Several industries saw accelerated growth during the ongoing pandemic. Some industries that have benefited from the pandemic include social media, tech, gaming, creators, and more. According to a report by Influencer Marketing Hub, the Creator Economy market size is currently set at around $104.2 billion. Over 50 million people worldwide consider themselves to be creators. Of these, 46.7 million think themselves to be amateurs, with over two million considering themselves to be professional creators, earning enough from their passion to consider it their full-time job.
And India is no exception. India has more than 50 million content creators spread across global apps. The global creator market’s size too has seen a significant growth of over $104 billion.
The near future will be extremely important for creator economy-led businesses, considering that the younger generations are flocking to the creator economy to monetize their passions and interests. The coming few years are expected to give rise to a growing segment of creators who will leverage the existing platforms to monetize knowledge sharing through coaching, events, courses, and more. Outside of the live-streaming industry, Indians are also huge fans of reality TV shows and other content put out by streaming platforms. Just look at the popularity of Lock Upp, the competitive reality TV show.
Also Read – India’s gaming market has half a billion gamers, reaches $2.6 billion in revenue this year
Here we will be taking a closer look at the creator economy trends to watch out for in 2022 and their key enablers:
Live streaming over pre-recorded video content
Social media apps are developing products to help creators monetise their content. YouTube for example helps creators generate an income with the help of ads, donations and more. From streaming an event, teaching, or hosting a workshop, YouTube has a wide variety of tools that help manage live streams and interact with viewers in real-time.
Twitch is a subscription-based live gaming app, which allows people to pay a monthly fee to watch creators stream their content live.
Bolo Live, an Indian live streaming platform makes use of a gifting method, where viewers can send streamers gifts that can later be redeemed by the creators for money. A representative from the company has told BGR India that it currently has over 22 live streamers who earn over Rs 1 lakh per month from inside of the app. Over 7 percent of the app’s paying users are located outside India, primarily from the Middle East and South Asia.
Live commerce is transforming the online shopping ecosystem
According to a Redseer research report, live, and video commerce is expected to gain traction in the Indian e-commerce market, with a potential to reach a size of $4-5 billion GMV by 2025. Live commerce is a form of online shopping that combines instant purchasing of a featured product and audience participation through chats and real-time reactions.
MyGlamm has acquired multiple smaller brands like POPxo and BabyChakra making it one of the largest content-to-commerce companies in South Asia. With the use of marketing tools like influencer marketing, performance marketing and social media platforms, the brand allows its users to not only discover its products but also present a customised experience on the app.
Multiple other social commerce start ups like Meesho and Trell are providing customers with a comfortable and fun environment, while at the same time leveraging the factor of discovery in online shopping, which is very different on conversational e-commerce platforms.
Creator economy now coming for Gaming
From well-equipped gaming studios to individual gamers, people see gaming as a viable option to earn money. While game studios are making games and earning money by selling them, or completely selling the brand to a larger company, game streaming has also seen meteoric growth. Live streaming and esports events help increase monetization for content creators, video game developers and others. They also act as a catalyst in terms of the retention of fans and users. Home grown live game streaming platform Loco empowers novice gamers to become household names and it has built a passionate gaming community around itself.
The year 2021 saw the high repercussions of the pandemic. While the economy has restored to normalcy steadily, content creators have also gained widespread popularity amongst a wide range of audiences for their creative and engaging content. Having developed fandoms that follow them off-platform, creators have realized that they can become full-fledged businesses with multiple revenue streams beyond ads and dependency on brand collaborations.
This is the best time in the digital age where there is more diverse content than there are people on this earth and it still is only just the tip of the iceberg. Exciting times ahead in 2022!