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The creator economy is the companies that over 50 million independent curators and content producers have developed. The creator economy is comprised of videographers, social media influencers, bloggers, etc. It includes the financial instruments and software that help expand and monetise their content.
The Creator
Any producer of digital material such as instructional content, niche community, blog, vlog, live stream, podcast, digital artwork, etc., is a creator. It includes someone who uses digital media to communicate and highlight their work online. Another component is selling products or services online through social media to get in front of and get exposure from a larger audience.
Indian Creator Economy
Studies suggest that the creator economy in India is growing at 25% annually. Driving factors include passion projects, convenient working times, and remote employment. Monetisation opportunities available in the market enable creators to pursue content creation as a full-time job. Many people also enjoy the creator economy by earning as a secondary income source.
Pluc.Tv's Tamseel Hussain says doctors are creating shows on different health issues and joining the creator economy. He adds that farmers are teaching others organic farming via storytelling. He also said that brands enable their community members to share powerful stories.
Let Us Look At An Example To Understand It Better
Raj Malhotra is an artist who paints vehicles for a living. He has over 17,000 Instagram followers. Vehicle owners visit Raj's business to get their vehicles painted by seeing his presence on social media. Raj uses social media effectively to market his business and is a part of the creator economy.
Startups and Their Funding
Companies collected a massive $1.5 for the creator economy in India in 2021. 1$1.2 billion was for discovery platforms. The remaining money was used for monetization and creative tool platforms. We saw a massive $2.5 billion accumulating for the startup creator economy in India between 2018 and 2022.
Possibilities
Here are a few ways you can be a part of the creator economy and earn money:
Tipping
Merchandise
Shout-outs
Fan clubs
Sponsored content
Advertising revenue shares
VIP meetups
Digital content sales
Paid subscriptions
Problems
Some problems include the requirement of creating trendy content with algorithms and the problems small and medium-level creators face in monetizing their content. Fewer incentives and burnout is a significant factor for this. Creating content without help can be difficult as many creators do it alone and handle different aspects like producing, directing, and writing.
Conclusion
We believe the future is bright as it helps people follow their passions and dreams, enables viewers to become customers, helps them engage with connections, and helps them own and earn from their content creation. The creator economy is here for good and will flourish in the coming time. It will be a huge factor and play a massive role in our country's economic story.
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