How big is the Indian creator economy?
The Indian creator economy is taking off. And 2022 is expected to witness a meteoric rise of creators in this space. From selling make-up lines and beauty products to offering courses on building a massive social media following, there is nothing that Indian creators cannot do.
Rise of the Indian Creator Economy
For those still wondering, the creator economy is an era of online ecosystem and community where content creators can leverage online platforms to monetize their expertise by developing useful content.
Thanks to unrestricted access to the internet across the globe, the creators’ economy has reached a global standpoint. And this advent of digital creators has brought upon us a whole new economy, one that is in its nascent stage in India but all set to grow. According to a report published by Oxford Economics, the creator network at YouTube contributed approximately ₹6,800 crores to the Indian economy. It generated over 6.38 lakh full-time jobs in the country in 2020.
Now that we know that the creator economy in India is big and growing, let’s have a look at its exact size. The section covers the current size of this ecosystem by participants and financial value.
Number of Creators in the Creator Economy
The process of creating content has been prevalent for centuries now. Whether it is writing, music, poetry, painting, or acting, there are many different ways to create content. However, terms like ‘creator economy’ became dominant only a couple of years back. Until 2016, the term did not really formalize. It is only after that user-generated content (UGC) came to the forefront and opportunities started propping for good content creators.
Before we look into the exact number of content creators in the Indian creator economy, you must note that no consolidated database records it all. But according to a study, there are approximately 50 million creators across the globe.
Now let’s break down this number:
There are 2 million professional individual content creators who pursue this as a full-time career.
- Instagram: Out of 1 billion Instagram accounts, 500K accounts have over 100K followers.
- YouTube: Out of 31 million YouTube channels, 1 million creators have over 10K subscribers.
- Other creators, including writers, illustrators, podcasters, musicians, etc., total 200K.
There are 46.7 million newbie creators who pursue content creation as a part-time job and monetize it.
- Instagram: Out of 1 billion Instagram accounts, 30 million accounts have a following between 50- 100K.
- YouTube: Out of 31 million YouTube channels, 12 million creators have between 100 -10K subscribers.
- Other creators, including writers, illustrators, podcasters, musicians, etc., total 2 million.
Apart from Facebook, Instagram, YouTube, TikTok, many other platforms help people monetize their content. Kohbee is one such platform that assists individuals in monetizing their expertise by creating and selling online courses. It not only makes content creation easy but also streamlines the process of managing and scaling your business.
Value of the Creator’s Economy in 2022
With a market size of 50 million content creators, an influencer marketing industry size of $13.8 billion, and many new start-ups in the space, the total value of the creator’s economy is anticipated to be $104.2 billion in 2022. And this is growing each day. It must be noted that almost $800 million in venture capital has been invested in different creator ventures so far.
YouTube alone is predicted to generate $30 billion in revenue by the end of 2022 from content creators across the globe.
In the words of Jack Conte, CEO of Patreon, “Creators are about to have control and cultural influence on the world to a degree that is unprecedented. The quick and easy availability, accessibility, and ubiquity of creation tools together with global connectivity of individuals is establishing a strong movement that favors explosive creativity.”
What Will the Indian Creator Economy Look Like in The Next Few Years?
Over the next few years, the country will witness a new generation of creators taking advantage of new-fangled creator economy tools, such as Kohbee, and redefining what it means to be a creator. While today we see a limited number of creators making as much money as full-time job professionals, the coming years will see a middle class of creators flourishing and creating a big name for themselves.
If you are looking to become a part of this ever-growing creator economy, you can check out Kohbee. It is a wonderful online coaching platform that provides all the necessary tools to become a leading content creator. You can jump into the content creation industry by building, marketing, and selling your online courses in a seamless way. Download Kohbee today to deep dive into the creator economy.