Bolo Indya to enable 1 lakh creators to offer peer-to-peer commerce service
In May, the company had started testing 'Bolo Meets' feature that allows creator partners to deliver specialised skill-based services (like astrology, teaching languages or dance etc) to their followers for a fee.
Bolo Indya on Tuesday said it aims to enable 1 lakh creators on its platform to offer peer-to-peer commerce service, a model that will bring in about Rs 6-7 crore in revenue for the short-video platform by December next year. In May, the company had started testing 'Bolo Meets' feature that allows creator partners to deliver specialised skill-based services (like astrology, teaching languages or dance etc) to their followers for a fee. Bolo Indya charges a small percentage of this as platform fee.
"We are committed to empowering content creators to monetise their content and follower base. Between May and September, we have 257 creators who are using Bolo Meets, and we expect to ramp this to 25,000 by March and 1 lakh by December next year," Bolo Indya founder and CEO Varun Saxena told PTI. He added that the feature will be enabled for creators only after they have touched a certain milestone in terms of viewership and following.
"With Bolo Meets, we will not only want to positively boost the financial independence of our creator partners but we will also want to help users on our platform to avail services, learn and grow with the creators," he said. Saxena said the sessions can be facilitated either through one-to-one private video chat room, or a group video session with a maximum of 10 people in one session. These video sessions can be availed by the users through micropayments to book the slots for their favourite creators' sessions. Popular categories for Bolo Meets include astrology, fitness, music, dance, instruments, comedy, personal finance, relationships, and mental wellness. Average ticket size for the sessions start from Rs 100 and goes up to Rs 5,000.
Bolo Indya has over 65 lakh users including 28 lakh creators, spread across 14 languages. The company intends to grow its user base to 1 crore by March and 5 crore by December 2021. Saxena said the company has already garnered Rs 35 lakh in revenue from Bolo Meets, and expects this number to touch Rs 1 crore by the end of the fiscal. "By December next year, Bolo Meets should help us clock Rs 6-7 crore in revenue," he added.
Over 25,000 video sessions have already been delivered in the five months post the service was activated amongst the highly engaged creators. Its top creator partners are already earning Rs 50,000-60,000 per month using Bolo Meets, Saxena said.
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