Understanding our invest in Fleek
Fleek comes into the picture precisely to address the challenge of managing subscriptions as the number of online transacting users and subscription-based services increases. The rise of online transactions in India has led to a significant surge in people opting for services on a subscription basis. Currently, India has over 424 million OTT viewers, out of which 119 million have paid subscriptions, accounting for approximately 10% of the viewers. It is projected that subscriptions will contribute to 55-60% of OTT revenue by 2030.
Dating apps, benefiting from the ease of digital payments, have also experienced substantial growth. In 2022, dating apps generated $70 million in revenue, and after the pandemic, their user base tripled. As many dating apps require users to pay subscriptions, this rapid growth in the sector is likely to familiarize users with subscriptions, further increasing their adoption. Moreover, the fact that 70% of users on these apps come from Tier 2 and Tier 3 cities in India will aid in expanding subscription penetration within the country.
Similar growth trends are observed in other sectors like gaming, where online payments and subscriptions play a significant role. Consequently, various industries are looking to introduce frameworks that capitalize on the growing adoption of subscriptions. However, the increasing number of subscriptions can overwhelm users and discourage them from opting for subscriptions altogether. This can negatively impact several growing sectors in the Indian economy.
To address this challenge, Fleek aims to make managing subscriptions as easy and hassle-free as possible for Indians, thereby facilitating continued subscription adoption and benefiting various industries.