What is the “Creator Economy” and its Future in India

Have you seen people doing reels and creating content on Instagram? Ever wondered how they earn money? Well, as you have understood by now, these people are known as content creators and they generate their revenue through something called the creator economy. This trend has gained wide recognition and people called influencers have come a long way. This has led to the introduction of the creator economy. The creator economy has seen drastic changes in the past few years because of the rise of social media. Moreover, it has also affected the change in the GDP of India. In this blog, let us understand what the creator economy is, who can become creators, how exactly creators make money, and most importantly the state of the creator economy in India. 

What is the “Creator Economy” & its Future in India

What is Creator Economy?

An economic system built by influencers and creators who earn money by showcasing their skills and talents is called a Creator Economy. The creator economy is nothing but influencers earning money through their creations. These influencers and creators connect with audiences via the internet and generate their income through social media platforms like Instagram, YouTube, TikTok, and so on. The content created by them is unique and can be of many forms including photos, videos, digital books, music, and podcasts. When the audience engages with the creators, they build their following. In this way, they can earn money through ads, subscriptions and also partnering with other brands.
Sounds crazy, doesn’t it? People are willing to pay for influencers because of their high following and also because they reach many individuals.

Who Can Become a Creator?

There are no specific instructions or a set of rules that have to be followed to become a creator. A normal human being like you and I can also become creators. There is no bind to the skill set and talents that a person has. Anyone who has the confidence to share their content through digital channels can become a creator. This includes musicians, artists, bloggers, travelers, writers, podcasters, and anyone else who can create content. The best part is that the content doesn’t even have to be meaningful. As long as it satisfies your audience, you are good to go. However, sticking to a niche and continuously satisfying your audience is an important factor to become a successful content creator. 

How do Creators Earn a Living?

Let’s come to the most awaited and interesting topic-how do creators earn a living just by engaging with the audience? There are many ways creators can earn a living. Some of the ways creators can earn a living are given below:

1. Collaboration

Many content creators team up with leading brands just to make people aware of the brand. Influencers with more followers charge huge loads of money for an Instagram post or story about a company’s brand. You may be wondering if companies are willing to advertise their products via content creators. Well, not all famous brands may be willing to team up with small influencers, but many startups are dealing with this idea. It has become a great opportunity for startups to engage with people and let them know about their brands.

2. Affiliate Marketing

Creators with a decent number of followers can review a product and recommend it to the audience. If the sales boom up, and once the product is sold, influencers can get a commission on selling the product. Additionally, the influencers can also approach the seller directly and recommend their product. However, one has to be careful about the type of products they are recommending because if people find out that the product is of low quality, then there is a chance that the audience may unfollow you. Make sure to recommend high-quality products so that you not only benefit yourself but also the people you trust you.

3. Selling Products

Many influencers have turned into entrepreneurs by selling their products on social media. One can also start their brand, for example, building their makeup products or starting clothing apparel. Influencers can start selling them on their social media platform. Since the viewers have already gained trust, they would for sure buy your products. This is yet another way to make some cash.

4. Direct Marketing

Have you seen ads displaying even on channels of vloggers? This is another way through which content creators can make a living. They display ads on their YouTube channels or host pay-per-click ads on their website. Displaying ads on their youtube channels can help get wide exposure to the company, whose ad is being displayed. When it comes to website ads, bloggers and other writers can use pay-per-click on their websites. If a person comes to their website and clicks on the ad, then bloggers get paid for it. 

5. Teaching Courses

You can observe many YouTube channels that provide an opportunity to gain knowledge. Many channels on youtube have started teaching various subjects. Moreover, many courses are sold to students and other learners. In this way, content creators can earn money by teaching across various platforms and even through selling courses. 

6. E-books Sales

Amazon Kindle can be one such platform where writers can sell their books online and earn money. Writers have the chance to upload their e-books online, where the readers have to purchase the book. If your book is a hit, then millions of people can buy books. 

Types of Creators in the Creator Economy 

1. Web Content Creator

A web content creator is a person who develops websites and will entertain or engage people through their website. This requires the person to know web design. Web content creators can design and publish any type of content on their websites. It sounds easy but there goes a lot behind the work of a web content creator.

2. YouTubers

Another type of creator, that most of us know is, YouTube content creator. YouTube content creator is a person who uploads their content on YouTube. Youtubers can generate revenue from the number of views he/she gets and also by displaying ads in their videos. On YouTube too, there are many types of content available. Some of them are educational content, Video games content, short films, trailer content, and many others.

3. Podcasters

Another category of creators is Podcasters. They generally give their opinions or share information in the form of discussions. So, one who listens to podcasts does not require videos to watch, as he can listen to the content. Some podcasters even tell us about events that occurred in their lives. It’s quite interesting and fun when podcasters discuss different aspects of life.

4. Social Media Creators

Social-media creator also known as a social media influencer is a person who uploads content on social media. As we all know there are many social media platforms that creators can take advantage of. So, one can post his day-to-day activities or some kind of information and earn views. For example, an influencer posts their content on Instagram via posts or reels. Another influencer can use Twitter to tweet funny jokes as their content. It depends upon the individual and their skill set towards the type of content they are wishing to create. 

5. Blogger/Writers

One more category of content creators is bloggers. If you are a person who reads a lot, then this content is for you. Bloggers write and express their opinions or share information on their websites. Whereas writers can write fiction or non-fiction stories and publish them in a book. Either way, they write and generate content. 

The State of the Creator Economy in India

With the introduction of the Creator Economy in India, we have seen many changes in the GDP of India. Truth be told, there has been a vast change in the creator economy during the pandemic. People have realized their talents and started showcasing them digitally. As per the reports of Trading Economy global macro and analysts’ expectations, the GDP per capita of India is set to reach $1850. The Indian Economy is expected to see a rise in the upcoming years because of the creator economy. The number of creators in India is also expected to grow from 1.2 million in the year 2018 to 9 million by the year 2025. 

Conclusion

The creator economy has become quite popular in India. Individuals have learned to earn money in the simplest ways possible because of the improvisation in the digital era. As we have seen in the blog, it doesn’t take that much of skills to become a content creator. Anyone with passion and desire, looking for an opportunity to earn money can become a content creator. Hope you have learned what content creation is, who can create content, the types of content creators, and also the impact it has on the economy of India. Why don’t you too give a go at creating content according to your interests? Happy Creating!