When it comes to social video apps that prioritize very short videos, Vine is the first name that comes to mind, but a brand-new app called OEVO is designed to offer all the fun and functionality of Vine with the added incentive of cash prizes for content creators.
The first difference between OEVO and Vine is that the former lets you make videos that are up to seven seconds long, which is one second longer than Vine's limit. But the true standout feature of this new social video app is the fact that it offers cash prizes to the most widely shared videos, with the top 25 creators on any given day splitting a $100 prize. This may not seem like a huge amount, but users who can become prolific content creators stand to earn a lot of money in the long term.
By retaining the popular short video format and adding a cash incentive, OEVO is looking to well and truly disrupt the quick-sharing video app model.
Incentivized Social Video Apps
This App Rewards Content Creators for Crafting Engaging Videos
Trend Themes
1. Incentivized Social Video - Opportunities for businesses to harness the power of incentivized social video apps to promote their products or services and boost user engagement.
2. Cash Prizes for User-generated Content - Disruptive innovation opportunity for businesses to incorporate cash prize rewards for high-quality user-generated content to enhance brand awareness and attract new customers.
3. Short Video Content Monetization - Trend for businesses to explore innovative ways to monetize short video content in order to increase revenue and stand out in a competitive market.
Industry Implications
1. Social Media - The rise of incentivized social video apps creates opportunities for social media platforms to integrate cash prize incentives into their existing features to attract and retain users.
2. Marketing - Businesses can use incentivized social video apps as new tools for marketing campaigns and advertising strategies, harnessing the creativity of users to create viral content and boost brand awareness.
3. Entertainment - Opportunities for entertainment companies to use incentivized social video apps to promote new releases or engage with fans, with the potential for high quality user-generated content to go viral and build buzz.