Eight Network's Journey in User Acquisition and Retention With CleverTap | Let's Talk Retention

Summary

In this podcast, Abin Jen interviews Moit Palal, co-founder of 8 Network, a live decentralized broadcasting platform aimed at helping audio content creators build communities and gain influence. Moit shares insights on the startup's journey, the challenges faced, and their approach to product-market fit. The discussion highlights the importance of data tracking from the outset and the need for a great user experience to retain listeners. Moit emphasizes the platform's focus on personalization and content discovery to ensure listener retention and the long-term success of the startup.

Takeaways

• 🎙️ Moit Palal, from 8 Network, discusses the startup journey and the evolution of their platform, which began as a live decentralized broadcasting platform and expanded to include various audio content formats.
• 🚀 The initial vision was to address the lack of social interaction and network effects in audio content compared to other media types, aiming to help audio creators grow their audience.
• 🤝 Moit and his co-founders, all MBA students, started with a simple idea and iterated based on user feedback, focusing on product-market fit for creators, listeners, and content.
• 🛠️ The platform initially focused on live audio streaming but evolved to include storytelling, podcasts, and immersive audio productions, emphasizing the diversity of audio content beyond music.
• 👥 The team behind 8 Network consists of three co-founders with diverse backgrounds, including a musician, which influenced the platform's direction and features.
• 📈 They used a manual approach to attract the first 100 creators to the platform, leveraging social media and a shareable live broadcast feature to grow their user base.
• 📊 Data tracking and user feedback were crucial in shaping the product, with a focus on user interactions and time spent on the platform as key performance indicators.
• 🔄 The company had to make tough decisions about prioritizing long-term value over short-term growth, such as shelving a community feature that didn't align with their vision.
• 🎧 Challenges in the audio space include competition, user adoption, and monetization, with a particular focus on helping creators gain influence and build communities.
• 💡 For aspiring entrepreneurs, Moit emphasizes the importance of data tracking from the start, as it informs decision-making and helps avoid relying on bias.

Q & A

What is the primary focus of Eight Network?

Eight Network is focused on helping audio content creators get discovered, build large communities, and become influencers by providing a platform for various audio formats such as live broadcasting, stories, podcasting, audio dramas, and immersive productions.

How did the idea for Eight Network originate?

The idea for Eight Network originated during the founders' time at IIM Bangalore, where they noticed the lack of a social layer and network effects in audio platforms compared to other media like video and text.

Who are the co-founders of Eight Network?

The co-founders of Eight Network are Moit, Yugul, and another Moit (referred to as 'Goo' to avoid confusion). They all met during their MBA program at IIM Bangalore.

What was the initial challenge Eight Network faced in attracting creators to their platform?

The initial challenge was to activate the platform with creators without significant funds for marketing. They overcame this by reaching out to aspiring RJs on LinkedIn and manually engaging with them to onboard the first 100 creators.

How does Eight Network differentiate itself from other audio platforms?

Eight Network differentiates itself by focusing on content creation and discovery, aiming to build communities around creators and their content, and offering real-time interaction between creators and listeners.

What are some of the key features that Eight Network has iterated on based on user feedback?

Eight Network has iterated on features such as adding BGMs, SFX, fade in/out controls, and moderation tools based on feedback from creators to enhance the live audio streaming experience.

What is the significance of tracking and data analysis for Eight Network's product development?

Tracking and data analysis are crucial for Eight Network as they provide insights into user behavior and help the team make informed decisions about product development, ensuring they build features that align with user needs and improve the overall user experience.

What are the key performance indicators (KPIs) that Eight Network monitors to measure success?

Eight Network monitors KPIs such as per-user time spent, user interactions, and retention rates (D1, D30, and beyond) to gauge user engagement and ensure they are delivering a product that meets the needs of their audience.

How does Eight Network plan to tackle the challenge of content discovery and personalization for listeners?

Eight Network is focusing on improving personalization and recommendation algorithms to showcase the right content to the right user, aiming to solve the challenge of content discovery and enhance listener retention.

What advice does Moit have for fellow entrepreneurs or early-stage founders?

Moit advises early-stage founders to prioritize data tracking from the very beginning, as it is essential for making unbiased decisions and understanding user behavior, which in turn guides product development.

What is the target demographic for Eight Network's platform?

The primary target demographic for Eight Network is young individuals, with 58% of their base being between 16 to 24 years old, typically students and young professionals.