By Swapnil Saurav, CEO & Co-founder, Rigi
As India continues to make remarkable strides in the digital realm, bolstered by the increasing internet penetration and improved broadband availability, social media has transcended its conventional role of mere socialization to become a versatile platform for multifaceted pursuits.
The horizons have expanded unprecedentedly, and social media has now become a standing market hub with ‘content’ quite literally and figuratively being ‘the king.’ Generated across different genres and platforms, in multiple languages, for people to consume globally, digital content is now the cornerstone of creating awareness and building influence, paving way for the growth of what is called the ‘creator economy.’ From brainstorming concepts, finalising professional set designs, costumes, to shooting the video, editing and uploading it, and keeping a tab on the feedback to anlaysethe performance, Content creation has evolved beyond a casual pastime, transcending its previous status.
A rather nascent sector, the creator economy has far reaching opportunities and is touted to be one of the most sought after sectors in the coming decade. The size of the global creator economy is over $100 billion, with two million plus creators considering themselves to be professional creators. In fact, recent reports suggest that India is set to have the largest base of social media content creators globally with the figure crossing 100 million this year. The industry is growing at a compounded annual growth rate of more than 32 percent and is estimated to reach a value of over $24 billion by 2028. As the future holds immense promise for the creator economy, the inevitable question arises: What are the challenges faced by this sector amidst such potential
Leveraging the power of tools
There is a need for tools and devices which can make the process of content creation far more simplified and easy for creators, and act as their extended team mate who can pitch suggestive ideas to them around what kind of content should they leverage for their target audience basis the algorithm and performance metrics. Now this is exactly where AI and tech come into the picture. Robust and agile tech tools that can curate right content for the audience and help the creator with end to end work, through its user agnostic tech-stack is what the way forward looks like.
Community building at the core
However this doesn’t go on to solve the issue of enabling creators to continue making a sustained living out of this gig. Ad revenue and brand integrations will only take creators so far, what will really come to play in the forefront is what does the community that the creator has built think of that creator. Hence, growing a super loyal and faithful community, with the creators themselves being the brand is what will be the pivotal point for India’s Creator Economy journey.
When tech prowess and authentic community comes together for a creator
Building and providing a suite of innovative solutions for creators, including advanced monetization tools and a resilient transaction processing system for efficient revenue generation will further help creators to streamline operations, grow their online community and enhance engagement.
A technologically charged ecosystem that consolidates community engagement, content management, and monetization with features like interactive feeds, chats, and custom leaderboards that foster a dynamic community, will allow creators to push boundaries and create the extraordinary and imagine the unimaginable. Seamless upselling of various offerings facilitated through integrated monetization features, while custom push notifications to enhance creator-audience connectivity will bolster the earning capacity of creators. The combination of custom user moderation with other community management tools will empower the creator to manage their community better.
Creators are in the look out for high performance, advanced solutions that can fetch them premium results, giving wings to their creativity, and easing the work process for them. Hence, the correct blend of technology and creativity, is what will nudge creators to flourish in the digital landscape effortlessly, underpinning the tech-led transformation of the creator economy.