The surge in the creator economy has made more people join the bandwagon of content creation than ever before. With this shift, content companies and influencer marketing agencies are now introducing creator economy programmes to educate and strengthen GenZ and millennials on the monetisation front.
With more and more brands shifting to influencer marketing to gain new customers, the creator economy has spread rapidly in India. According to a report by GroupM, influencer marketing is expected to grow at a CAGR of 25% annually to become a Rs 2,200 crore industry by 2025.
Further, as per a statement from Google, during the pandemic in the year 2020, YouTube creators contributed Rs 6,800 crore to the Indian GDP. This shows the tremendous impact the creator economy has and its potential to grow bigger with each passing year.
Many companies have launched their creator education program to fuel their growth and use it effectively in their business. Visa has recently launched the Visa creator program, wherein they aim to provide education to selected entrepreneurs working in art, music, fashion and film, who are looking to accelerate their small business through NFTs.
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With the NFTs becoming a new source of earning, Blockchain technology firm Xfinite Ventures and influencer marketing agency Mad Influence have entered into a strategic partnership to help influencers and fans enter the Web 3.0 economy.
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Similarly, Unlu – a platform for creators to learn and collaborate to produce monetisable content has announced its partnership with Expy – a monetisable link in bio tool with a private community for creators. As part of the strategic partnership, both platforms aim to share cross-creator benefits in the creator and entertainment space.
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While many companies are coming out with education programmes, some companies are improvising on their features and metrics to provide influencers with an opportunity to earn more from their content. Do Your Thng, a creator-first tech platform recently announced a new paid subscription service called DYT Pro- a solution that empowers creators and becomes their main growth driver. DYT Pro is a paid subscription that helps creators with tools and courses for a better understanding of the creator economy. It gives professional creators access to all types of ancillary support.
Jumping on the bandwagon of creator education, BigBang.Social, a Collective Artist Network initiative, had announced the launch of its own creator learning academy. BigBang.Social Academy is an online platform that offers courses to those interested in making a career out of social media influenceer marketing.
As most of the creators come from the GenZ or millennial generation, a large number of creators are still students. BigBang.Social, a Collective Artists Network initiative, and Under 25 Universe, a youth movement platform that creates specifically curated experiences for India’s young teens and adults, have partnered to launch Student Creator Fellowship (SCF). In this program, aspiring creators will receive training and guidance on creating valuable content as well as get to learn the importance of discoverability and monetisation while creating or conveying content.
Likewise, Uable, an app for teenage users, has announced the launch of a creator economy programme for Gen-Z content creators and influencers. This helps teenage users learn about content creation and the commerce side of it.
Trell, the lifestyle social commerce platform, had conducted a masterclass in November 2021, with IPL host, former Miss India International, and actor, Shonali Nagrani, and travel influencers Priyanka Jena and Tanveer Taj for the benefit of budding content creators. During the masterclass, the well-known influencers shared tips and suggestions to help the budding creators enhance their pieces. The influencers advised that creating super specialisation for themselves is crucial in creating authentic and unique content. They also shared tips on audio-visual mixing in videos, planning content, and managing engagement with followers.
While the companies are coming up with their creator education program, social media platforms have already been working on such programs for a very long time. In 2021, Instagram launched a creator education program in India, to help creators make brilliant content while they also earn from it. #BornOnInstagram is an initiative launched by Instagram to help creators across categories (macro, micro, nano) to make the most out of Instagram.
LinkedIn, launched the Creator Accelerator Program in the month of February. LinkedIn is partnering with creators in India who are eager to start conversations about the world of work and who want to build a community in the process. The Creator Accelerator Program is a 10-week incubator style program where participants can bring new concepts and visions to life, grow their audience, and engage with the LinkedIn community.
With Metaverse entering the market, the creator economy will be further fuelled by brands as well as outstanding content to woo and attract audiences. However, a growing number of creators can also create clutter for the audiences as well as the advertisers. Therefore, it is important that brands and agencies come up with a stringent plan to get the maximum out of influencer marketing activities.
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