With a spurt in short-form video consumption and growth in the overall creator economy, India now has at least 8 crore creators and knowledge professionals but only 1.5 lakh professional content creators can monetize their services effectively, a new report has revealed.
Out of the 1.5 lakh professional content creators, the majority of them can earn anywhere between $200-$2,500 (more than Rs 16,000-Rs 200,000 per month), depending on the reach and engagement they can drive on respective platforms.
"Less than 1 percent of professional creators (those with over 1 million followers) have the potential to earn anywhere between $2,500-$65,000 (more than Rs 53 lakh) per month."Kalaari Capital
Very few of these breakout stars are earning upwards of $100,000 (more than Rs 82 lakh) per month.
There are 50,000 professional creators on regional short-form video platforms in India and over 60 percent of their audience comes from outside metros, with regional content driving consumption, according to the report.
"Social platforms enabled these individuals to build a large audience and reach their fans directly. However, while they solved for distribution and created breakout stars, very few creators could monetize effectively," the findings showed.
The report said that while it has seen the rise and empowerment of creators over the last decade, the distribution of income among them has been skewed.
"Social platforms solved the problem of discoverability for creators, but most of the wealth they created was captured by the platforms themselves," it mentioned.
A majority of these individuals are first-time internet users who self-curate the content and products they consume. They value authenticity and individuality and have built a stronger affinity for creators over brands.
These shifts have enabled the rise of creators and knowledgeable professionals who have leveraged today's tools and connected technologies to monetize their unique talents into a full-time living.
The 8 crore creators in India include content creators, video streamers, influencers, bloggers, creators on OTT platforms, physical product creators, and essentially anyone building a community around their niche.
According to the report, 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 that will allow them to function as a small business in itself. (KB/IANS)