ShareChat’s virtual gifting feature has touched $50 million in annual recurring revenue, and that is set to more than double by year-end, a senior executive told ET.
The local language social media network, owned by Mohalla Tech, has over 180 million monthly active users in the country. It launched the in-app virtual gifting feature in September 2020 as one of the various revenue models that the company aimed to monetise. The feature enables users to send virtual gifts in digital tokens to the hosts or the live audio chat room creators, making them feel valued.
“If users like what they’re listening to, they can appreciate the creators by giving them virtual gifts, which are highly engaging and interactive. From a technical perspective, these are micro transactions. We have our own virtual currency on the platform through which users can buy virtual gifts,” ShareChat’s chief product officer Amit Zunjarwad told ET.
Audio Chatrooms has become one of the largest voice-based live hangouts, with two billion minutes of audio streamed every month and more than 1.6 crore monthly active users.
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