Mumbai: Last month, Kuaishou<\/a> listed on<\/a> Hong Kong’s stock exchange at a valuation of $160 billion—nearly as much as larger rival TikTok<\/a>’s worth. By way of comparison, the IPO makes Chinese short-video app almost as valuable as Qualcomm<\/a>, a storied chipmaker and holder of foundational wireless technology patents, whose market capitalisation is $167 billion. 印度短片的应用Sharechat Moj mxplay的MX TakaTak-see大片Kuaishou IPO的部门已经凸显出巨大的潜力,和更多的序幕。 孟买:上个月,Kuaishou上市香港证券交易所的估值160美元billion-nearly规模更大的竞争对手TikTok的价值。相比之下,中国IPO使短片应用一样有价值高通,一个传奇的芯片制造商和持有人的基本无线技术专利,其市值为1670亿美元。
These developments are being closely watched in India’s short-video space, which mushroomed in the aftermath of the TikTok ban in June last year.
Over the past few months, Indian short-video apps have been consistently among the top free apps on Google<\/a>’s Play store. Times Internet’s MX TakaTak<\/a>, Dailyhunt’s Josh, Sharechat’s Moj are leading the pack and indicating the traction gained in the absence of their Chinese rivals.
Investors see the Kuaishou IPO<\/a> as a giant thumbs up for the sector.
“It will be a big positive,” said Anand Lunia, founding partner at India Quotient, one of the investors in Moj. “Now you know how to value a non-American, early-stage content company. We’re going to see a huge amount of capital now coming into this space in India.”
In recent months, Google has backed Dailyhunt’s Josh<\/a> and InMobi’s Glance<\/a>, signalling the rising investor interest in the sector.
“This (Kuaishou IPO) should open doors for multiple IPOs too,” said Lunia. “We feel that there will potentially be over a dozen companies launching IPOs in the social space in China in the near future.”
Kuaishou boasts of 300 million daily-active users, and its Indian counterparts would likely have about 20-30 million DAUs. But these are much younger companies, said an executive at a short-video app, requesting anonymity.
“The success of Kuaishou’s IPO has demonstrated the massive potential of the global short video market,” said Karan Bedi, chief executive officer of MX TakaTak’s operator MX Player. “It’s success story is a reflection of this new content format's success in various markets around the world, including India...It's exciting to see for us, as India’s No.1 short-video platform.”
Kiko, another local short-video platform, said that it has already added to its platform video commerce, which happens to be one of the major revenue streams for Kuaishou.
“Currently, we are receiving nearly 100 orders per day and have attained a GMV of Rs 30 lakh per month. We have also recorded steady growth in GMV of 20% on a month-on-month basis,” CEO Shivam Varshney said.
Sumit Ghosh, CEO of Chingari, said, “If multiple players can thrive successfully in a market like China, then multiple companies in this space can come out of India as well.” It indicates that India is a very promising opportunity for investors looking at the short-video market, he said.
Some investors, however, differed.
“While some Indian players in this space have hit early scale, their business models may not end up like Kuaishou’s,” said Deepak Gupta, founding partner of WEH Ventures, an investor in short-video app Trell. For example, virtual gifts are one of the biggest sources of revenue for Kuaishou, but it has not been proven in India yet, he said.
India Angle<\/strong>
Multiple experts ET spoke with said that Indian over-the-top (OTT) players can also look at a valuation that’s six times their topline after they achieve significant size—Rs 200-250 crore in revenue and 20-25 million paying subscribers.
“There is huge competition in the India OTT space with 40-plus players, but in the last few months, especially during the pandemic, the consumption has jumped manifold,” said a top executive at an OTT service. “The rise in engagement levels as well as the number of users has certainly increased the valuation of the OTT players.” He said that strategic or private equity investors will look for investment opportunities with a minimum size of Rs 1,200-1,500 crore.
“The pure-play OTT services will always have much higher multiples, some will manage a range of 6-8 times topline in the current environment. The broadcast or legacy companies tend to have lower multiples as the valuation is blended with broadcast,” said a senior investment banker.
However, a top executive at a broadcaster-led OTT service said that, at present, there is no price discovery as players are fairly small. “There is no science to the valuation of OTT services right now in the country. Currently, it is a combination of fair value and using subscribers as surrogate,” he said.
There are very few pureplay OTT players in India, which can boast a significant size and topline.
Most of the companies have either legacy broadcast business, like Star (Disney+ Hotstar), Zee Entertainment Enterprises<\/a> (Zee5), Viacom18 (Voot) and Sony Pictures Networks India (SonyLIV). Some are associated with production houses like Balaji Telefilms (Alt Balaji) and Eros International (Eros Now) and MXPlayer (Times Group). Others are international players like Netflix<\/a>, Amazon Prime Video and Lionsgate Play.
Disclaimer:<\/strong> MX TakaTak’s operator MXPlayer is owned by Times Internet, a part of the Times Group that publishes The Economic Times and ETtech.com.<\/em>
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Kuaishou IPO估值照亮印度的视频空间
这些发展正在密切关注印度的短视频空间,之后迅速增长的TikTok禁止去年6月。
在过去的几个月里,印度短片的应用一直跻身前免费应用程序谷歌的游戏商店。*互联网MX TakaTak,Dailyhunt Josh Sharechat Moj引领和指示的牵引在没有获得中国的竞争对手。
说:“这将是一个大积极阿南德•Lunia创始合伙人印度商,Moj投资者之一。“现在你知道如何价值不是美国的,早期的内容公司。我们将会看到大量的资本在印度现在进入这个空间。”
最近几个月,谷歌已经支持Dailyhunt的杰克和InMobi的目光,表明投资者对该行业的兴趣。
“这(Kuaishou IPO)应该为多个IPO开门,“Lunia说。“我们觉得可能会有十几个公司启动ipo在不久的将来在中国社会空间”。
Kuaishou拥有3亿日活跃用户,其印度同行可能会有大约20 - 30万道。但是这些是更年轻的公司,一位高管说,一个简短的视频应用,要求匿名。
“Kuaishou IPO的成功已经证明了全球短视频市场的巨大潜力,”卡兰·贝迪说,首席执行官MX TakaTak运营商MX的球员。“这是成功故事反映这种新内容格式的成功在全球各个市场,包括印度……我们很高兴看到,印度的第一视频平台。”
纪子,另一个本地视频平台,表示它已经添加到其电子商务平台,恰好是Kuaishou的主要收入来源之一。
“目前,我们每天收到近100订单,GMV Rs 30每月十万卢比。我们也记录GMV稳步增长20%的环比来看,”首席执行官上路Varshney说。
首席执行官苏米特Ghosh Chingari说,“如果多个玩家可以茁壮成长成功在中国这样的市场,那么多个公司在这个领域也可以来自印度。"这表明,印度是一个非常有前途的投资者看短视频市场的机会,他说。
然而,一些投资者不同。
“虽然一些印度球员在这个空间了早期的规模,他们的商业模式可能不像Kuaishou,”迪帕克·古普塔说,WEH)的创始合伙人投资,投资者在app Trell短片。例如,虚拟礼物Kuaishou最大的收入来源之一,但它尚未被证明在印度,他说。
印度角
多个ET与专家们说,印度顶级(OTT)玩家也可以看看他们的背线6倍的估值后实现重大size-Rs - 250卢比的收入和20 - 200付费用户。
“有巨大的竞争印度与40奥特空间的球员,但在过去的几个月里,特别是在大流行期间,消费上涨了歧管,”一名高管表示一个奥特服务。“接触水平上升以及用户的数量确实增加了估值奥特的球员。“他说,战略或私人股本投资者将寻找投资机会,最低1200 - 1500卢比的大小。
“纯粹的奥特服务总有更高的倍数,有些人会管理一系列的背线,在当前环境下,6 - 8倍。广播或遗留公司往往有较低的估值倍数是混合了广播,”一名资深投资银行家表示。
然而,高管broadcaster-led奥特服务说,目前,没有价格发现作为球员是相当小的。“没有科学的估价奥特服务在中国现在。目前,它是一个组合的公允价值和使用用户代理,”他说。
在印度很少有单一业务奥特的球员,拥有相当规模和背线。
大多数的公司要么遗留广播业务,像明星(迪斯尼+ Hotstar),Zee娱乐企业(Zee5) Viacom18 (Voot)和索尼影视网络印度(SonyLIV)。一些与生产相关联的房子像电视片巴拉(Alt Balaji)和厄洛斯国际(厄洛斯现在)和mxplay集团(倍)。其他国际球员网飞公司Amazon Prime视频和狮门影业的玩。
免责声明:MX TakaTak运营商mxplay属于互联网时代,时代集团的一部分,出版《经济时报》和ETtech.com。
Mumbai: Last month, Kuaishou<\/a> listed on<\/a> Hong Kong’s stock exchange at a valuation of $160 billion—nearly as much as larger rival TikTok<\/a>’s worth. By way of comparison, the IPO makes Chinese short-video app almost as valuable as Qualcomm<\/a>, a storied chipmaker and holder of foundational wireless technology patents, whose market capitalisation is $167 billion.
These developments are being closely watched in India’s short-video space, which mushroomed in the aftermath of the TikTok ban in June last year.
Over the past few months, Indian short-video apps have been consistently among the top free apps on Google<\/a>’s Play store. Times Internet’s MX TakaTak<\/a>, Dailyhunt’s Josh, Sharechat’s Moj are leading the pack and indicating the traction gained in the absence of their Chinese rivals.
Investors see the Kuaishou IPO<\/a> as a giant thumbs up for the sector.
“It will be a big positive,” said Anand Lunia, founding partner at India Quotient, one of the investors in Moj. “Now you know how to value a non-American, early-stage content company. We’re going to see a huge amount of capital now coming into this space in India.”
In recent months, Google has backed Dailyhunt’s Josh<\/a> and InMobi’s Glance<\/a>, signalling the rising investor interest in the sector.
“This (Kuaishou IPO) should open doors for multiple IPOs too,” said Lunia. “We feel that there will potentially be over a dozen companies launching IPOs in the social space in China in the near future.”
Kuaishou boasts of 300 million daily-active users, and its Indian counterparts would likely have about 20-30 million DAUs. But these are much younger companies, said an executive at a short-video app, requesting anonymity.
“The success of Kuaishou’s IPO has demonstrated the massive potential of the global short video market,” said Karan Bedi, chief executive officer of MX TakaTak’s operator MX Player. “It’s success story is a reflection of this new content format's success in various markets around the world, including India...It's exciting to see for us, as India’s No.1 short-video platform.”
Kiko, another local short-video platform, said that it has already added to its platform video commerce, which happens to be one of the major revenue streams for Kuaishou.
“Currently, we are receiving nearly 100 orders per day and have attained a GMV of Rs 30 lakh per month. We have also recorded steady growth in GMV of 20% on a month-on-month basis,” CEO Shivam Varshney said.
Sumit Ghosh, CEO of Chingari, said, “If multiple players can thrive successfully in a market like China, then multiple companies in this space can come out of India as well.” It indicates that India is a very promising opportunity for investors looking at the short-video market, he said.
Some investors, however, differed.
“While some Indian players in this space have hit early scale, their business models may not end up like Kuaishou’s,” said Deepak Gupta, founding partner of WEH Ventures, an investor in short-video app Trell. For example, virtual gifts are one of the biggest sources of revenue for Kuaishou, but it has not been proven in India yet, he said.
India Angle<\/strong>
Multiple experts ET spoke with said that Indian over-the-top (OTT) players can also look at a valuation that’s six times their topline after they achieve significant size—Rs 200-250 crore in revenue and 20-25 million paying subscribers.
“There is huge competition in the India OTT space with 40-plus players, but in the last few months, especially during the pandemic, the consumption has jumped manifold,” said a top executive at an OTT service. “The rise in engagement levels as well as the number of users has certainly increased the valuation of the OTT players.” He said that strategic or private equity investors will look for investment opportunities with a minimum size of Rs 1,200-1,500 crore.
“The pure-play OTT services will always have much higher multiples, some will manage a range of 6-8 times topline in the current environment. The broadcast or legacy companies tend to have lower multiples as the valuation is blended with broadcast,” said a senior investment banker.
However, a top executive at a broadcaster-led OTT service said that, at present, there is no price discovery as players are fairly small. “There is no science to the valuation of OTT services right now in the country. Currently, it is a combination of fair value and using subscribers as surrogate,” he said.
There are very few pureplay OTT players in India, which can boast a significant size and topline.
Most of the companies have either legacy broadcast business, like Star (Disney+ Hotstar), Zee Entertainment Enterprises<\/a> (Zee5), Viacom18 (Voot) and Sony Pictures Networks India (SonyLIV). Some are associated with production houses like Balaji Telefilms (Alt Balaji) and Eros International (Eros Now) and MXPlayer (Times Group). Others are international players like Netflix<\/a>, Amazon Prime Video and Lionsgate Play.
Disclaimer:<\/strong> MX TakaTak’s operator MXPlayer is owned by Times Internet, a part of the Times Group that publishes The Economic Times and ETtech.com.<\/em>
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