Pune, 11 April 2023: Vinayak Shrivastav, CEO and co-founder of VideoVerse, a Pune-based video technology start-up, discusses how Indian and global broadcasters can grow their audience. told Punekar News about how it helps He does this by using his unique AI and ML powered video editing tools to highlight key moments in programming.
1. VideoVerse Overview/Growth Process
VideoVerse (as Toch Inc.) was founded by Vinayak and his partners at a media event in 2016 and is passionate about creating solutions that address the need to automate video content creation and work independently on ideas. Founded when I discovered that
Bringing synergies to their work was an obvious way forward. They recognized the potential of AI technology to make video editing more accessible and democratic. Vinayak’s passion and understanding of sports, as well as his experience as part of a venture capital firm, has led him to create a cloud-based platform that uses next-generation technology to create short-form video content from hours of footage. We saw an opportunity to create platform agnostic.
In 2022, the company rebranded to VideoVerse as it built multiple products for different user types. That same year, the company raised his $47 million in Series B funding. Over the past 6 years, the company has served a variety of industries including linear broadcasters, OTT players, sports clubs, leagues, marketing agencies and e-gaming platforms. Their primary focus is building assets for partners and growing engagement through meaningful short-form content.
2. Startup vision
The company’s goal was to use AI technology to create interesting content and make video editing easy for everyone. They primarily focused on cloud-agnostic solutions powered by AI and ML technologies for video editing. These techniques include face and image recognition, visual models, optical character recognition, projection noise reduction, and voice detection. The company created personalized assets from a single data feed and broadcast them to multiple websites and apps in real time. We also offer automatic sharing options on over 30 social media platforms.
VideoVerse was intended to build a next-generation video editing ecosystem capable of addressing all use cases in the post-production process. Their vision was to revolutionize the viewing of content of all kinds and to help content-driven industries and individuals make an impact across all media genres. The company sought to build a self-sustaining and self-serving business model while working with compatible partners to strengthen its position and generate new revenue streams.#Trulylimitless was the guiding principle. .
3. Online Video Consumption Patterns – Global and India
Over the past decade, there has been a dynamic shift in online video consumption patterns, with new trends and platforms emerging. Video consumption has become much easier thanks to the increasing accessibility and affordability of the Internet, and mobile phones have played a key role in this trend.
According to Statista, by 2022 more than 3 billion internet users would be watching a streamed or downloaded video at least once a month. Short-form video platforms such as TikTok, Snapchat, and Instagram are extremely popular with different audiences. His subscription-based VOD streaming services such as Amazon Prime Video, Netflix, Zee5, and Disney Hotstar have amassed a vast library of content and have garnered a great deal of attention. Enabled through platforms such as YouTube Live and Facebook Live, live streaming allows viewers to watch events, games, and other content in real time. Influencers and bloggers have amassed a sizeable following by creating engaging content and building communities around their channels. According to DASH, viewers around the world watch approximately 84 minutes of video each day.
4. Video Content Consumption Formats and Quantities – Insights for Content Creators and Marketers
Consumption formats and volumes of video content are important considerations for content creators. Since the pandemic, short-form video has emerged as the most popular and effective social media content format, making it an essential social media marketing strategy for small businesses to effectively reach and engage their target audience. Long-form content formats, such as those offered by VOD platforms such as Netflix and Amazon Prime, are preferred when time is a luxury and attract audiences with high entertainment value. While on-demand services such as Netflix, Amazon Prime, and YouTube have received a lot of attention lately, there is still considerable demand for media platforms that offer live coverage of events.
IoT (Internet of Things) technology has great potential to enhance the convenience and enjoyment of people’s daily lives by utilizing streaming. In 2020, his video consumption surged by 96%, and by 2022, the average person was watching videos for about 100 minutes per day. Content creators and marketers have guessed the power of video, and video is a critical tool in reaching all types of consumers.
5. The Role of AI & ML in the Future of Video Content Creation
The future of video production is expected to be greatly impacted by advances in artificial intelligence (AI) and machine learning (ML). These technologies can automate the work associated with video production, such as editing, captioning, and audio mixing, and reduce the workload of filmmakers. With the help of AI and ML algorithms, creators can analyze audience behavior and preferences. This helps us make more informed decisions about creating and delivering content. With its intuitive abilities, AI and ML will be able to identify trending topics, keywords, and video formats that attract viewers, allowing content creators to create personalized content that caters to niche audiences. You can create Additionally, AI and ML can be used to improve video quality by identifying and fixing errors, optimizing video compression, and adding augmented and virtual reality elements to video content. As a result, AI and ML will revolutionize the video creation process, making it more efficient, personalized, and engaging for your audience.
6. New formats for video on the horizon
To keep up with the trend of short-form videos dominating social media, Netflix introduced a platform for short-form videos called Fast Laughs. Personalization is key to meeting customer needs and improving their experience. The vertical video trend is also gaining popularity, with 9/16 support for vertical video across content on Instagram Stories, IGTV, Facebook, and YouTube. Escape From Hell was the first blockbuster movie made entirely in vertical format, paving the way for smartphone compatibility. movie. Demand for his video captions has grown 257% over the past five years and he enables captions because 80% of his viewers prefer subtitles.
Silent videos are loved, shared more than ever, and just like GIFs, they’re steadily gaining momentum. Both content creators and platforms need audience attention and engagement to generate revenue through video marketing, which has long been a co-existing model for content creators and advertisers.
7. How is the industry changing to make it easier to create, share and access videos (from business, for business)?
In response to the growing demand for video content, the industry has introduced several changes that make video creation, sharing, and business accessibility easier.
First, there is a wide variety of video creation tools and software available for amateurs that require very little technical knowledge and offer pre-designed templates, music, and special effects to create videos. Then, cloud-based video editing platforms like Magnifi, Illusto, and Inshot make it easy to upload, store, and share videos without worrying about storage or bandwidth limits. Third, the ubiquity of smartphones has enabled businesses to create high-quality videos using mobile devices, making video creation more accessible and cost-effective. Social media platforms such as Facebook, Instagram, and YouTube have integrated video capabilities, allowing businesses to easily share videos with their target audience and analyze video performance. Finally, closed captioning is becoming a standard feature in video production, making videos more accessible to a wider and more discerning audience.
8. How can tools that simplify video editing, creation and accessibility help?
With the rise of content creation, good video editing software has become the epitome of turning raw footage into shareable bite-sized videos, making them accessible to all internet users. It’s important to do. Not only does this help boost your SEO, it also makes your videos fun and accessible for everyone.
The majority of content creators prefer cloud-based video editing platforms with easy-to-use tools for both amateurs and professionals. Video editing and creation tools have made it easier for content creators to create high-quality videos without technical knowledge or expensive equipment. These tools make video access more convenient and affordable by providing pre-designed templates, easy-to-use interfaces, and cloud-based platforms. With the prevalence of smartphones, businesses can now use their mobile devices to create high quality videos. Closed captioning is also becoming a standard feature, making videos accessible to more viewers. Social media platforms have video features that allow businesses to easily share videos with their target audience and analyze video performance.
9. Has spending on video advertising and video content increased over the past few years? Do you think marketers will start supporting more in the future?
In our view, spending on video advertising and content creation has definitely increased. According to a Wyzowl report, 85% of businesses use video as a marketing tool, and 92% of marketers consider video an important part of their strategy. The report also shows that 86% of businesses are spending more on video content than they used to.
The popularity and influence of video in an attractive and growing market, as well as technological advances in video creation such as simplified video creation tools and social media integration, have led businesses to create and distribute video content. has become easier and more feasible. Artificial intelligence innovations have made it possible to get professional results fast when editing photos and videos. These tools can handle tasks such as adjusting colors, blending audio tracks, creating seamless interview clips, and adapting video content to different aspect ratios. Using AI reduces the need for human intervention in the editing process and offers new possibilities for automating and streamlining the editing process. Given the trend, businesses will continue to favor video advertising and content.