SUMMARY
The rising creator economy and the post-pandemic era have given a tremendous boost to the upskilling market
Currently, India has the cheapest data prices in the world, and thanks to it India is all set to boom the creator market
Influencer marketing in India already crossed $3Bn & $15Bn across the globe. This is supposed to cross $50Bn in the next 5 years
This era is of content creators. Today, globally, content creators are the most popular and influential people. Everyone wants to be a content creator of some kind. The internet revolution has changed the way of earning money completely. Today there are lots of jobs that did not even exist a couple of years back. Because the way of earning money has changed as a result of that learning a new skill to earn money has also changed.
Today people are not dependent upon government or private educational institutes to learn new skills to keep up with the market. Thanks to new creators’ tech platforms users can learn new skills or enhance their skills with a very nominal amount of money.
Kunal Shah the founder of CRED has also stated that “This is the time to upskill your knowledge. Today upskilling is available at almost no cost. Nobody is going to solve your job or skilling issues for you. Nobody but you are the players of the game and you have to play the game and have to be ready for what is happening and what is going to happen.”
That’s why here we will talk about how creative tech platforms are creating a new spin to upskilling.
In the last decade, we have seen many platforms which were for non-creators or technical upskilling. All of these platforms were basically focusing on existing education or existing opportunities. But that doesn’t solve the earning problem. Recently we have seen many startups but most of them were focusing on non-creator jobs, learning tech, products, etc.
But this decade is all set for creators and a new way of earning money. The rising creator economy and COVID have given a tremendous boost to this market. The new creators market doesn’t care about your educational qualification or where you live. In this market, anyone can learn new things at any place and earn from any place using the Internet. This market doesn’t know any boundaries or barriers. The opportunities for content creators are endless.
Currently, India has the cheapest data prices in the world, and thanks to it India is all set to boom the creator market. In the next 5 to 10 years new 200 Mn to 500 Mn content creators are going to join this wave in India.
The upskilling market is currently divided into two parts one is hobby learning and the second one is outcome-based learning. The hobby-based learning is filled with many big players like the FrontRow, BitClass, etc. In these hobby-based learning platforms, users can learn new skills from fellow content creators in 2 to 4 hours.
On the other hand, the outcome-based learning market possesses very few big players. Recently Whistling Woods has launched their virtual academy. Apart from that National School of Drama and unlu have also launched their long-term courses which guarantee you to give output for your music video, or your 1st feature film, and many more.
Even though this market hasn’t seen any big innovation yet, the opportunities are endless in this domain. You can do anything from created learning, creating content, managing collaboration, providing monetization opportunities to fellow creators, or managing their finances. West has seen many innovations in this area and India is about to follow the same path by introducing new products in this domain in the coming months.
In today’s time learning new skills or upskilling your existing skills is in your hands. There are lots of platforms that provide these services and you can pick the best one according to your needs easily which can enhance your career. Do remember that the rise of a new creator creates opportunities for at least 4 to 5 people. Learning or enhancing your skills may not be the most interesting part but the rewards are extremely good. With the help from platforms like unlu, you can keep up with the new age Internet race or what we like to call is Web 3.0.
Growth Of Creator Tech Platforms (Comparison Pre Vs Post Pandemic)
Many of Creator Tech Platform actually came into existence during the pandemic times. Funding went up by 6x in 2020/21 in comparison with 2018/19. It’s clear as people spent more time at home; time spent on Entertainment is up by over 50% in 2020 compared to 2019.
Influencer marketing in India already crossed $3Bn & $15Bn across the globe. This is supposed to cross $50Bn in the next 5 years.
Growth in creator economy
- From $15B to $50B market size growth expected in next 5 years
- From 50M to 500M creators in next 5 years
- Over 50% of teens want to become creators, giving traditional job opportunities a miss
- Need for creator upskilling to increase by 10x in next 5 years
- Creator monetization market has a $35B untapped potential in the next 5 years
- Meta and NFT adding fuel to the already hot creator economy
Changes that are visible in the creator economy (Web 3.0, upskilling, etc)
With 50Mn people joining this wave & another 500Mn supposed to join in the next 5 years, the bigger question remains in the quality & distribution of content. At the same time, there is a big need for platforms that allows this creator to work together and manage all other non-creative tasks (like finances (UseStir is another company doing so), etc).
NFTs & DAOs are taking up the centre stage with platforms such as Royal.io or Stonercats or Lootproject, allowing creators to monetize their talent through selling these arts/characters combined with IP.
