Leveraging India’s booming creator economy: what creators need to know

Authored by Rohin Bhaumik, Director – Creators and Talent, South Asia, Galaxy Racer.

The 4G revolution in India has made the Internet accessible to everybody, resulting in a paradigm shift in the content we consume. This widespread access to the Internet has also allowed the rise of a new professional class: people who use the Internet almost exclusively to earn a living; and professional content creators form a substantial part of this class.

From health and fitness to gaming, content creators cater to a range of topics that Internet users are interested in. For top creators, their ubiquity and connect with their viewers have made them incredibly popular. In fact, a change in the mindset towards content creators has also been observed over the last few years. According to a recent report by Omnicom Media Group and Qoruz, most ‘Gen Zers’ prefer following influencers (content creators) on Instagram and other platforms as compared to celebrities.

Opportunities for growth in the creator economy

The potential social media presents has made brands sit up and take notice. In 2020, India had 518 million social media users, which will reportedly grow to 1.5 billion by 2040. Clearly, this has translated into enormous revenues for brands and livelihood opportunities for people. For instance, a recent study found that YouTube’s creator ecosystem alone contributed Rs 6,800 crore to the Indian GDP and supported 683,900 full-time equivalent jobs in India.

The creator economy is slated to grow by nearly 10 times in the next 10 years. According to a study by media company GroupM, the industry is predicted to grow at a compounded rate of 25% a year to hit Rs 2,200 crore ($330 million) by 2025. As content creators have a direct connection with their audiences, brands are increasingly utilising them via digital campaigns. Apart from the mainstream Hindi and English content creators, regional creators have been growing too. There are nearly 210 million Internet users in India who consume content in vernacular languages. This has also led to brands working with regional influencers who communicate regional target groups well.

In addition to this, short video content has also seen increased consumption. A Bain & Company report estimated that nearly 650 million Indians will consume up to an hour’s short video content by 2025. As the market continues to grow exponentially, companies have caught on – multiple organisations have been leveraging short videos as a marketing tool. Thus, there exist multiple opportunities for content creators to monetise their content and earn via collaborations.

What creators should be mindful of

While opportunities for creators remain plentiful, there are a few things to be considered. Creators must understand that the very nature of their profession remains fickle and subject to audience approval. There are constant peaks and troughs throughout their careers which require patience to deal with. Expectations from fans means that they must be consistent with the quality of their output. Any deviations from their usual output will be noticed and picked up by viewers. Besides, retaining audiences can also prove to be challenging as attention spans get shorter and content creation gets more competitive.

While monetary opportunities have been better than ever before, creators need proper guidance to unleash their potential. Influencers also must maintain sufficient visibility to obtain tie-ups with brands. Since they face an increasingly competitive environment, they must be extremely careful, have a realistic view of what they can achieve, and make an informed choice on mentoring and guidance for their careers. To maintain consistent engagement from fans, creators must be mindful of audience preferences and connect regularly with their viewers to gauge their interests. Staying abreast of latest pop-culture trends is a necessity. While connecting with brands, creators must clearly communicate what they bring to the table and negotiate accordingly.

In conclusion, the creator economy is an exciting space to be for the foreseeable future. Increased internet penetration, rising incomes and a large youth population means ever-present opportunities for creators. However, as the content creation business becomes increasingly competitive, creators will need to constantly be on their toes to form a better connect with audiences.