Date: 25 Nov, 2023
The creator economy is a fast-expanding phenomena driven by advances in video and internet technology. As a result, it has become one of the most interesting areas of investment. Given India's high mobile penetration which 75% of the total Indian population and low cost of data, the creator economy is important because it allows millions of talented individuals to showcase their skills, reach a global audience, and monetize their content. The creator economy encompasses a wide range of activities, including social media influencing, podcasting, blogging, video creation, and music production. The Creator Economy category is expanding at an unprecedented rate.
In 2021, we saw an increase in platforms that allow creators to commercialise, which was fuelled in part by COVID-19 and prompted people to turn to these platforms to earn a living. The creator economy turned in a different course in 2022. A number of platforms shifted their focus or introduced services that allowed creators to issue NFTs, tokens, or crypto-related assets. The sector is undergoing a dichotomy in 2023. On the one hand, this is the most exciting time for the creator ecosystem, but it may also be the most difficult year given the macroeconomic backdrop.
A recent study You-tube did with Oxford Economics also showed that Youtube's creative ecosystem contributed over Rs 16,000 crore to India's GDP and supported the equivalent of 7.5 lakh full-time jobs. This generation of micro-entrepreneurs is estimated to reach $104.2 billion in 2022 and the creator economy is expected to double in size by 2027. The creator economy has 207 million content creators worldwide out of which there are only 1 million creators in India and is expended to grow at a CARG of 25%. Up to 40% of people aged 24 to 35 consider themselves content creators, while up to 30% of those aged 18 to 24 consider themselves content creators.
Majority of the creators create the content on the following topics:
The creator economy's next phase will place a special emphasis on community, which can play a big role in creator success. A robust community may offer producers encouragement, support, and a sense of belonging, allowing them to develop and share their material more consistently and confidently. Furthermore, a supportive community can serve to promote a creator's work and attract new viewers or followers. This is especially true for creators who are just getting started and trying to create a following. The creator economy is not confined to a specific region but rather a global phenomenon. According to statistics, the number of rural social media users increases by twofold annually. It is also widely accepted that consumers prefer to consume content in their native language.
Startups that help digital creators and influencers appear to be everywhere in today's social media dominated landscape.
Four important creator economy areas that we believe will receive the most
attention in the coming year:
Ownership | Community Growth | Generative AI | Operations
In conclusion, technology has played a significant role in fuelling the creator economy. It has democratized content creation, provided creators with new revenue streams, and enabled them to reach a global audience. The Indian creator economy is still in its early stages, but the potential for growth is enormous. As the generative ai evolves and becomes a more essential part of our lives, content creators will play a critical role in moulding this new reality.
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