Video AI tech has potential to disrupt influencer marketing landscape: Qoruz's Praanesh Bhuvaneswar

The next big frontier in influencer marketing could potentially be the integration of video AI technology, as per Praanesh Bhuvaneswar, CEO, Qoruz. He believes that video AI tools will democratise the whole process of content creation.

Bhuvaneswar stated that currently, a significant portion of influencers focus on entertainment or lifestyle content, with fewer influencers specialising in niche segments like business or tech reviews. Entertainment content is naturally visually appealing and gets a larger share of screen time from the audience.

“The introduction of video AI technology has the potential to disrupt this landscape. If AI can democratise the creation of visually appealing content, it may level the playing field for influencers who excel in content creation, irrespective of the genre of content they operate in. This shift could redefine the dynamics of influencer marketing, challenging traditional notions of influence and reshaping how brands engage with audiences through influencers,” he added.

Addressing the shift towards performance-led marketing in the influencer space, he cautioned against relying solely on it.

He stressed that success hinges on various factors. “No amount of marketing can save a bad product. A good product inherently has a viral element or a strong word-of-mouth pull,” said Bhuvaneswar.

He shared that Qoruz is actively exploring alternative measurement methods aligned with impact and influence.

Bhuvaneswar revealed the company's ambitious plans for the year ahead.

“Firstly, we are incubating a new platform called HashFame, spearheaded by a team within Qoruz. This initiative stemmed from the insights of two team members who identified a gap in the market. They envisioned a platform where influencers and brands could freely communicate, akin to a WhatsApp chat, without the typical barriers or fees associated with influencer collaborations. HashFame aims to streamline the process of finding and working with influencers, fostering transparency and simplicity,” he said.

He further stated that Qoruz is committed to simplifying the complex process of gathering insights through the use of AI technology.

“By leveraging AI algorithms, we aim to provide users with personalised recommendations, such as identifying top influencers based on specific criteria like audience demographics and communication style. While still in the experimental phase, Qoruz has experienced early successes in this endeavour,” he added.

However, Bhuvaneswar acknowledged that further refinement is necessary to develop a comprehensive solution.

While addressing the question about the growth of Qoruz, he mentioned that Qoruz secured funding approximately two years ago, around 2022.

"However, in the following one and a half years, we experienced a period of non-profitability as we expanded our team size and resources. It wasn't until about a quarter ago that we turned profitable, achieving month-on-month profitability," he said.

"During the first three years, we witnessed nearly doubling revenues annually. Following this initial period, our growth rate stabilised to a steady 40 to 50% year-on-year increase," he added.

Addressing the query about how tech platforms acquire data on content creators in the influencer space, he stated that it's a combination of tracking, estimation, and extrapolation.

“Roughly speaking, about 30 to 40% of the data is acquired through direct tracking methods. Another 30 to 40% is derived through extrapolation techniques, while the remainder is based on estimations.”

In 2017, he envisioned creating a scoring system akin to Comscore for digital and Barc for TV within the realm of influencer marketing.

However, he admitted, the journey was more nuanced than anticipated. He continued, "However, as we delved deeper into the research and development process, we came to a realisation. While the idea of a single score for influencer analysis and marketing sounded appealing, it ultimately proved to be a PR gimmick."

"You cannot benchmark an influencer purely based on one single number. That's the blunt reality we've come to understand through our internal research," he added.

Bhuvaneswar emphasised that a one-size-fits-all score doesn't work because influencers operate in different niches. For instance, technology brands might work with lifestyle influencers or tech experts. Trying to give them all the same score, like an 8.5 out of 10, just doesn't make sense. Each influencer's impact is unique to their audience and niche.

When asked about what sets Qoruz apart from other platforms, he mentioned that Qoruz stands out from other platforms due to its focus on customisation.

“Initially, we considered creating a universal scoring system but realised it wasn't effective. Instead, we now collaborate closely with brands to tailor their strategies based on past successes. This personalised approach ensures that brands receive solutions that resonate with their unique needs, leading to a higher impact.”

“We're exploring comparative scores rather than absolute ones, refining our methods to deliver optimal results,” he added.

Bhuvaneswar addressed concerns regarding the reliability of influencer marketing platforms. He highlighted the challenge of trust in platforms claiming to provide accurate data, especially in light of limited third-party access from tech giants like Meta and Google.

“A few platforms claim that they are meta partners. In reality, nobody can be a meta partner. Meta doesn't offer a formal partnership program for third-party data access. Instead, access depends on individual creators signing up on the platform, often due to brand requirements or incentives,” he added.

When questioned about whether Qoruz works with brands directly or whether it's fine working with agencies, he stated that Qoruz aims to foster collaboration with brands through agencies.

He said, “This approach aligns with our strategy for two main reasons. Firstly, agencies often handle larger budgets and strategic plans, presenting greater opportunities for us. Secondly, by partnering with agencies, we aim to support their efforts rather than compete with them, positioning ourselves as enablers of their success."

While clarifying which offering of Qoruz is the highest revenue generator, he said, "Our primary revenue generator is split evenly between two core offerings: automation distribution and automated analytics. Currently, both segments contribute equally to our net revenue, each comprising 50% of our overall earnings."