Stickers, a feature, popularized my Japan-based messaging app Line, are now available in the seven-second video sharing app, Snyppit too. The company is positioning its “fun and quirky” stickers as an alternative for the usual video filters to help users “create videos with a difference.”
Alon Sobol, CEO and founder of Snyppit, credits Instagram and Vine for doing a “fantastic job in making it easy to record videos”, but he feels that stickers would differentiate Snyppit from the rest. “Adding stickers to our videos is among some of the features we have incorporated in our product to stand out from our competitors out there,” said Sobol, who previously headed Facebook’s Asian division of Mobile Partnerships and also has been the Vice President for Products at social entertainment platform company, Mig33.
Stickers are available on Android only as of now and would be available on iOS soon. “We adopt an Android-first approach to appeal to the mass Android market in Asia,” Sobol said. The company also claims that Snyppit is the first video-sharing app to use Stickers.
Snyppit announced its funding from Jungle Ventures in June this year, when it raised US$521,000. Snyppit claims to have a huge user base in Southeast Asian countries particularly Thailand, Philippines, Indonesia and Singapore.
Revenue model – Stickers
Alon feels that the right way to go forward for monetization of Snyppit is through in-app purchases and selling sticker packages to its “power users who are interested in getting more variety of stickers to decorate their videos.”
Would Snyppit too go the Instagram way by selling advertising on its platform? While Alon did not discount any possibilities, it is still too early for Snyppit to monetize through advertising, which typically needs a huge user base. The company is also currently focusing on acquiring more users onboard.
According to Gfk MultiMedia Mentor, people are consuming videos for more than six hours a day. There are no signs of this trend slowing down: the average daily media usage for online video grew 54% since last year, while mobile video grew 9% year on year.
Will it work?
Will adding a layer of sticker add to the attractiveness and popularity of Snyppit? Maybe. For one, we know people love them. Japan based messaging app LINE, which has more than 230 million users globally, says its users send more than 1 billion stickers per day. Sticker sales alone make about $10 million a month in revenue for LINE.
It is now up to Snyppit to popularize and extend the concept to video. One of the challenges which Snyppit would have to overcome is awareness and match up to the use-base of Instagram and Vine, besides competing with other media rich platforms like YouTube.
If the team manages to pull it off, Snyppit might just be the next big portfolio for Jungle Ventures, which recently saw another of its portfolio company, Travelmob exit.
Read also: Video sharing apps: Goldmine or sinkhole?