Touchstone Partners, a Vietnam-focused venture capital firm, has invested an unknown sum in OnMic, a voice-chatting and streaming network aimed at the country’s young population.
Lam Kim (CTO), Khanh Nguyen (CEO), and Trung Nguyen founded OnMic in June 2021. (CGO). It’s an audio content platform that offers voice-streaming chat rooms with limited text and no images.
The software also allows speakers and audiences to communicate in real-time on themes such as spirituality, travel, job counselling, financial guidance, and relationships.
OnMic, a Clubhouse-style software, creates a unique community bonding experience that isn’t dependent on celebrities. “Rather, it is via the very arts of sharing genuinely the ups and downs of life, love, careers, and problems,” the business stated in a statement.
“OnMic has seen a new generation of audio-based content creators since its launch. So, it initiated creator-first programmes to help them flourish simply on the merit and quality of their ideas, without any need for visuals or content editing skills,” said CEO Nguyen.
Since its debut, the firm claims to have amassed over 11 million live minutes and over 20,000 programmes by focusing solely on community-specific audio content.
Vietnam is one of the fastest-growing marketplaces for digital mobile-first content, with a population of over 90 million people and a smartphone penetration rate in the top ten worldwide. Other local companies, such as Vietcetera and Fonos, are also creating audio material for the youth.
According to eMarketer’s 2019 statistics on digital audio listenership and voice assistant usage, the digital audio listener base in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam reaches 300 million. As a result, the region’s audio content business has accelerated dramatically in recent years. Startups like Clubhouse, as well as well-known players like Spotify and Apple Podcasts, are giving local businesses a run for their money.
