Mumbai: It's no wonder that the digital media industry has shifted tremendously over the previous decade. This shift in focus has given rise to a new type of media personality: the content creator. Content creators are capturing the attention that was previously reserved for traditional media and as a result, they're transforming content, consumer behaviors, and – maybe most importantly – consumer purchasing. These developments are spawning a completely new industry: the creative economy.

From restricted IG and YouTube creators to now boasting over a million creators in the country as a result of the development of short-form video platforms and the simplicity of making content - 'Content Creator' is now a proper career that a gen-Z youth can now justify to their parents.

As of now, creators have relied mainly on marketing campaigns and ad money generated by YouTube views. While this is fantastic, very few people can truly get it right and achieving wider adoption is extremely difficult because brands work with a small number of agencies, who in turn work with a small amount of creators. Technology can help companies and creators communicate more effectively but there is currently no dominant player in this space. Instagram and YouTube, on the other hand, have made pledges to develop toward the Creator economy and it will be fascinating to follow where they land.

All of this is unfolding so rapidly that it's vital to stop and think about where it's all heading. What is the creative economy's future?

Affiliate - Affiliate revenue is something that fintech developers have been able to fully realise and reap tremendous rewards from. The next phase is to scale across the board. You don't have to be linked with a brand to sell it; marketplaces such as Amazon reward referrals and affiliate sales.

Paid subscriptions - This is really exciting for producers who have a strong connection with their viewers and may provide exclusive material or other advantages to their fans. If a creator can attract even two per cent of their viewers into monthly paid customers, there is a lot of money to be made.

Creator products - Creators benefit from a focused reach, which, when utilised wisely, may result in the creation of incredibly profitable D2C enterprises. A creator is the one who best knows their audience; they understand the gaps and goals in their life and can help cross these by developing various things. Creators are also adept at creating excitement, something conventional businesses must pay considerably in to guarantee their brand narrative is delivered appropriately - it does become a zero-cost game for the creator. To get this right, producers must create high-quality products, engage in authentic communication, and go all out with their digital content to maximise sales.

NFTs - With all of the hoopla around NFTs, and even once it corrects and comes down a bit. This will be a really vital tool for creators to involve with communities and possibly allow fans to own stock in them. NFTs will play a significant part in creating incredibly tight-knit communities for creators, as well as opening up a variety of new avenues for commercialisation for creators.

Branded content - This statistic has climbed steadily over the last five years and shows no indications of decreasing, businesses will soon are becoming more ROI and conversions focused on these efforts. With more and more tech tools to measure real sales for such campaigns on the horizon, this will eventually become similar to ad purchasing with pre-determined KPIs, unlocking value for artists.

It is reasonable to assume that Indian content producers will lead the very next century in global space. We are only getting started, and the times ahead are incredibly exciting for both artists and viewers. All in all, it is believable that the creator economy has a lot of potential and that more monetisation avenues will open up for creators in the future. So, to all the creators, businesses, customers and brand owners who are working and building in this space be in it for the long haul. Ultimately, investing in relationships and communities can never go wrong.

(About Author: Vaibhav Pathak is the co-founder of The Girlfriend Box)