BURLINGAME, Calif., March 8, 2024 /PRNewswire/ — According to CoherentMI, India Creator Economy market was valued at US$ 976.0 Million in 2023 and is anticipated to reach a value of US$ 3,926.2 Million by 2030 at a CAGR of 22% during forecast period 2023 and 2030.
The India Creator Economy Market is driven by two major factors. Firstly, the increasing penetration of internet and social media platforms is playing a crucial role in driving the growth of this market. With the rapid expansion of internet connectivity and smartphone usage, more and more people are gaining access to various social media platforms. This has led to the rise of content creators who are actively engaging with their audience and creating a wide range of content, including videos, blogs, podcasts, and more. The growing popularity of content creators has resulted in increased opportunities for monetization, attracting brands and advertisers to collaborate with them for targeted marketing campaigns.
Secondly, the rising demand for authentic and relatable content is also fueling the growth of the India Creator Economy Market. In today’s digital age, consumers are seeking content that resonates with their interests, preferences, and values. Content creators, with their ability to produce personalized and niche content, are fulfilling this demand and are gaining a loyal following. This has created a highly engaged audience base, leading to increased brand partnerships and sponsorship opportunities for content creators.
Scope of the report:
|
Report Coverage |
Details |
|
Study Period |
2023 – 2030 |
|
Base Year of Estimation |
2022 |
|
CAGR |
22.0 % |
|
Largest Market |
India |
|
Market Concentration |
High |
|
Major Players |
YourQuote, Pratilipi, Khabri, Kalakaar, Vernacular.ai, Vokal and Among Others. |
|
Segments Covered |
By Platform, By Type of Creators, By City Type, By End Use |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Trends |
• Regional and Multilingual Content Gain |
Key Market Takeaways:
The India Creator Economy market size is anticipated to witness a CAGR of 22% during the forecast period 2023-2030, owing to the growing demand for independent individual creators. The video platform segment is expected to hold a dominant position, while metros lead in terms of city type. The media and entertainment sector dominates the end-use segment.
Key players operating in the India Creator Economy market include YourQuote, Pratilipi, Kalakaar, BeatOven.ai, Vokal, Ultra Media & Entertainment, Pocket Fm, Krazybee, Social Swag, Qoruz, Vyapaar App, Kutumb, BlueSmart Mobility, Vernacular.ai, Khabri, Sim Sim, Dunzo, and Pratilipi. These key players are actively contributing to the growth of the creator economy in India, providing platforms and opportunities for individuals to showcase their talents and monetize their content.
Market Trends:
Influencer Marketing: Influencer marketing has emerged as a powerful marketing strategy, with brands leveraging the massive reach and influence of content creators to promote their products and services. Influencers with large and engaged social media followings are seen as trusted sources of information and recommendations, making their collaborations highly effective in generating brand awareness, driving sales, and influencing consumer behavior.
Diversification of Revenue Streams: Content creators are exploring various avenues for revenue generation beyond just brand partnerships. They are diversifying their income streams by monetizing their content through membership subscriptions, merchandise sales, sponsored content, affiliate marketing, and crowd funding.
Recent development:
Read complete market research report, “India Creator Economy Market Size And Share Analysis – Growth Trends And Forecasts (2023 – 2030)“, Published by CoherentMI.
Growing Demand for Independent Individual Creators in the India Creator Economy Market
The India Creator Economy market is anticipated to witness a CAGR of 22% during the forecast period 2023-2030, owing to the growing demand for independent individual creators. The platform segment, with video dominating, is expected to hold a dominant position, as video content is increasingly becoming popular among audiences.
In terms of the type of creators, independent individual creators are expected to dominate the market. This can be attributed to the rise of social media platforms and the democratization of content creation, allowing individuals to showcase their talents and gain a following. Commercial/professional creators, influencer agencies, and MNCs also play a significant role in the market.
The dominance of metros in the city type segment is also expected to contribute to the growth of independent individual creators. Metros have a higher concentration of opportunities and resources, making it easier for creators to establish themselves.
The media and entertainment sector is the dominating end-use segment for the India Creator Economy market. With the rise of digital platforms, there is a growing demand for content creation in the form of videos, podcasts, and written content.
Increasing Adoption of Creator Economy in Rural India
Another market opportunity in the India Creator Economy market is the increasing adoption of the creator economy in rural areas. As technology spreads to remote regions, the access to online platforms and tools for content creation becomes more readily available.
Rural areas, which fall under tier 3 cities and rural regions in the city type segment, are expected to witness significant growth in the creator economy market. This is due to the untapped potential of talent in rural India and the rising popularity of vernacular content.
The presence of key players such as YourQuote, Pratilipi, and Khabri in the market indicates the growing interest and investment in catering to the rural audience.
India Creator Economy Market Segmentation:
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Top Questions Answered in this Report:
1. What factors are impeding the growth of the India Creator Economy Market?
2. What are the primary drivers fueling the growth of the India Creator Economy Market?
3. Which segment stands out as the leading component in the India Creator Economy Market?
4. Who are the key players actively participating in the India Creator Economy Market?
5. Which region is poised to take the lead in the India Creator Economy Market?
6. What is the projected CAGR for the India Creator Economy Market?
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