Creators should diversify their income rather than depending on a single platform to build a successful business, according to Nuseir Yassin, CEO - NAS Academy, which offers creator courses.
Diversification is a great business strategy. In that case, you won't have 100 percent of your income coming from a single platform and hence can avoid trouble, Yassin said.
Yassin was speaking on the second day of India Internet Day 2021 organised by TiE Delhi-NCR on September 24 on the topic. The other speakers who spoke on the opportunities for growth in the session include Pooja Dhingra, Founder - Le15India, Amit Varma, Blogger & Podcaster - India Uncut, and Vijay Subramaniam, Group CEO & Founder, Collective Artists Networks.
For instance, apart from content, every creator could teach, sell merchandise, newsletters, own distribution channels such as YouTube, Facebook or TikTok, and involve in speaking engagement through multiple platforms available. “That is the safest and the best way to build the biggest creator business,” Subramaniam added.
Pooja Dhingra, Founder - Le15India, a bakery, and cake shop, said that the company already offers merchandise, cookbooks and is also getting into bakery products and ingredients. There are also plans to expand from Mumbai to other cities.
To facilitate this, there is a need for technology tools. “Just like there is Airbnb for hosts, you need one for social media, where creators can own their data and audience instead of the system,” Yassin said.
Currently, though a creator might have huge followers on platforms such as Facebook, Instagram, or YouTube, he/she does not have control over them. Their data is owned by the system, which was the way it was designed a decade ago. However, according to Yassin, the coming years will be about platforms where creators have control.
Amit Varma, Blogger & Podcaster - India Uncut, said during the session that creators should build their followers and communities through quality content, one that creates value for the audience.
The last few years have seen the creator economy take off as the number of internet users in the country continues to increase. The report by the Internet and Mobile Association of India (IAMAI) and Kantar-ICUBE, a consulting firm, revealed that India will have 900 million active internet users by 2025, up from 622 million in 2020.
For this reason, India is a key focus market for global platforms such as Facebook, Instagram, Snap, and Google, given the sheer size of users in the country, and are looking to attract more creators to their platforms.
Vijay Subramaniam, Group CEO & Founder, Collective Artists Networks, which represents influencers, said during the session on growth opportunities for influencers, that with the proliferation of platforms, the entry barrier for creators is very low. A large number of people now have the ability to earn just by being on the platform and creating content.