Today, the content is being transformed into videos which makes it more engaging. Different advanced technologies are playing a major role in this transition and easing it for creators to make audience-centric videos. The video consumption in India has rapidly surged thus making one of the major market for video streaming industry. AI-driven video-tech platform Toch.ai is revolutionizing the way content is used and developed in videos. In line with knowing about this market, Rajeev Ranjan held an exclusive interaction with Meghna Krishna, Chief Revenue Officer, Toch.ai. Meghna elaborated about the current industry landscape, their solutions and growth plans. Read below the excerpts:
Rajeev: Please brief about your business model. How you started Toch.ai and what were the initial challenges in setting up this venture?
Meghna: Toch.ai is a SaaS company with a cloud-agnostic AI solution at its core. Our solution works towards unlocking the potential of videos by making them more engaging, reducing the time and cost of production, and making them more monetisable. Our initial challenges included the limited awareness in the industry on how AI can be useful in their process flow and the continued inertia towards the adoption of the new technology.
Rajeev: How do you see the ever-increasing consumption of video content these days? How video industry has grown over the years?
Meghna: We see two clear changes in the video industry and those changes will dominate the consumption patterns of the large audience pool:
Video streaming: The global video streaming market size is expected to reach USD 223.98 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 21.0% from 2021 to 2028. This explosion of video streaming will see a mass migration of audiences from traditional consumption channels to the new-age streaming platforms.
Short-form videos: Microblogging platforms have mushroomed throughout the last couple of years and their popularity is only increasing. With the democratisation of video production and the shorter attention spans, we will see short-form content really drive the growth phase of video consumption.
These two changes will be an opportunity for content creators, broadcasters and new-age technologies will need to be applied to service the unique request of the audiences and capture market share.
Rajeev: With the dynamically changing interest of consumers, how difficult is it to create engaging content? How do you help your partners to meet the demand of the audience?
Meghna: Video is on a trajectory of low attention span, high competition, and customised needs of the audience. This means that while more content is being created but this content services niches thus the ability to engage other sets of audiences is becoming quite challenging. Our technology has the ability to build content assets as per the requirements of our partner and helps them multiply their asset pool which can be used to target the right audience sets and build higher engagements. As the AI engine delivers results based on specific requirements it can help content creators and broadcasters service their audiences better.
Rajeev: What are the latest technologies playing a critical role in the transformation and growth of the Indian video industry?
Meghna: AI and ML are latest technologies playing a critical role in the transformation and growth of the Indian video industry.
Rajeev: What is the current market size and how do you look at the future of this industry in India? What are your marketing plans to grow your business?
Meghna: The Global video AI Market is growing at a fast pace and is expected to be a 169.4bn USD industry by 2025. As a foremost player in this industry Toch.ai is placed uniquely as a first mover to capture the many aspects of this industry through its ever evolving and learning AI platform.
The Target groups for our technologies in the current phase are:
