Who is the creator?
Anyone who produces digital material of any type, such as images, digital artwork, podcasts, live streams, vlogs, blogs, niche communities, instructional content, etc. Or a person who uses digital media to highlight and communicate their work online from the real world. It also encompasses those who produce tangible goods on any scale and promote their work through social media to grab the attention of a broader audience.
What is the creator economy?
It is characterised as a category of companies developed by more than 50 million independent content producers and curators, such as bloggers, social media influencers, and videographers, as well as the software and financial instruments created to aid in their expansion and monetisation.
Changes to the Indian employment markets’ environment
According to studies, the Indian creator economy is expanding at a cumulative annual pace of 25%, driven by remote employment, convenient working hours, and a resurgence of passion projects. More creators are considering it a full-time career thanks to new monetisation opportunities, and many established professionals are profiting from the creator economy as a secondary source of income.
According to Zee Business, Tamseel Hussain, Founder and CEO of Pluc.Tv said, “Doctors are joining the creator economy and creating shows on various health issues, farmers teaching other farmers organic farming through storytelling or even brands enabling their own community members to share powerful stories instead of going to influencers.”
To better comprehend it, let’s look at this illustration:
Nafees Painter in the Indore district is an Indian artist who paints vehicles. Who now has more than 6000 Facebook fans. For their vehicles to be painted, truck drivers from every corner of India come to his business near Indore in Madhya Pradesh.
He is effectively utilising Fb to market his creative firm despite not understanding the “Creator Economy” or comprehending how social media, internet engagements, outreach, and monetisation function and produce an offline revenue-generating product that is well-liked.
The total amount of money raised by startups in India’s creator economy
In 2021, $1.5 billion was committed to companies in India’s creator economy. This included $1.2 billion for discovery platforms. The remainder was put toward a few creative tools and monetisation platforms. Over $2.5 billion was invested in India’s startup-creator economies between 2018 and 2022.
Creator Economy: Major Issues and Possibilities
Various obstacles include the need to produce trend-based material at the behest of algorithms and the difficulty of making money from small and medium-sized authors. Burnout and a lack of inventiveness are the results of this. Constantly producing without assistance is particularly difficult because most creators are one-person enterprises that handle all aspects of writing, directing, and producing independently.
But the future seems bright: it’s a world where individuals can follow their passions, engage with their connections, own and profit from their creations, and enable viewers to become superstar customers. The creator economy is here to flourish and will play a significant role in India’s economic story.