The resurrection of Vine is finally here under a new name and its ready to give Tik Tok a run for its money. The new short video format, also known as Byte, has caught the media’s attention as it gained 1.3 million downloads in its first week. According to Time Magazine, Byte has been taking up space in the top downloaded lists on iTunes and Android in multiple countries such as the United States, Canada, Australia, New Zealand, Norway and the United Kingdom.
The app’s quick success can be explained through Vine’s huge popularity. Byte’s predecessor app created by Dom Hofmann gave birth to a new digital culture through its 6 second long videos. A lot of Byte’s downloads come from Vine’s old and loyal followers. Others come from content creators that are looking to take advantage of the app’s recent start to have an advantage in building a large following for eventual financial gain. While this app is off to a good start, it’s hard to tell if its current success will be sustainable in the long run.
Content creators are a focal point for Byte. According to Social Media Today, during the platform’s launch, Hofmann made it a point to look out for creators’ and influencers’ interest by offering monetization opportunities. This is something that Vine failed to provide. Many of today’s big content creators began their careers on Vine, such as the Mexican influencer Juan Pa Zurita, who had to look for alternative platforms in order to acquire compensation for their work. Hofmann is so adamant on paying its creators that Byte has offered to pay them from their own funding, another strategy that does not appear to be sustainable. This is especially true for a new app with low funding.
Byte’s main competition, Tik Tok, also offers content compensation, and has birthed a new generation of creators and influencers. They have become so influential that some even landed deals with brands to appear in this year’s Super Bowl commercials. The app also has the advantage of having an algorithm that makes it easy for users to go viral, something very appealing for its potential users regardless of their age.
Byte’s success will depend on whether it will be able to stand out in a saturated market. As Social Media Today explains, it’s possible that instead of taking away Tik Tok’s user base, the competition will be so intense that both apps will end up losing and hitting a plateau. Since the apps are very similar, they will have to find a way to differentiate themselves in order to sustainably coexist without having to face major losses.
Only time will tell whether Byte will have the same destiny as Vine, who despite its huge popularity and impact, did not earn much profit and was forced to close its operations after being sold for $30 million dollars to Twitter.
source: www.socialmediatoday.com // www.time.com