Firework, a Silicon Valley-based video network app for iOS and Android devices, has entered into a strategic partnership with Lightstream, a branded content studio owned by Rainshine Entertainment.

A press statement from the company said Lightstream will build branded content and provide brands the opportunity to experience the Firework platform. This collaboration is in line with Firework’s overall strategy to create a profitable, curated content platform to meaningfully connect brands, creators and engaged audiences.

With Lightstream, Firework will offer customised solutions to brands with the art of storytelling at its core. Lightstream will also leverage Firework’s intelligence across platforms and its network of creators to provide opportunities for brands to optimize reach through innovation, and experience the power of short-video format.

According to a report by Statista, India stands 4th in social media ad spending. Ad spending in the Social Media Advertising segment will amount to $3,770 million in 2020 and is expected to show an annual growth rate (CAGR 2020-23) of 7.4 per cent, resulting in a market volume of $4,677 million by 2023.

Another study by Forrester indicates that value-added formats such as video have been the primary drivers of revenue per user on social platforms.

Social video advertising spend will grow from $17.6 billion in 2018 to $56.5 billion in 2023 — a compound annual growth rate (CAGR) of 26.3 per cent.

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