Over the past few years, social media has evolved from a tool primarily used to build personal connections to a formidable marketing tool. The rise of social video sharing apps has played a crucial role in this change in social media, greatly impacting the propagation of ideas and knowledge.
By allowing users to easily create and share information, these platforms also provide businesses with a unique opportunity to understand their target audience’s daily routines, skillset and interests.
The Best Social Video Sharing Apps in Miami For Entrepreneurs
Here are some of the best social video sharing apps in Miami. By knowing the business model and unique selling proposition of these apps, entrepreneurs can understand how these social video sharing apps are successful.
TikTok
Founder: Zhang Yiming.
Inception and Total Funding: Founded in 2012. Funding, raised $7.4 billion.
Business Model: User-generated content is the backbone of TikTok’s business model. UGC typically takes the form of short, amateur clips (often 15 seconds or less) that showcase various creative pursuits, such as lip-syncing, dancing, or cosmetics challenges.
Targeted advertisements take into account the individual tastes of the user and aim to persuade them to buy the promoted goods. This is a major source of revenue for the business.
Users can also buy in-app currency called TikTok Coins which can then be traded for real money.
Unique Selling Proposition: The unique selling proposition (USP) of TikTok is the app’s focus on short, creative videos that cover many different subjects.
With the platform’s many editing tools—including filters, stickers, voiceovers, and music—users can make their videos unique and entertaining.
Brief of the App with Revenue Details: Users are encouraged to create and share short-form videos using the TikTok app. From instructional videos to humorous vines, TikTok‘s large user base is able to express themselves creatively through video content. It now has over 3 billion downloads and 1 billion active users every month.
With a projected $50 billion in revenue in 2023, TikTok is poised to become one of the world’s highest grossing apps. It primarily generates revenue from in-app purchases, adverts, and brand partnerships.
OmeTV
Founder: Dmitry Filatov.
Inception and Total Funding: Founded in 2009. Funding, raised $10 Million.
Business Model: Revenue for OmeTV is mostly generated by its premium video content and in-app sales.
Unique Selling Proposition: The key selling factors of OmeTV are its ease of use and convenience. By facilitating short videos and real-time video chats with users from across the globe, the platform helps to bring people together.
Brief of the App with Revenue Details: OmeTV is a global video platform that allows users to interact and stay connected. Using the app’s state-of-the-art translation features, users are able to communicate authentically and spontaneously in real-time regardless of language limitations.
In 2022, the app had brought in $5 million annual revenue.
Founder: Kevin Systrom, Mike Krieger.
Inception and Total Funding: Founded in 2010. Funding, raised $57.5 million.
Business Model: Instagram relies heavily on advertising revenue to support its operations. Sponsored content allows businesses, companies, and influencers to advertise what they offer to a specific demographic.
A variety of commercial formats, including photo and video ads, carousel ads, story ads, and sponsored posts, contribute to Instagram’s earnings. Advertisers also pay when users click on their ads using the platform’s CPC (Cost Per Click) structure. Instagram generates money by selling user data in addition to advertising.
Unique Selling Proposition: The unique selling proposition (USP) of Instagram is the visual experience it provides users with—a simple yet engaging way to capture, edit, and share their life’s experiences as photos and videos with a vibrant global community. Due to this, Instagram has managed to stand out in the crowded social media segment.
Brief of the App with Revenue Details: Instagram is an easy medium for online photo and video sharing and social media networking. Features like filters, stories, IGTV, and shopping are just a few of its many offerings.
As of 2023, Instagram had more than one billion active users per month, making it one of the most popular social networks globally.
The majority of Instagram’s income comes from advertisements. As of writing this piece, Instagram generated $49.91 billion in revenue in 2023. Advertising on this platform is in high demand due to its active user base and accurate targeting choices.
Snapchat
Founder: Evan Spiegel.
Inception and Total Funding: Founded in 2011. Funding, raised $2.62 billion.
Business Model: Snapchat has a one-of-a-kind business model that suits all of its stakeholders well. It offers a privacy-focused instant chat platform for ordinary consumers. Advertisers and content producers can utilise it to connect with a sizable audience that is actively participating in their content.
Snapchat relies on advertising to generate majority of its revenue. Advertisers have the opportunity to reach the platform’s massive user base by placing their advertising on it.
Ads aren’t Snapchat’s only source of income; the company also sells premium subscriptions and hardware products like Snapchat Specs—augmented reality goggles.
Unique Selling Proposition: The innovative, new way Snapchat engages its users is what makes it stand out from other social media sites. Ads including pop culture and celebrity collaborations are some of its unique methods, and the platform has a high engagement rate in general and among its younger users in particular.
Snapchat has maintained its success by centering its messaging experience around the camera, even though it faces stiff competition from giants like Google and Facebook.
Brief of the App with Revenue Details: With its augmented reality capabilities and disappearing messages, Snapchat attracts a younger demographic. The Snapchat feature that allows content to disappear after 24 hours is a big draw for the app’s core audience—young adults and teenagers who value privacy.
The app’s creative advertising possibilities have contributed to its popularity by capitalizing on societal trends like visual storytelling, augmented reality, and instant messaging. In 2022, Snap Inc. made $4.6 billion in revenue with its cutting-edge graphic strategy and social video sharing strategies.
BIGO Live
Founder: David Li and Jason Hu.
Inception and Total Funding: Founded in 2014. Funding, raised $272 million.
Business Model: With its state-of-the-art live streaming, video messaging, and AI features, BIGO Live stands out from the others. Streamers and video content creators generate a different and intriguing revenue model by allowing their audience to buy virtual goodies. The future holds great promise for BIGO Live as they aim to further penetrate the American market and team up with influential figures in the gaming industry.
Unique Selling Proposition: Using a content management system that analyses 300 million broadcasts daily, the platform helps advertisers and content creators to communicate with their target audience.
Brief of the App with Revenue Details: As of March 2020, BIGO Live might be considered the sixth most downloaded app globally, with 400 million users across 150 countries. The app’s most watched broadcasts include live performances of music and video game content. Daily app usage usually ranges from fifteen to thirty minutes.
Conclusion
Online advertising and marketing is going through a major shift due to social video sharing apps. Companies can take advantage of the versatile platform to tell engaging stories, increase user engagement, and develop their brand to its fullest potential.
With an intuitive design, in-app purchases, augmented reality filters, and exclusive streaming compatibility, Appscrip offers social video sharing app solutions that are fully scalable.
By taking advantage of current social media trends, our premium social video app solutions can help you increase product sales and revenue by increasing brand awareness and user engagement. Get in touch with Appscrip today to have your app developed from scratch!
