With more than 4.7 billion users throughout the globe, social media has transitioned from a platform that was mostly used for personal connections to an influential business medium in recent years. The proliferation of social video sharing apps has been an integral component of this shift in social media, significantly influencing the way ideas and knowledge are communicated.
In addition to facilitating the creation and distribution of user-generated content, these types of platforms also afford businesses a special window into the everyday lives of their target audience.
The Best Social Video Sharing Apps in Chicago For Entrepreneurs
Here are some of the best social video sharing apps in Chicago.
BIGO Live
Founder: David Li and Jason Hu.
Inception and Total Funding: Founded in 2014. Funding raised $272 million.
Business Model: BIGO Live stands out from the competition because of its cutting-edge live streaming capabilities and AI. Streamers earn via virtual gifts purchased by their fans, making a unique and engaging revenue model. BIGO Live hopes to continue expanding into the US market and form collaborations with gaming influencers in the near future.
Unique Selling Proposition: The platform’s USP is that it facilitates communication between content creators and their target audience by leveraging a content management system that analyses 300 million broadcasts per day.
Brief of the App with Revenue Details: About 400 million people across 150 countries use BIGO Live, making it the sixth most downloaded app in the world as of March 2020. Live performances of musical and video game content are two of the most popular types of broadcasts on this app. Users typically spend between 15 and 30 minutes per day using the app.
In-app purchases are the main source of income for BIGO Live, bringing in an estimated $40.2 million for the company in Q1 2023.
TikTok
Founder: Zhang Yiming.
Inception and Total Funding: Founded in 2012. Funding raised $7.4 billion.
Business Model: TikTok’s business model revolves around user-generated content, primarily 15-second homemade videos that cover a range of activities from dancing to lip-syncing to makeup challenges.
Personalised ads cater to each user’s preferences, compelling them to purchase an advertised product or service. This contributes a significant portion to the company’s revenue.
TikTok also has an in-app currency known as TikTok Coins, purchasable by users. These coins can be gifted by followers during live videos and later exchanged for real money.
Unique Selling Proposition: TikTok’s unique selling proposition is the app’s emphasis on brief, creative video content that covers a wide range of topics.
It’s a fun and engaging platform since users can customize their videos in a variety of ways, including with filters, stickers, voiceovers, and music.
Brief of the App with Revenue Details: The TikTok app encourages users to make and share short-form videos. TikTok’s broad user base is able to express creativity through video content, from funny vines to educational videos. Over 3 billion downloads and 1 billion active users each month demonstrate the app’s meteoric rise in popularity.
Estimates put TikTok’s revenue at about $50 billion in 2023, making it one of the highest-grossing apps in the world. It makes money mostly via in-app purchases, advertisements, and collaborations.
Snapchat
Founder: Evan Spiegel.
Inception and Total Funding: Founded in 2011. Funding raised $2.62 billion.
Business Model: Snapchat’s business model is unique and tailored to benefit all its stakeholders. For regular users, it provides an instant messaging platform with a focus on privacy. For businesses and content creators, it serves as a marketing platform, allowing them to reach a large and highly engaged user base.
The primary source of revenue for Snapchat is through advertising. Advertisers can place their ads on the platform, reaching its millions of daily active users.
In addition to advertising, Snapchat also generates revenue from paid subscriptions and by selling hardware devices, such as Snapchat Specs – AR Goggles.
Unique Selling Proposition: What sets Snapchat apart from other social media platforms is its fresh, cutting-edge approach to user engagement. It has a strong engagement rate, particularly among younger users, and it uses its own advertising strategies like pop culture and celebrity collaborations.
Despite intense competition from the likes of Facebook and Google, Snapchat has remained successful by focusing on the camera-first messaging experience.
Brief of the App with Revenue Details: Snapchat appeals to younger audiences with its disappearing messages and augmented reality features. The content shared on Snapchat disappears after 24 hours, a feature that appeals to its target demographic, primarily teenagers and young adults seeking privacy.
The app has become popular due to the innovative advertising options it offers, which take advantage of popular social trends such as instant messaging, augmented reality, and visual storytelling. Snap Inc. earned $4.6 billion in 2022 thanks to the company’s innovative visual strategy and social video sharing methods.
Founder: Kevin Systrom, Mike Krieger.
Inception and Total Funding: Founded in 2010. Funding raised $57.5 million.
Business Model: Instagram‘s business model is primarily focused on advertising. Businesses, brands, and influencers can promote their services or products by posting sponsored content, which is shown to a targeted audience.
Instagram generates revenue through different types of ads such as picture and video ads, carousel ads, story ads, and sponsored posts.
The platform also uses a CPC (Cost Per Click) system where advertisers pay each time a user clicks on their ad. Apart from advertising, Instagram also makes money from selling user data.
Unique Selling Proposition: Instagram’s USP is that it offers users a simple yet engaging visual experience for capturing, editing, and sharing life’s experiences with an active worldwide community. Because of this, Instagram has been able to distinguish itself in the competitive social media market.
Brief of the App with Revenue Details: Instagram is a simple tool for sharing photos and videos with others and making connections. It has many features, such as filters, stories, IGTV, shopping, and more.
With over a billion monthly active users as of 2023, Instagram has quickly become one of the most popular social networks on the planet.
Advertising is the primary source of revenue for Instagram. According to 2023 estimates, Instagram has earned $49.91 billion in annual revenue. Because of the platform’s active user base and precise targeting choices, advertising on it is highly sought after.
OmeTV
Founder: Dmitry Filatov.
Inception and Total Funding: Founded in 2009. Funding raised $10 Million.
Business Model: OmeTV relies heavily on its premium content and in-app sales to generate revenue.
Unique Selling Proposition: The convenience and simplicity of using OmeTV are its main selling points. The platform enables real-time video interaction among users from all over the world, strengthening bonds between people globally.
Brief of the App with Revenue Details: OmeTV is an interactive video chat platform that helps individuals from all over the world stay in touch with one another. The app’s cutting-edge translation tools facilitate spontaneous, genuine communication across language barriers in real-time.
Despite offering its video chat services for free, the app has managed to generate $5 million in revenue per year as of 2022.
Conclusion
Social video sharing apps are defining the future of online advertising. They offer a flexible platform on which businesses can share appealing narratives, boost user engagement, and maximize the potential of their brand.
Appscrip provides fully scalable social video sharing app solutions with a user-friendly interface, in-app purchases, AR filters, and exclusive streaming support.
Our premium social video app solution enables you to leverage social media trends – enhance your brand’s exposure and user engagement ultimately boosting your product’s sales and revenue. Contact Appscrip now to get your app built from the ground up!
