The creator economy in India has witnessed tremendous growth over the past few years owing to increased adoption of smartphones and high-speed internet. Creators in India are leveraging digital platforms to showcase and monetize their work across various fields like design, photography, cooking, and dance among others. Technologies like artificial intelligence and augmented reality are enabling creators to produce more engaging and high-quality content. Furthermore, technologies are also helping creators protect their intellectual property and monetize their content better.
The India Creator Economy Market is estimated to be valued at US$ 30 Billion in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 - 2033, as highlighted in a new report published by CoherentMI.
Market Opportunity:
The opportunity to support creators in India monetize their work through various platforms is driving the growth of the creator economy in the country. Currently, only a small percentage of creators in India are able to generate a sustainable income from their work. Platforms focusing on enabling creators to earn through various revenue streams like subscriptions, advertisements, e-commerce affiliate programs, will help more creators professionalize their work and build successful businesses around their skills and passions. This will further motivate more people to pursue content creation as a full-time career. Leveraging technologies to simplify monetization processes for creators can unlock the potential of India's vast talent pool and accelerate the growth of the creator economy over the next decade.
Porter’s Analysis
Threat of new entrants: The India Creator Economy market is showing high growth potential attracting many new players. However, the market is dominated by some key established players making it difficult for new entrants to gain market share in the short term.
Bargaining power of buyers: Buyers in the India Creator Economy market have moderate bargaining power. While there are many players offering creator tools and platforms, customers still have choices and can switch between platforms based on offerings.
Bargaining power of suppliers: Content creators and influencers are the key suppliers in this market. With growing demand for their content and services, their bargaining power is increasing as many players are striving to recruit and retain top talents.
Threat of new substitutes: Threat of substitutes is moderate as there are different models of monetization used by creators. However, alternatives for content discovery and engagement are also increasing.
Competitive rivalry: The market is witnessing intense competition among key players to gain market share and new customers. Players are investing heavily in new features, services and partnerships.
SWOT Analysis
Strength: The India market offers a large pool of talented creators as well as a growing base of digital consumers. There is rising acceptance of content creator as a profession.
Weakness: Monetization channels for creators need further development. Dependence on few dominant platforms can be a challenge. Cultural and language barriers also impact pan-India reach.
Opportunity: Growing internet and smartphone adoption will expand the potential customer base. New content genres and Creator capabilities will emerge. Partnerships between players will unlock synergies.
Threats: Regulations around UGC practices need to evolve. Dependency on platforms can impact operations. Piracy and security issues can undermine monetization efforts. Competition is intensifying.
Key Takeaways
The India Creator Economy Market Size is expected to witness high growth over the forecast period of 2023 – 2033 supported by increasing digitalization and acceptance of new professional models in the country. The India Creator Economy Market is estimated to be valued at US$ 30 Billion in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 – 2033.
The southern region is seeing the fastest growth currently backed by states like Telangana, Karnataka witnessing tech revolution. Tamil Nadu and Andhra Pradesh also have active content creation communities. The national capitals Delhi and Mumbai remain the major hubs due to opportunities and infrastructure.
Key Players operating in the India Creator Economy market are ByteDance, VerSe Innovation, ShareChat, Meesho, FamPay, Unacademy. There is increasing interest from giants like Facebook, YouTube as well to tap the potential of this emerging market. Investments in Indian players have also been rising with Meesho raising over $500 million in 2021 alone.
Objectives of the Report:
1) Investigate and forecast the value and volume of the India Creator Economy market.
2) Estimate market shares for major India Creator Economy segments.
3) To demonstrate how the market for India Creator Economy is evolving in various parts of the world.
4) Research and analyze micro markets in terms of their contributions to the India Creator Economy market, as well as their prospects and individual growth patterns.
5) To provide precise and useful information on the factors influencing the rise of India Creator Economy.
6) To provide an in-depth analysis of key business strategies used by major companies in the India Creator Economy market, such as R&D, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and acquisitions, mergers, and acquisitions.
FAQ’s
Q.1 What are the main factors influencing the India Creator Economy market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top India Creator Economy Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the India Creator Economy market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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