India’s creator economy to reach all-time high this year: Experts

With more content creators entering the digital space and multi-national brands opting for influencers to promote their products, India’s creator economy is going to touch an all-time high this year, say experts.

While the country’s economy was taking a nosedive during the Covid-induced lockdowns, the creator economy was picking up pace.

Many people, who were staying indoors, became content creators on social media platforms and got new opportunities to earn money.

The creator economy has grown to Rs 1,300 crore in the last couple of years with many small, medium, and even some multi-national brands opting for social media influencers to promote their products.

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“Creator economy is a beneficiary of decentralised entertainment section. The supply chain which was restricted to a select few on TV, print media or orthodox channels like billboards have been democratised by and large. A lot of people have been chosen their hobbies as their professions. The internet is looking for more and more things to engage with, in a short period. The winner is who can manage to speak everything in a very short time,” said Saloni Arora, influencer marketing expert and founder of Rabbit and Turtle LLP.

The creator economy rose from $1.7 billion in 2016 to $6.5 billion in 2019 and $9.7 billion in 2020.

The growth saw a minimal effect due to the global lockdowns. Many people started a full-time creator business on social media platforms such as Instagram, Facebook, and other short video apps.