MX TakaTak launches Rs 100 cr creator fund

In a bid to expand its footprint and take on rivals, homegrown short-video platform MX TakaTak has launched a creator fund with a corpus of Rs 100 crore.

The fund, announced on December 28, will be used to encourage both established and emerging creators to produce and share “engaging, impactful and inspiring content” on the MX TakaTak app, as per a statement.

MX TakaTak operates under MX Media & Entertainment, which was acquired by Times Internet in 2018. The media group also runs short-video service Hotshots as part of the Gaana app.

Read: Rewind 2020: Chinese apps ban and the race for India’s short video content market

Under the new initiative, the company said, Indian creators who consistently post engaging original videos across categories will be eligible to receive regular rewards as an additional source of income. 

The rewards will depend on the quality of the content, which would be measured on parameters such as uniqueness, authenticity, views, engagement and followers. 

Aspiring creators with content ideas that could make a social impact will also receive access to a startup fund under this initiative, the statement said.

Commenting on the development, Karan Bedi, CEO at MX Media, said, “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.”

The launch of the new fund comes at a time when MX TakaTak is gearing up to build its user base and take on homegrown and international players in the short-video segment, which has seen a boom since India’s ban on Chinese giant TikTok in late June.

The platform claims to currently have over 10 million unique content creators, who serve 70+ million monthly active users. It generates over 1 billion video views every day, the statement said. 

Other fast-growing players in the category include DailyHunt’s Josh, ShareChat’s Moj, Chingari, Mitron and Trell.