Next Entertainment

About Next Entertainment

Next Entertainment, operating under the brand MemeChat, is a social media platform focused on the creation and monetization of user-generated meme content. Founded in 2019 by Kyle Fernandes and Taaran Chanana, the Mumbai-based company provides a space for meme creators and enthusiasts to connect, create, and earn. The founders, both computer science graduates from SRM University, have been developers since the age of 15 and previously managed social media pages with millions of followers, which sparked the idea for a scalable, tech-driven meme platform.

The company operates on a B2B2C model, primarily generating revenue by partnering with brands for meme marketing campaigns. Brands like Amazon Prime, Hotstar, and ALT Balaji have utilized the platform to organically promote their products and services through user-generated memes. A portion of the revenue earned from these brands is shared with the meme creators, incentivizing content production. Users can create memes using a variety of templates on the app and get paid once their content is approved, earning between ₹5 to ₹30 per meme, with higher rates for brand campaigns. The platform also facilitates an influencer program where social media influencers can get paid a fixed rate for sharing memes.

The MemeChat application, available on Android and iOS, offers several features to its users. This includes a built-in meme editor with numerous templates, a personalized feed based on user interests, and a Meme Keyboard that allows for quick sharing of memes across other messaging apps. To further empower its creator community, MemeChat launched "The Meme Club" (TMC), an NFT marketplace where creators can mint and sell their memes as non-fungible tokens. This initiative allows creators to prove ownership and monetize their viral content globally. The platform has also introduced features for instant withdrawals and an enhanced rewards section with access to movie tickets, freebies, and brand certificates upon task completion.

Since its inception, MemeChat has secured funding from various investors. The company raised an initial seed round of $150,000 from 500 Startups in 2021. A subsequent Series A round raised over $1 million, led by Beenext with participation from investors like 9unicorns and Stanford Angels & Entrepreneurs. As of August 2022, the company's valuation stood at $14 million. MemeChat was also recognized in the AatmaNirbhar App Innovation Challenge by the Government of India, securing second place in the entertainment category.