MX Player’s MX TakaTak on Tuesday announced setting up of ₹100 crore ‘Creator Fund’ for new and existing content creators.
MX TakaTak is a short-video sharing platform, which had launched earlier this year. The platform is available on both Google and Apple app stores. Since its debut, TakaTak has acquired 70 million monthly active users and has more than 10 million unique content creators.
The ‘Creator Fund’ is aimed at helping content creators to use their creativity to make a career of it. The company said the fund will support creators of all sizes and backgrounds.
All Indian users and regular content creators will be eligible for the fund. The company said creators who have unique ideas for content creation across categories such as sports, art, entertainment, fashion and makeup, travel and photography, and tech will also be considered.
If shortlisted, creators will receive regular rewards for their content based on various performance parameters such as content uniqueness, authenticity, views, engagement, followers, etc.
MX TakaTak will release full guidelines for the ‘Creator Fund’ very soon.
“The MX TakaTak Creator Fund is a way to give back to millions of people who bring their ideas into videos as well as to inspire other digital enthusiasts. Millions of users upload videos daily on the MX TakaTak App. We were thrilled to see the amount of creativity and hard work that our users put into bringing their dreams alive and into a video. We hope that the creator fund will not only reward them but also inspire them to continue creating impactful content, build an inspiring digital career, and help give back to the society that we all benefit from,” Karan Bedi, CEO – MX Player, said in a release.
He added, “The short format video ecosystem is fast evolving and we’re delighted to have emerged as the market leaders in this category. Home to 70Mn Monthly Active Users and with over 10 Mn unique content creators, we are the preferred platform of choice for both the users and creators; we aim to further scale this in the new year.”
The announcement comes as Indian internet companies are making efforts to capture the market left open after the ban on TikTok. Chingari and ShareChat’s Moj are some of the top Indian platforms at the moment. Just recently, Glance, which owns video-sharing networking platform Roposo and is a subsidiary of InMobi Group, raised $145 million in investment led by Google and Mithril Capital. Dailyhunt, which owns Josh app, bagged $100 million in investment from Microsoft, Google, and AlphaWave.