The company’s valuation has skyrocketed, and users are growing at the speed of light since the world started working from home. So much so that AdWeek recently touted it as the “King of the Quarantine Economy”.
Zoom is now the top Android app in India too, surpassing usual suspects TikTok, Instagram, and even WhatsApp. Weekly rankings on Google Play Store are based on new downloads. Zoom reached the #2 spot on March 28 before climbing to the top on March 29.
WhatsApp, meanwhile, dropped out of the top five on Google Play Store India. The Facebook-owned service, which counts 400 million users here, has consistently been among the top two downloaded apps.
Zoom’s rise in India is particularly impressive because this market has traditionally been dominated by social media, short-video, and entertainment apps. While the exact number of its users in India is not known, it is evident that Zoom is no longer restricted to just enterprises.
In a post-coronavirus world, where hundreds of millions of people have been “locked” inside their houses, Zoom has served as their window to the world. From work conferences to friend meet-ups to video dating, Zoom screenshots have inundated the internet.
The platform has earned rich appreciation from entrepreneurs too.
Satyan Gajwani, CEO of Times Internet, wrote in a tweet, “[Its rise is a] real testament to Zoom video quality that the product with less network effects, and restricted free product, is surpassing the pure free video product [WhatsApp]. And in India!”
Globally, Zoom has clocked more monthly active users in Q1 of 2020 than it did in all of last year. Its stock has more than doubled in the last three months, and Zoom is now more valuable than Uber and Lyft combined.
The startup’s billionaire-founder Eric Yuan has added $4.29 billion to his fortune this year, and his wealth now stands at $7.86 billion, according to the Bloomberg Billionaires Index.
While Zoom is a paid product for enterprise users, it has removed 40-minute remote meeting limit for schools and universities to enable seamless virtual learning.
Premium users can avail a Zoom Pro plan for $14.99 per month or book a dedicated virtual conference room on Zoom Room at $49 per month.