Booming Creator Economy in India — 5 Ways Brands Can Benefit
Advertising and marketing have evolved across platforms over decades of growth. One of the best ways for brands to market their products is through influencers and creators. While it may seem new, the origin of the creator economy dates back to 2011, when YouTube content creators began gaining subscribers by the millions. A decade later, in 2021 alone, the creator economy gained funding of $1.3 billion!
Before delving into the popularity of creators or how brands benefit from it, let’s look at how the creator economy has grown over the years.
- The global creator economy has grown eightfold in five years — from $1.7 billion in 2016 to nearly $14 billion in 2021.
- Platforms of expression have opened avenues for many to monetize their online creations.
- The creator economy has made way for 6.38 lakh full-time jobs in India.
- Many are considering content creation due to the promise of immense growth as witnessed in recent times.
- The creators of YouTube alone contributed 6,800 crores to the Indian economy.
- One of the first platforms where content creators were able to experiment and build their audience base
- The industry has seen an increase of 40% in the past year in India.
- The pandemic has opened up multiple opportunities for people considering part-time income through creating content.
These numbers are testimony to how much the creator economy has grown and the promise it shows in the coming years! Brands wanting to expand their reach, engagement, and overall effectiveness of their campaigns and messaging can tap into the creator economy!
Five reasons why brands should take advantage of the growing creator economy
From billboards to newspaper ads to TV ads and advertising on social media, we have now landed upon a completely diverse and detailed form of marketing. Using creators to get the brand’s message across is a smart move regardless of the size of the brand.
1. Accessibility to a wider audience
Everyone owns a smartphone, and data is only getting cheaper by the day. This creates a massive user base that chooses to associate with the content they would like to see. Content creators are equipped to captivate the interest of their audience, whether they are new or have been using the internet for a long time.
2. Ability to relate, resulting in piqued interest
Celebrity endorsements are many, but the impact they have is not as personalised as that of content creators. While influencers amass a large following, they are still just like their audience. Authenticity is easy to relate to, as creators engage with their audience regularly, thereby increasing engagement. The fact that the audience is already interested in the content churned out by the influencers means that they will show a genuine interest in the creators’ recommendations.
3. Customisable and personalised content in alignment with the brand’s objective
People often follow content creators because they feel they add value to their media consumption. Content creators are brands by themselves and are aware of what works well with their audience. When a brand wants to put their message across, they can be assured of receiving a piece of content that is tailored to their needs and assurance that it is something that resonates with their audience as well!
4. Higher conversion rate
Building trust with the target audience is key to the success of any campaign. Collaborating with a content creator means that a relationship of trust has already been established. A genuine conversion helps brands gain returning customers, which is certainly an asset for the brand’s growth. The only due diligence the brand has to perform is to select the right creators for maximum effectiveness.
5. Varied audience reach
Different categories of audiences have different degrees of purchasing power. The biggest benefit of collaborating with content creators is that people from different backgrounds follow them and engage with their content. Different interests, income brackets, geographies, generations, and more factors can be captured in one go. Brands can either broaden or narrow their target audience to a T with efficient influencer selection.
The creator economy has quickly grown from the time it didn’t even have a name to the looming giant it is right now. The path of growth is upwards and clear in the near future. Brands looking to captivate the audience’s attention can leverage the several benefits the creator economy has to offer. This smart move can help the brand garner more consumers who believe in their vision too! And what’s more enticing than that? galleri5 not only has the best creators on board, but we also possess the expertise to make the campaign work in your favour right from the beginning. Our platform has everything you need to get started!