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In China, people have quit their day jobs to work for a live streaming app called Inke.
A live streamer can be discovered on the platform and paid by viewers through virtual gifts bought online. The viewers pay for these virtual gifts through real money (in-app purchases). The live streamers get 30% of this with the platform taking the rest. Some people make as much as $50,000 to $60,000 a year, just by live streaming.
The flip side of GST: its impact on the informal economy India is not yet there but similar virtual transactions could take off here soon, according to Kavin Bharti Mittal, founder and chief executive of Hike Messenger.
“The infrastructure is so much like China 4-5 years back. We believe that is going to happen in India,” he said.
Inke’s is the kind of revenue model that Mittal says he would like to build for his company in the next three years before he exhausts the money raised from Tencent and Foxconn (around $175 million). He may go for another round of funding before that but he knows it won’t be easy.