Homegrown microblogging platform Koo on Thursday said it has launched Koo Premium to allow creators to monetise their exclusive content and generate income through customised subscription plans. Apart from the income generation, the feature will allow users to also engage with their followers, the company said.
By opting for Koo Premium, content creators can offer specialised content to their subscribers and charge a weekly or monthly subscription fee. The company will charge a 15% platform fee of overall subscriptions from the creators.
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Koo Premium offers creators the freedom to design their own subscription plans with flexible pricing options, the company said.
“We want our success to be shared with those that have the greatest role in making Koo a truly inclusive platform – our creators. Creators form the backbone of any social platform. It’s important that platforms respect their time and effort in creating content everyday,” said Aprameya Radhakrishna, CEO and co-founder of Koo.
“Koo Premium is the first of many programmes we are launching to democratise content creation and enable creators from across the country to monetise their content and build a sustainable income stream from their passion,” Radhakrishna added.
The company has tested its premium feature with 20 content creators, and it plans to onboard verified profiles from various fields such as journalism, sports, and entertainment in the coming days.
Creators who wish to join Koo Premium need to provide exclusive content, which can include text, photos, and videos, to their premium subscribers. To register for the program, interested creators can send an email to special@kooapp.com.
Koo was founded in 2020 by Aprameya Radhakrishna and Mayank Bidawatka. The company has so far raised over $70 million from investors such as Blume Ventures, Accel, Kalaari Capital, 3one4 Capital etc.
In three years of launch, the company’s app downloads surpassed 60 million. The reason behind the company’s sudden rise can be attributed to the government being locked in a tiff with its rival Twitter over intermediary guidelines.
The app is currently available in over 20 different languages across 100 countries. It offers free lifetime verification for all its users, further enhancing its appeal among creators and users alike.
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In FY22, Koo’s revenue was at Rs 1.4 million, up from Rs 0.8 million a year ago. However, its losses jumped 460% to Rs 1.97 billion in FY22 from Rs 350 million in FY21. This probably explains the need for cutting back on expenses like marketing activity.
In March, FE reported that the startup seems to be losing momentum on monthly active users. The company’s monthly active users reduced to 4.1 million in January from 9.4 million in July 2022, FE had reported citing sources.
