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Raj Shamani, Podcaster and Entrepreneur.
The world of content creation has reached space in terms of the availability of content monetization options for content creators. According to a report, the creator economy was valued at Rs. 900 crores in 2021 and is predicted to reach Rs. 2,200 crores by 2025, signifying a staggering CAGR of 25% an all-time high as more content creators enter the digital space and more multinational businesses resort to content creators to sell their products. The growth of internet penetration in India has attracted influencers from all regions, which has helped even a common man to have an independent financial revenue stream through content creation and become an entrepreneur.
The substantial rise in creatorprenuers is mainly because creators leverage over their followers turning them into their customers to become an entrepreneur. Today, the value of followers on social media has gained prominence and these are merely not followers but believers. The major problem with any business or startup is customer acquisition and finding the first few sets of customers. Creatorprenuers already have a huge follower base which is their first set of thousands of customers. For a business operator to reach that when starting a business from scratch, becomes very challenging.
Also, for a content creator, building a brand is better than building a product first. By building a personal brand through their content by educating, inspiring, or entertaining people, creators essentially build a loyal set of superfans vouching for them to win. With consistency, creators build their own unique audience connect. This empowers them to start a product. With a huge follower base, there are higher chances of ROI in the business.
Generally, if you build a product and it fails, people won’t trust you again but because you are a content creator, people already trust you, so it becomes easy for you to come up in public and be honest about your product’s failure and ask them in terms of how to get better. The followers still give their favorite creators another chance to come up with another product too.
Over the period, the buying pattern of people has evolved from intend-based buying to discovery-based buying. Earlier people were buying with an intention of buying. For example, earlier when people wanted a phone it was either their old phone was bad or they wanted a better, faster, and more efficient phone. But now people want to buy a new iPhone because now they found out about an iPhone. Now people are discovering new things and buying them that they don’t necessarily need. Since the majority of buying is happening through discovery, the primary source of people to discover products are creators who leverage this aspect for building their own brands.
Financial freedom is another reason that has led to a rise in the number of creatorpreneurs, as more and more content creators have begun to enjoy an independent source of income. Revenue diversification proves to be the main strategy for financially mature businesses of the creators, which is also more than a traditional job. However, the reason only a few content creators turn out to be successful entrepreneurs is that they are passionate, consistent, disciplined, entrepreneurial savvy, and tenacious.
After the pandemic, many professionals like doctors, lawyers, CA, designers, real estate experts, professors, fitness trainers or nutritionists, etc, have entered the field of content creation providing more expertise and insights into that field. It diversified the world of content creation; making creatorprenuers the backbone of the creator economy.
However, this unique class of business has many budding content creators. So here are the three things they should keep in mind to become successful creatorprenuers.
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Views expressed above are the author’s own.
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