Cashfree Payment Gateway : Content Creators - A Big Trend for the Future

India has a rich tradition of storytelling. For centuries, stories have been passed down from generation to generation like a family legacy, and the popularity of the Internet and the advent of Web 2.0 has meant that these stories have found an outlet to the rest of the country and the world. This boom has spawned a new subgroup of society - the group of people who like to be known as content creators, who are brave enough to express themselves.

The rise of platforms such as Instagram, YouTube, Spotify and Facebook has facilitated these individuals and organisations to express their views in the marketing arena in the form of video, voice or text.

Despite its late start, the Indian market has grown tremendously in the last few years. The creator economy is growing exponentially and is expected to see more breakthroughs and become an integral part of every marketing strategy.

This article discusses how content creators are driving the economy and payments ecosystem in India.

The Impact of the Rise of the Indian Creator Economy

Today, it's almost impossible for companies to develop marketing strategies for upcoming products and services without considering the impact of social media channels and the creator economy.

In the midst of intense competition and product homogenisation, brands are banking on the creator economy to bring about differentiation. If statistics and forecasts are to be believed, influencer marketing is expected to grow at a CAGR of 25% over the next three years to reach Rs. 220 billion by 2025. In terms of global numbers, the creator market is estimated to be worth over $104.2 billion and continues to grow.

Individuals like Ajey Nagar, Akshat Srivatsava, Rachna Ranade and Tanmay Bhat have become household names and brands. The growth of the creator economy has been accelerated even more by the epidemic, with many people quitting their full-time jobs to try and become full-time creators.

This situation has caught the attention of marketers who are trying to capitalise on the popularity of creators. For example, Bollywood stars can now be seen appearing in YouTube videos or Instagram updates of famous content creators to promote their upcoming films, something that was considered unthinkable a few years ago.

Growth in the Indian market

The creator economy is not only seeing an influx of talented content creators joining it every day, but the Indian market they serve is itself undergoing a major transformation.

Currently, more than 500 million users use the Internet in China. This number is expected to double in the next few years, providing more opportunities for content creators to explore and grow.

A Linktree report reveals that there are currently around 4.2 billion social media users globally. With population growth and digitisation, these numbers are expected to skyrocket in the coming years, opening up unprecedented opportunities for Indian content creators.

Diversity is inherent in Indian culture and its marketing space is no different. Whether it is in short or long form or in text form, there is enough audience for it. the success of apps like TikTok, Moj, YouTube etc. is a testimony to this.

How will the rise of the creator economy affect the payments scene?

Generation Z is the vanguard of change, and the payments space is no exception. Creators often work with a multitude of marketers. In this case, marketers must make changes to drive flexibility in payment methods.

This will help them remove unnecessary barriers, geographic or otherwise, and ensure that they can find the right creators for specific jobs. In the current scenario, cross-border transfers are costly and this may not be a long-term solution.

As the world increasingly becomes a global village, a revolution is on the horizon. The changing marketing landscape will bring better solutions such as payment gateways and wallets to ensure that the movement of money is no longer an issue.

summaries

The rise of the content economy has been phenomenal over the past few years and is expected to grow several times more in the coming years, contributing significantly to India's economic growth. Considering the significant growth of content creators and their importance in the Indian market, it's time for brands and marketers to act and improve their payment systems.

At PayU India, we focus on streamlining your payment process by providing multiple solutions that integrate well with your existing ecosystem.

Click here to learn more about PayU India and how you can benefit from working with us.