Final month, Jio Platforms, the digital arm of Reliance Industries, introduced the launch of ‘Platfom’—a TikTok-like short-form video app in India.
With Platfom, Reliance desires to cater to the void left by TikTok in India. Regardless of being banned in India, it stays essentially the most downloaded app on this planet. TikTok’s success is constructed upon a sturdy suggestion system and its means to are likely to the digital wants of the youthful era.
Though many gamers nonetheless exist on this area, notably ‘Instagram Reels’ and ‘YouTube Shorts’, Reliance appears assured of their bid with Platfom. However, can they replicate TikTok’s success in India? The observe file thus far says in any other case.
Underwhelming observe file
Amid the pandemic, video conferencing instruments like ‘Zoom’ have change into very fashionable. In 2020, Reliance launched ‘JioMeet’ as an alternative choice to Zoom. Nevertheless, upon its launch, JioMeet was closely ridiculed for its uncanny resemblance to Zoom’s platform, with a number of calling it a “rip-off in plain sight”.
Very similar to Jio, Reliance marketed JioMeet as a free product. Companies that you simply needed to pay for at Zoom have been accessible at no cost at JioMeet. Nevertheless, it didn’t affect the video conferencing area in the best way it had hoped to. Zoom, Google Meet, and Microsoft Groups stay the preferred video conferencing platforms in India.
Equally, ‘JioMart’ was one other initiative by Reliance that didn’t take off. Launched in 2019, JioMart was meant to disrupt how individuals purchased groceries; nonetheless, at present, it has a really restricted presence within the goal area regardless of being accessible in additional than 200 cities in India. Now, Reliance is teaming up with WhatsApp within the hopes of giving their platform a much-needed increase.
Additional, ‘JioCinema’, the OTT platform streaming the FIFA World Cup 2022, was closely criticised as customers skilled heavy lags and different points on the primary day of streaming. Nevertheless, since then, JioCinema has managed to repair some bugs and supply customers with a seamless streaming expertise.
Contemplating the observe data of varied Reliance initiatives following Jio, it makes us surprise if Platfom will fare properly. Whether or not Reliance has the bandwidth to determine Platfom as one of many high quick video platforms in India stays to be seen.
Is tech not a power for Reliance?
Reliance began as a polyester firm and diversified into vitality, petroleum, retail, chemical substances, leisure, telecom, cellphones, and even monetary providers.
However the investments and acquisitions within the latest previous point out Reliance’s aware efforts to pivot from its picture of merely a petrochemical large to a full-fledged digital enterprise.
Jio is a chief instance that Reliance can diversify into a brand new vertical and discover success. Ambani established Jio as the most important telco in India and the third largest on this planet. In a brief span of time, Jio grew to become a family identify in India and Mukesh Ambani grew to become the richest man in Asia.
Presently, Jio holds a market share of 35%, in line with the Telecom Regulatory Authority of India (TRAI). By utilising the revenues from its oil and gasoline subsidiaries and with predatory pricing charges, Jio managed to seize the telco market in India in a surprisingly quick time frame.
Nevertheless, know-how is a complete completely different ball sport. Capturing the video conferencing area or the social networking area requires a distinct bandwidth in comparison with capturing the telecom area. Can Reliance suffice within the tech area? Solely the longer term will inform.
But an optimistic method
Nonetheless, it has not stopped Reliance from investing closely in know-how. Mukesh Ambani has additionally talked extensively about rising applied sciences and his optimism is properly supported by his funding technique, particularly within the area of AI.
Reliance has additionally invested closely in a variety of know-how firms in India. It acquired a 73% market share in edtech startup ‘Embibe’ in 2018. Ambani has additionally invested in hyperlocal supply platform ‘Dunzo’, robotics startup ‘Addverb Applied sciences’, music streaming service ‘Saavn’, and conversational AI platform ‘Haptik’, amongst others.
In 2018, Reliance introduced the launch of ‘JioInteract’, the world’s first AI-based model engagement video platform. Led by Akash Ambani, the corporate began hiring professionals to construct its rising know-how agency. Spearheaded by Akash Ambani, the ‘JioCoin undertaking’ was liable for constructing a staff of younger professionals.
On the funding entrance, it has been progressive; nonetheless, whether or not we see a tech product from Reliance that captures everybody’s creativeness together with the market is but to be witnessed.
