New Delhi: Multilingual social media platform ShareChat says users on its platform have sent over a billion virtual ‘gifts’ to each other in the last 12 months. These virtual gifts, forms of microtransactions, have doubled this year since December 2021, resulting in a 3X increase in revenue for ShareChat.
Virtual gifts on social media platforms can be bought for anywhere from Rs 5 to Rs 500 and more, and are typically gifted to live video streamers by their followers and fans. “This milestone of over 1 billion virtual gifts in one year is a testament to ShareChat’s popularity and highly engaging and relevant content, where consumers appreciate the creative content through paid gifts at a large scale,” said Manohar Singh Charan, CFO of ShareChat.
