How is Creator Economy Space Growing and Understanding the Creator Universe
The Indian digital economy has surpassed all predictions. There are now over 637M smartphone users in India, spending an average of 4.6 hours per day consuming content. Data consumption per smartphone is also the highest globally, at 15.7 GB per month, with a low cost of data at just $0.68 per GB. More than 448M Indians are active social media users.
Most of these people are new internet users who self-curate the content and products they consume. They value sincerity and uniqueness and they have developed a stronger love for creators than for brands.
These changes have paved the way for the emergence of creators and knowledge professionals, who have leveraged modern tools and technology to monetize their special talents. Content creators, video streamers, influencers, bloggers, OTT platform creators, manufacturers of physical goods, and practically anyone creating a community around their expertise fall under this category.
These people are now able to approach their fans directly, thanks to the rising popularity of social media. Although social media found solutions for distribution and produced breakout stars for the creators, very few of them were able to monetise successfully. Even though the creator economy was just established a decade ago, more than 50 million people worldwide identify as creators.
According to a survey, American adolescents want to be YouTube stars (29%) rather than astronauts (11%), making it the fastest-growing category of small businesses.
The upcoming generation of creator platforms will make it possible for the long tail of artists and knowledge professionals to effectively monetize their work and develop into entrepreneurs.
There are 4 segments of a creator’s business lifecycle -
- Creation - It is the process of recognising their individual creative expression and turning it into a consumable form, through content or a tangible product. There is very little outside assistance that the creators can use in this process.
- Discovery - Showcasing their abilities and creating a group of devoted admirers and followers. Here, creators made widespread use of the existing social media platforms to solve their discovery and enabled themselves to communicate with their audience directly.
- Monetization - Converting their existing fan base into paying clients for their distinctive content. One of the main areas where a creator would need the assistance of other tools and services in order to successfully commercialize their work.
- Growth - Administration of the complete creation process from beginning to end. This would cover subjects like funding for creators, CRM applications, data analytics, community management, etc.
The development of the creative economy has been made possible by fundamental modifications in consumer behaviour as well as a few macro variables. Indian consumption habits have changed as well. They desire to consume goods that highlight their uniqueness and follow people they can relate to. This has caused the balance of power to shift from established brands and companies to independent creators.
There are a few behavioural shifts that have contributed to the growth of the Creator Universe -
- Increased emphasis on personal identity.
- Control over how we live, work and express our creativity.
- Desire to self-curate our consumption of content rather than being spoon-fed curated content from outside distributors.
- Shorter attention spans lead to the growing demand for bite-sized, immediately gratifying content, microblogging and short-form videos.
- Growing preference for authentic content and products over high-quality manufacture.
These have all contributed to the growth of the Creator Universe.
Unprecedented digitization and the adoption of digital-first models across industries were further accelerated by COVID-19. During this time, a lot of independent retailers launched their initial websites. Teachers began offering classes online. New short-form media were adopted by entertainers. As middle-class Indians become more internet-savvy, they have developed a new expectation: they want to establish their online identities and make a living from their special talents or skills, thus increasing the overall creator pool.
The creator economy extends beyond influencers and creators. A whole generation of first-time internet users may now create a direct conduit to their fans to market and sell their distinctive goods and services. Now, independent product makers can open internet shops and sell to clients directly. Anyone who designs products, whether they are artisans, independent fashion designers, or product designers, may now establish a direct connection with customers.
Despite the rise and increased power of creators over the past ten years, their money has not been distributed fairly. The discoverability issue for producers was resolved by social platforms, but the majority of the wealth they generated was taken by the sites themselves. The next evolution of the creator economy will now see the creators ‘owning’ the relationship with their fans and customers. They will build direct monetization channels with their fans and see the emergence of an entire ecosystem of creator tools and platforms which will allow them to function as small businesses themselves.
This is where Wyshlist comes in. Based on the target niche and finances, we assist businesses in developing tailored, scalable campaigns that involve a wide array of influencers. At the same time, our platform allows Influencers to directly connect with their fans by endorsing products of D2C brands that they would like to promote and talk about.
In India's booming digital landscape, Wyshlist bridges fast fashion enthusiasts, influencers, and D2C brands. As the creator economy burgeons, Wyshlist redefines connections, tailoring niches for individuals. Positioned as a catalyst, it empowers influencers to own relationships with fans and cultivates a future where creators flourish as small businesses.
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