TikTok-like short video app Tiki to quit Indian market
Short-video-making app Tiki has announced it would cease operations in India from June 27, and users will no longer be able to watch or create their favourite short videos or live streams on the platform. In a message, the app, which had about 35 million monthly active users in the country (according to Sensor Tower data), said that they regret to inform them that Tiki will be shutting down its operations.
“As of 11.59 pm India Time, June 27, 2023, all Tiki functions and services will cease. The Tiki app will no longer be available for download from app stores,” the company said in a message posted on Twitter. “We want to inform you that all user data will be permanently deleted from our servers located in India and Singapore,” it added.
The company alerted users to download any videos “that are dear to you” before the shutdown.
“Additionally, please remember to withdraw any T coins you may have before the 27th. You can withdraw them on your own in the app. Unfortunately, we won’t be able to provide any assistance or support after the shutdown date,” Tiki added. It said that recent challenges faced by the tech industry have led to the closure of numerous startups, including Tiki.
“Despite being a small startup operating in Singapore and India, Tiki has always stood for being ‘A Place for Real Talents’. We are immensely proud and grateful for the Tiki Family comprising creators and users like you,” the company further said.
Tiki’s exit comes at a time when the popularity of short-video apps has exploded in India. Right after the ban on TikTok, a deluge of short-video-remix platforms emerged in India. But because of its popularity, Meta’s Instagram managed to capture almost TikTok’s entire market. Moreover, with the ban on TikTok, many Indian short-form apps have emerged as alternatives, attracting millions of users. According to market consultancy firm Redseer, Indian short-form video (SFV) market monetisation is at the cusp of a breakout and could potentially be an opportunity of $8-12 billion by 2030, owing to an increase in the adoption and usage of smartphones.
— Written with inputs from IANS
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