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Context:

The Minister of Information and Broadcasting has announced to invest $1 billion for the "creators' economy".

About Creators' Economy

It is a digital ecosystem, where individuals, including influencers, content creators and artists, use online platforms to build a personal brand, connect with the public and generate income from their creations through various monetization methods.

Key Characteristics:

• Creators build direct relationships with their audience.
• Creators make money in different ways; such as through advertising, sponsorships, selling products/services, subscriptions, donations, and marketing.
• Social media platforms, and online marketplaces serve as the foundation for the creator economy.
• Creators produce diverse content, including videos, blog posts, podcasts, social media posts, and more.
• The creator economy is a fast-moving and fast-expanding industry, with new monetization methods and platforms emerging.

Forces Behind India's Focus

India has more than 800 million internet users, making it one of the largest digital markets in the world. The use of smartphones and low-cost data plans has greatly boosted consumption of online content.

The creators' economy presents huge prospects for entrepreneurship and self-employment. The market was worth about $976 million in 2023 and is expected to grow to $3.9 billion by 2030.

Indian creators are making a global presence, becoming an effective medium to project India's diversity and cultural heritage to the world.

Sudden breakthroughs in AI, AR/VR, and blockchain open up new monetization avenues.

There is a strong growth in consumption of content in local languages, which widens the digital economy beyond the constraints of traditional language.

Source:

THE HINDU

https://t.me/+hJqMV1O0se03Njk9