Caller identification company Truecaller has rolled out its call recording and transcription feature for paid users in India, marking a significant move in its largest market. The new feature, available to premium users on both Android and iOS platforms, supports transcriptions in English and Hindi.
Key Takeaway
Truecaller has introduced call recording and transcription features for paid users in India, aiming to enhance user experience and drive premium plan subscriptions.
Recording Feature for Android Users
For Android users, the Truecaller app’s dialer will display a dedicated recording button. In cases where a different dialer is used, Truecaller will present a floating recording button for easy access.
Recording Process for iOS Users
On iOS, due to Apple’s CallKit restrictions, the process for recording incoming or outgoing calls is slightly different. After initiating the call, users need to navigate to the Truecaller app and tap on the “Record a call” feature located in the search tab. The app then initiates a call to another recording line, and users must manually merge the calls to begin the recording.
Transcription and Storage
Following the call, the app processes the audio and sends a notification when the transcription is ready. On iOS, the recordings are stored locally, with an option to store them in iCloud.
Financial Performance and User Base
Despite facing challenges, Truecaller witnessed an 11% increase in monthly active users, reaching 374 million, and a 12% growth in daily active users, totaling 305 million. Notably, the user base in India accounts for over 70% of both metrics. However, the company experienced a 4% year-on-year decrease in revenue, amounting to $41.14 million in Q4 2023, and a 2% dip in yearly revenue, totaling $167.34 million for 2023.
Revenue Growth and Market Outlook
While ad revenues declined, Truecaller observed a more than 20% growth in user revenues in Q4. The company remains optimistic that the introduction of premium features such as call recording, available at a starting price of ?79 ($0.95) per month or ?529 per year ($6.38), will drive customer subscriptions.
Market Analysis and Future Strategy
Truecaller’s outlook in the Indian ad market may not see immediate improvements, as noted by stockbroker Numis. The company is focused on expanding subscriber revenue and is strategically investing in growing its user base in the US and ad-funded users in selected markets in Latin America and Africa. Truecaller’s data and iOS product have been tailored to cater to US subscribers, and the company is leveraging higher price points and a population more accustomed to paying for monthly services in the US compared to India.
As Truecaller continues to navigate market dynamics and enhance its offerings, the introduction of call recording and transcription for Indian users underscores the company’s commitment to delivering valuable features and driving user engagement.
