Influencer marketing was gaining momentum in the country right when the pandemic came into the picture. While the pandemic hampered a majority of businesses and industries, it gave influencer marketing a nitrogen booster. There was a steep rise in the number of content creators and brands investing in them.
However, content creation as we know it today is not restricted to influencer marketing; it goes way further. In my opinion, the term creator economy encapsulates it better. In broad terms, creator economy refers to social media influencers and creators who monetise their content online — from fashion bloggers, tech YouTubers to live-streaming gamers — and the companies and brands built around these creators. It gives people a chance to specialise in their passion, in turn, creating opportunities for them to make money online. I firmly believe that as we move to the Web3 era, the creator economy will drive next-gen growth in India.
Social media is no more just for entertainment; it is now a universe in itself. It has become impossible for brands to ignore these mediums now as they have to reach out to the audience where they are present. By using influencers as part of their marketing plan, brands are reaching out to their potential audiences.
Influencer marketing has brought an immense change to the market in the past few years, but its real potential came to light during the pandemic. It is one of the most dominant parts of social media, which was not used to its full potential by brands earlier. Social media marketing has already made its way into MBA curriculums. Platforms like Coursera, LinkedIn, Udemy, and many more already have numerous courses around them and with growing traction towards influencer marketing, we can expect to see it as a part of the curriculum as well.
The influencer-to-brand-owner career path is already in full swing — from Deeksha Khurana to Tech Burner, creators are launching their own brands. This, in turn, is helping them give a boost to our economy and introduce a new career path to the upcoming generations.
In the past few years, we have witnessed a humongous shift in content consumption patterns, especially in India. A major factor that led to this shift is the ever-evolving technology and its increasing accessibility. New platforms have emerged with different modes and methods that allow creators to earn money. The direct ROI through these platforms is impeccable.
Future of content economy
Non-fungible tokens (NFTs) have become the cynosure of all eyes. The booming wave of the NFT community has snowballed into many celebrities collecting and auctioning digital tokens. Artistes, celebs, and even sportspersons are moving into this sector. This is gradually giving entertainment media a run for its money. It is the next big thing for content creators, too. With this growing trend, short video app Chingari has unveiled its first-ever crypto token $GARI, and it is, in fact, one of the first social networks in India to issue crypto tokens.
The rise of influencers and decentralisation of media has led to a modern type of economy: the creator economy. Businesses are adopting influencer marketing progressively, which is blurring the lines between content and commerce. This growing digital trend has speedily expanded across industries, including education, automotive, beauty, and health.
According to Google Trends, the search for the term “influencer marketing” grows by 5000% every month, and the industry is expected to be worth $13.8 billion by the end of 2021. Stats have made it evident that content and influencer marketing are the future of marketing.
The author is co-founder, IPLIX Media