a huge part of it is over 18 years of age. According to India Brand Equity Foundation (IBEF), about 76% of adults lack a basic understanding of financial concepts. Even if you ignore the data and look around, you will realise there is a dire need to bring focus on creating awareness around financial literacy, investing and planning. IBEF also says that India has the potential to rank among the top financially literate countries in the world as 27.6% of its people between the age group 25-44 continue participating in financial inclusion programmes through formal education and other means. <a href="https://www.instagram.com/businessinsiderin/guide/money-insider/17854827473721020/" data-type="tilCustomLink">Money Insider</a> is here to power the India opportunity The rate of financial literacy could expand by more than 20% in the next two decades if we seed the basics within the age group 10-19 which constitutes around 21.8% of India's population. A financially savvy India will have a massive impact on the country's general economic growth and global influence. Money Insider dives deep into the world-changing potential of financial awareness. It brings together the top young voices from the industry educating millions of Indians and shaping the financial habits of millennials, genZ and beyond. From being trapped in credit card bill cycles, and equated monthly instalments (EMIs) to not being able to meet the standard of living you wish, the root cause of most of these issues is a lack of financial literacy. A lot of you realise it but get stuck in the dilemma of finding the entry point to the first step. With Money Insider, we aim to close the "knowing-doing" gap in financial literacy. The voice — Meet the Money Insider fin-fluencers <div type="image" title="Representative image" msid="90645832" hostid="261"></div> 1. <a href="https://www.instagram.com/abhiandniyu/">Abhiraj and Niyati aka Abhi and Niyu</a> - Digital Content Creator Duo This power couple started a YouTube page called, ‘Let’s make you rich’ that talks about the rules, principles, and ideas to manage your personal finance. The duo have amassed over 4 million followers across social media platforms. Featured in <keyword id="6373044" type="General" weightage="50" keywordseo="forbes" source="Orion">Forbes</keyword> 30 under 30 of 2021, Abhi and Niyu aim to offer solution-oriented content to its fans. <div type="image" title="Representative image" msid="90645869" hostid="261"></div>2. <a href="https://www.instagram.com/rajshamani/">Raj Shamani </a>- Digital Content Creator, Entrepreneur, Podcaster and Investor Founder of <keyword id="10598902" type="General" weightage="50" keywordseo="shamani-industries" source="Orion">Shamani Industries</keyword>, Raj Shamani is a business content creator and public speaker with 1 million followers on <keyword id="819905" type="General" weightage="50" keywordseo="instagram" source="Orion">Instagram</keyword>, 146k fans on Twitter and 272k subscribers on YouTube. <div type="image" title="Representative image" msid="90645892" hostid="261"></div>3. <a href="https://www.instagram.com/shashank_udupa/">Shashank Udupa</a> - Financial Expert, Digital Content Creator and Co-Founder and CFO at Scenes by Avalon Founder of tech company Avalon, <keyword id="10355438" type="General" weightage="50" keywordseo="shashank-udupa" source="Orion">Shashank Udupa</keyword> is a finance wizard who shares the millennial approach of investing with his followers. Udupa is a former investment banker from India Infoline and has also worked with FoxBound, Calm India, ENKIDU. His experience with investment banking and running his own company has led him to become one of the leading experts in the field of money management. <div type="image" title="Representative image" msid="90645909" hostid="261"></div>4. <a href="https://www.instagram.com/iamnehanagar/">Neha Nagar</a>- Finfluencer and Founder of TaxationHelp.in A crypto-enthusiast and stock-aficionado, <keyword id="13542701" type="General" weightage="50" keywordseo="neha-nagar" source="Orion">Neha Nagar</keyword> is a zestful young creator and one of the up-and-coming woman entrepreneurs in India. Her content ranges from finance to crypto-currency, stock markets and trading to government funding schemes and taxation. Nagar aspires to extend and encourage financial literacy through social media and has already garnered over 4.78 million followers across social media platforms. <div type="image" title="Representative image" msid="90645930" hostid="261"></div>5. <a href="https://www.instagram.com/labourlawadvisor/">Mandeep Gill </a>- Cofounder, Labour Law Advisor Founder of the YouTube channel Labour Law Advisor, Gill aims to simplify complex labor laws for the Indian workforce and help them build a better financial future. His mission continues with the support of more than 1.6 million subscribers. <div type="image" title="Representative image" msid="90645946" hostid="261"></div>6. <a href="https://www.instagram.com/themoneylancer/">Ashna Tolkar</a> - Financial educator, Influencer &amp; Founder, Money lancer “I make finance effortless,” reads <keyword id="13542702" type="General" weightage="50" keywordseo="ashna-tolkar" source="Orion">Ashna Tolkar</keyword>’s Instagram bio. Followed by 76.7k fans on Instagram, <keyword id="13542700" type="General" weightage="50" keywordseo="tolkar" source="Orion">Tolkar</keyword> videos are popular among the younger generation. She educates users about wealth management, with one reel at a time. So, join us on Business Insider India’s <a href="https://www.instagram.com/businessinsiderin/">Instagram</a>, where we will take you through a series of videos from successful 'fin-fluencers' who'll pave the way for your entry to financial awareness and freedom. They will be covering topics ranging from basics of investing, financial planning, savings, how to plan retirement, buying a home, managing loans and taxes. Disclaimer: Business Insider India has partnered with these influencers for the Money Insider series. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/grammys-2022-award-meet-falguni-shah-who-won-the-best-childrens-music-album-of-the-year-2022/slidelist/90634995.cms">Meet Falguni Shah who won the best children’s music album of the year award at the Grammy’s</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rally-in-adani-group-companies-not-only-made-gautam-adani-indias-richest-man-but-also-made-a-fortune-for-its-investors/articleshow/90638038.cms">Rally in Adani Group companies not only made Gautam Adani India’s richest man, but also made a fortune for its investors</a>

Business Insider India presents Money Insider – your guide to financial freedom

<ul><li>The most number of <keyword id="1968469" type="General" weightage="20" keywordseo="social-app" source="Orion">social app</keyword> downloads in the first half of 2021 were from India.</li><li>India also ranked second for the most hours spent in social apps just behind China.</li><li>The App Annie report shows how live streaming and short video content are leading the trends in social apps.</li></ul>India is currently the biggest market for social apps globally in terms of downloads, according to App Annie’s ‘Evolution of Social Apps’ <a href="https://infogram.com/1pmrg199wrmd76s3gpw7gr9w5dbz91z2x9d?live">report</a>. India also takes second place for the most hours spent in social apps. The report highlights how livestreaming is the latest trend in social media and shares statistics on which apps are doing the best and in which markets. According to the report, Asia accounted for the most number of downloads of social apps in the first half of 2021 dominating 60% of the overall market. India is far ahead in the race with over 1.5 billion downloads. It actually has been leading the race surpassing the US in 2018, the report added. Globally, 70 billion social apps have been downloaded to date since 2010. In the first half of 2021 alone, there were 4.7 billion downloads of social apps. This data has been calculated from the App Store and Google Play Store and for social, social networking and communication apps. <div type="image" title="social app downloads" msid="86003650" hostid="261" caption="&amp;lt;p&amp;gt;Countries with the highest number of social apps downloads in H1 2021.&amp;lt;/p&amp;gt;"></div> The most downloaded social and entertainment apps in India are <keyword id="9555198" type="General" weightage="20" keywordseo="mx-takatak" source="Orion">MX TakaTak</keyword>, <keyword id="819905" type="General" weightage="20" keywordseo="instagram" source="Orion">Instagram</keyword>, <keyword id="6393600" type="General" weightage="20" keywordseo="josh" source="Orion">Josh</keyword>, <keyword id="8678883" type="General" weightage="20" keywordseo="moj" source="Orion">Moj</keyword> and <keyword id="6358096" type="General" weightage="20" keywordseo="snapchat" source="Orion">Snapchat</keyword>. Among the top five apps, <a href="https://www.businessinsider.in/advertising/ad-tech/news/mx-takatak-moj-and-josh-are-the-three-most-downloaded-apps-in-india-in-the-last-quarter-sensor-tower/articleshow/81963654.cms">MX TakaTak, Josh and Moj </a>are TikTok-like short video apps. App Annie highlighted how apps like TikTok, MX TakaTak and Snapchat offering short video content and live streaming have dramatically increased. According to the report, there were 740 billion hours spent on social apps in the first half of this year. This accounted for 44% of the time spent on mobile globally. The report adds that there has been steady growth in the past three years. <div type="image" title="hours spent on apps" msid="86003668" hostid="261" caption="&amp;lt;p&amp;gt;Countries with the most number of hours spent in social apps.&amp;lt;/p&amp;gt;"></div> App Annie predicts that the total time spent in social apps with live streaming in focus is set to surpass half a trillion hours on Android phones alone. In India, people spent almost 160 billion hours on social apps this year on the Android platform. The top five apps that Indians are spending time on are YouTube, WhatsApp, Facebook, Instagram and Truecaller. YouTube continues to remain the leader not just in India but globally as well. App Annie credits the platform’s “depth and breadth of engagement” as the reasons behind it ranking first in streaming and video. But TikTok could soon emerge as the leader in this space as it has already crossed YouTube in terms of average time spent per user in the US and UK. In terms of consumer spending, the most popular apps in India are Hotstar, Chamet, Tango Live, Truecaller and ZEE5. Chamet is a one-on-one multiplayer video and voice chat app that lets you connect with people from around the world. Tango Live is a social live streaming app where people get paid for hosting live videos. India, however, is not among the top countries when it comes to consumer spending ranking 17th in the list. The US has the highest consumer spend accounting for 30% of the total market. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/protonmail-faces-criticism-after-leading-police-to-the-arrest-of-a-climate-activist/articleshow/85999452.cms" data-type="tilCustomLink">ProtonMail faces criticism after leading police to the arrest of a climate activist</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-to-soon-let-you-hide-your-last-seen-from-specific-contacts/articleshow/85997894.cms" data-type="tilCustomLink">WhatsApp to soon let you hide your ‘Last Seen’ from specific contacts</a>

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