SnackVideo, which is present in Indonesia since 2020, has achieved significant development in the short video industry with an annual growth of 55% CAGR.
Heaptalk, Jakarta — The short video application Snackvideo managed to have 43 million active users per month in 2022, after entering Indonesia in 2020. After nearly 3 years of operating in this country, the application has developed rapidly based on the latest report from Ipsos titled Indonesia Short Video White Paper 2023.
Ipsos’ independent research examined the way Indonesian people access the media and highlighted the phenomenon of the rising short video platform. The study reveals that short videos have become a new platform to find information and consume content with a penetration of 70%.
Short videos have also expanded their reach in the country and have been increasingly accessed by Indonesian consumers in recent years. In the last 3 years, the short video market has skyrocketed, reaching a total of 110 million monthly active users. The trend tends to be positive with a compound annual growth rate (CAGR) of 55%.
In more detail, Executive Director at Ipsos Indonesia Joseph Kristofel explained that Indonesian consumers spend 2.1 hours per day watching short videos. During this time, the majority of respondents said that they consumed short video consumption to fill their spare time (56%) as well as for entertainment and relaxation (53%).
In addition, respondents conveyed that they watched short videos to gain useful knowledge and skills (41%), explore the world (40%), as well as access the latest news and information (36%). There are also respondents who utilize short video platforms as a vehicle for self-expression (34%), make friends (30%), bridge communication (26%), integrate into everyday social situations (25%), and shop (22%).
Claimed to be the 2nd largest short video platform in Indonesia
Entering 2022, Kristofel said that short videos are going through a differentiation phase, indicated by platform providers starting to embrace uniqueness and commercialism. This phase provides an opportunity for platform providers, including SnackVideo, to show their characteristics as content that is relevant to users’ daily life.
These characteristics have fueled SnackVideo’s growth into a widely recognized short video platform with 90% brand awareness and 64% brand salience. SnackVideo is also present on other media platforms with a growth rate of 119% in Q2 2022 compared to the same period the previous year.
Country Manager at SnackVideo Indonesia Teng Yee Kiong said, “Since being launched in Indonesia in 2020, SnackVideo has been well received by the Indonesian market and has quickly become the 2nd largest short video application in Indonesia.” This attainment is aligned with Ipsos’ findings which reveal that SnackVideo’s brand reputation stands out among other short video applications. According to Yee Kiong (YK), this is driven by content that is relevant to the daily lives of users.
Further, Yee Kiong revealed 3 keys that drove SnackVideo’s rapid growth, namely inclusivity and equality, community ecosystem, as well as unique, local content. The Ipsos report states that 60% of users watched religious and motivational content in the last 1 month. This type of content has high growth ahead of food and cooking recipes and is behind comedy and humor.
Apart from these 3 things, data monitoring metrics in the SnackVideo application show that enthusiasm and interaction also drove the growth of the platform, which involved both creators and users. These metrics feature more than 700k daily active creators, 1.5 million daily posts, 2.7 billion daily views, and 70 million daily likes, which results in the engagement of over 7 million daily comments.
In addition, SnackVideo builds a legit community of content creators consisting of a group of users in various categories. This community is called SnackVideo Family, which currently has more than 58,000 families with 800,000 SnackVideo Family members, generating a 50% daily activity rate.
Onwards, this app will continue the drama scripted content which is SnackVideo’s signature and user’s favorite. This effort is expected to extend the duration users spend on SnackVideo. “This achievement is an important milestone for SnackVideo to open up opportunities with brands, corporations, and the government as our contribution to providing positive information and increasing business as part of an integrated marketing strategy,” concluded Teng Yee Kiong.
