The creator economy: Audience, Community and Revenue

According to reports, there are around 637 million smartphone users in India who consume an average of 4.6 hours of content per day. The country is also the country with the highest data consumption per smartphone, with 448 million active social media users. These numbers led to the establishment of the ‘creative economy’ – think influencers, bloggers and essentially anyone who builds a community around their niche.

Thanks to digitization and the pandemic, the creative ecosystem is developing rapidly in India, which has seen lightning-fast growth in the economy over the past two years. From a casual content producer to a full-fledged professional, being a creator now is a very valuable affair. More than 3000 Indian creators have amassed a million subscribers or followers on platforms that earn generously through direct and indirect monetization.

The content economy today is the opposite of what it used to be. It has become the most democratic industry, with a variety of ways for creators to try out their content and monetize it at the same time.

Indirect Monetization

Until now, creators were making money from indirect sources such as brand deals, affiliate marketing, and advertising revenue. What this essentially means is that brands will pay creators to use the product/service, review it, or promote it to their audience through videos, photos, and articles. In the case of affiliate marketing, a creator will promote a brand’s products and earn a certain percentage of sales from the channel. By allowing ads to play between their content, the creator can earn a share of the revenue from the video ad shown to their viewers.

However, indirect monetization has repeatedly proven to be inadequate, as being a creator turns into a full-fledged career. While the best creators do away with heavy checks, most creators have struggled with much less and are getting through. This encouraged creators to have their audience and monetize on their own terms.

Direct Monetization

Today a creator is much more than an influencer, they are value-added players, entrepreneurs and individual business leaders; Those who now own their distribution directly and use the power of the community to break the monetization advantage. Essentially, this means creating value that directly meets the needs of the target audience. Value can be easily translated and forwarded to the community via Telegram or Google Meet; It benefits the creator financially as viewers are willing to pay for these communities.

We look at the top three of several direct monetization streams. the creative economy harnesses the power of the community and values ​​it and turns it directly into money.

  • Conducting Workshops: The best example of this are the motivational speakers and life coaches who make up an important part of the Indian creative ecosystem. At one end of the spectrum, there are people like you. sadguru; on the other hand, there are people like you Sandeep Maheshwari. They are known to simplify the framework of motivational books so that viewers can apply it to their daily lives. The playbook is simple, they run a small portion of their sessions online and run extensive workshops and leadership coaching sessions on platforms like Telegram. People don’t just want to join these special communities, they are willing to pay a certain amount for it.
  • Subscription Plans: Consider Patreon, where fans get exclusive insights about their favorite creator’s content through a subscription plan. In return, creators can share exclusive behind-the-scenes, give first access to shows and launches, share interesting insights, and even chat with their subscribers via Google Meet or Zoom search. We have a YouTube trainer closer to home Dhruv Rathee Someone who uses Telegram to give their audience instant video updates on messages.
  • Teaching and Sharing Knowledge: These are the people who create value playing in the knowledge economy. Such creators open courses for their audiences who want to learn more. For this, they create a community of their followers on Telegram and Zoom to talk to each other. This works in two ways: reliability and immediate satisfaction. An audience consumes content they like; When such content comes from creators they’ve known for a long time, they sign up based on the trust and credibility of the creator and their willingness to learn.

While not all creators will bring a dazzling amount of wealth, that doesn’t stop them from living on their own terms. for example, A college student who initially couldn’t afford the 6,000 rupees college tuition is now earning a respectable amount by sharing, via the WhatsApp group. grades with young candidates all over the country.

To make it less reliant on any one platform, the creator’s mindset has shifted from platform-centric to business-centric. New tools have emerged to help creators customize, monetize, and automate their audiences. Both investors and companies take note of the creative economy and generate large investments in this area. While indirect monetization has its advantages, with direct monetization individual creators become their own brands to reckon with.



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disclaimer

The opinions expressed above are the author’s own.



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