Myntra is a fashion brand. Yes, that everyone knows.
But do you know Myntra has launched its own reality show, which is claimed to be India’s first on the digital medium? It is called Myntra Fashion Superstar.
So, now while shopping for clothes, shoes, accessories or makeup you will be able to watch influencers in the fashion space. It is an eight-part reality show aimed at identifying India’s most sought after digital fashion influencer.
Starting from September 17, actor Sonakshi Sinha and celebrity stylist Shaleena Nathani will judge the show.
Contestants will compete in a variety of fashion styling and digital content innovation tasks to showcase their penchant for fashion and all this you can catch on the Myntra app.
Talking to Moneycontrol, Pranay Swarup, Co- Founder and CEO, Chtrbox, influencer marketing solution, said, “Reality shows have done well in India and people are interested to know how do these influencers get exposed to what’s going on in the fashion industry, what kind of lifestyle they have.”
He added that “a lot of reality shows look to bring the social media following of the reality stars. The more popular the reality stars are, the more popular the show is. So, in this case what Zoom and Myntra have done smartly is that they have identified people who have validated that they have a bit of an audience and that they have the potential to become even bigger.”
Zoom studios has created the show in partnership with Myntra.
“Influencers are people who have great positive influence and specialize in a particular category.They are constantly talking about that industry and giving their own personal opinions on that. They are great Instagramers, Youtubers or TikTokers,” he said.
Apaksh Gupta, Founder, One Impression, influencer marketing and branded content solutions company, believes that Myntra’s reality show is a good idea.
“One of the most interesting trends nowadays is social commerce which is videos created around products by influencers which people see and buy and especially for fashion this is one thing many Indian companies are trying to do.”
He gave example of Flipkart that had launched Flipkart Ideas. Using this, digital influencers posted content and users could shop for products shown in the content from within the Ideas tab.
Similarly, Myntra will collaborate with the influencers on the reality show for social commerce.
Explaining how big the influencer marketing space is in India currently, Gupta said that “digital is touted as the fastest growing channel and within that influencers are fastest growing channel.”
So, if digital is growing at a 30 percent CAGR (compound annual growth rate) a year, influencers within digital is probably the fastest growing channel with approximately 60 percent CAGR,” he added.
Bigger budgets
Talking about his campaigns for brands he said that One Impression has worked on around 120 campaigns and he has seen budgets rising three to four times on an average per brand for infleuncer marketing.
“We manage about seven countries for Marico. Their sales went up for Parachute oil just after we launched an influencer campaign,” he said.
The top categories indulging with influencer marketing are beauty, fashion travel technology, food, lifestyle.
But the interesting thing is newer categories like parenting and BFSI (Banking, financial services and Insurance) are taking help of the influencers.
“The newer categories that have started to do well are parenting. It has become a popular category. BFSI is a new emerging category which is untapped and talks about financial institutions, investments, how to save money, a space where there are many questions and there are very few people who can answer it, said Swarup.
Streaming space
Myntra’s Fashion Superstar show is a good move for the influencer community.
But what about the video streaming space where players from different categories are creating content to woo viewers.
Recent example being food delivery app Zomato that has announced the launch of 18 original shows over the course of next three months, starting from September 16.
Explaining this scenario, Shrenik Gandhi, co-founder and CEO, White Rivers Media, said, “It’s a great sign to have more players come up with video IPs and video streaming services, the market is too big to be saturated with and its generally more the merrier in content.”
“The video content industry shall follow a typical bell-shaped graph of success. Right now, it is in the upward trend and hence there is room for all and more. But once it reaches the top curve, the ones who invest in great content shall flourish,” he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.