iWorld
GUEST ARTICLE: The role of crypto in facilitating the content creator economy
Mumbai: With technology opening myriad opportunities across sectors, it has ushered in an era of growth for the creator economy. Content creators today have a new means of monetising content, which is empowering them to become the sole owners of what they produce and engage directly with the audiences. Blockchain is revolutionising how content creators can make money from their creativity and hard work online. In the past, they relied on brands by engaging, promoting or representing them. Despite having millions of followers or influence on social media, they have to depend on brands to make money from their content.
With the growth in digital spheres such as streaming platforms and even the metaverse, for instance, they are now able to explore new avenues to showcase their work, establishing a link with audiences and earning directly. At present, the total creator economy market size is over $100 billion, and it also states that 46 per cent of creators generating content for over four years are earning more than $20,000 annually.
Undoubtedly, the creator economy empowers content creators by giving them ownership. They now do not have to think much about the ever-changing online algorithms, worry about how much brands will value them, and can depend on their actual supporters, fans, or audiences for income. They can decide where and when to work and how to engage with audiences directly to make money. Thus, cryptos are democratising the ecosystem by unlocking many options to make, share, and sell content across platforms.
How is blockchain boosting the creator economy?
The rise of creators, consumers, and engagement on social media have made these online platforms leverage emerging and new-age technologies to offer realistic, advanced, and real experiences to their users. It is vital to make sure that creators get paid for their hard work without relying on anyone else as the ecosystem grows. With the advent of technology like blockchain, decentralisation is happening, and as users are gaining ownership of what they create online, it is making the ecosystem more equitable for them by linking consumers and producers through a direct exchange.
Blockchain, which is the basis of non-fungible tokens (NFTs) and cryptocurrencies, has made it possible to track or record transactions or exchanges in real-time. Content creators today are using NFTs to digitally trade their assets and collect royalties. Once issued, the NFTs assign a monetary value to these digital assets. Also, a token is tied to the content that makes it the original piece. The owners then sell or auction off these NFTs with cryptocurrencies, which can be later converted into real money.
How does it bring additional benefits for creators?
The most significant advantage of blockchain technology for content creators is that it empowers them by allowing them to earn directly from their audiences without the use of intermediaries. They get full control, complete rights, and visibility of their earnings. The content creators, thus, by engaging, are able to earn, which greatly boosts the creator economy. Moreover, the benefit of crypto is that it stores the value of financial incentives with the distributed ledger to decentralise each financial transaction with the help of blockchain. The networks don’t hold or store a centralised source of original information, which makes it safe from hacking or exploitation.
Taking a step ahead, the creators can use creator tokens to create and offer unique resources and provide unique experiences to their followers for community building. For example, they can offer member passes to grant greater access to fans and create new income pathways. Also, such tokens let fans get closer to creators by paying extra. The creators will subsequently be able to expand their income source by possibly investing their earnings in crypto assets. Today, there are leading platforms such as Taki, Chingari Clubhouse, and others that are providing opportunities for content creators to earn money. This sector is gaining huge traction, and as technology, demand, and awareness develop further, it can definitely provide an alternative source of income and possibly higher returns to content creators.
The way forward
It is indeed welcoming to see that the Indian government hasn’t banned but regulated the crypto ecosystem, leaving scope for learning and understanding to bridge the trust deficit and address the hesitations. As per reports, the creator economy in India has grown to Rs 1,300 crore in the last couple of years as many small, medium, and even global brands are actively opting for social media creators and influencers to promote their products, which shows that the future is bright. The country, which is on its way to emerging as a resilient digital economy, has to formulate its policies to adopt the innovations and trends to not miss this bus at this juncture. India is witnessing a rise in its internet and social media population, and a conducive ecosystem for the development of blockchain, NFTs, cryptos, and web 3.0 can empower the content creators by making them sole owners of their content and selling it directly to their loyal fan base.
The author of this article is Taki co-founder Sakina Arsiwala.
iWorld
Anirudh Ravichander and Universal Music India join forces to take South India’s sound to the world
The composer behind 13 billion streams launches Albuquerque Records with UMI as its exclusive global partner
MUMBAI: Universal Music India has struck an exclusive partnership with Albuquerque Records, the freshly minted independent label of singer-composer Anirudh Ravichander, in a deal that bets big on South India’s booming pop and hip-hop scene going global.
The arrangement, announced on 17 March, will see Universal Music India handle future pop and hip-hop releases by Anirudh himself, as well as artists signed to the new label. A first release is already in the pipeline for April, featuring Anirudh.
The numbers behind the man are hard to ignore. Debuting in 2012 with the viral sensation “Why This Kolaveri Di”, Anirudh has since clocked over 13 billion audio streams across more than 770 tracks, cementing his position as the No.1 South Indian artist on Spotify by total streams. His fingerprints are all over some of the Tamil film industry’s biggest musical moments, from Hukum and Vaathi Coming to Arabic Kuthu and the A23 Theme.
But Albuquerque Records is a different beast. Built for the non-film space, it is designed to nurture independent talent and champion the next wave of Indian pop voices. “Universal Music India’s leadership in pop and hip-hop made them the natural partner,” said Anirudh. “I’m excited to take independent voices to audiences around the world.”
Universal Music India’s chairman and CEO Devraj Sanyal was equally effusive. “Anirudh represents the future of Indian music, bold, original, and with enormous potential,” he said. “Identifying transformative talent is our superpower, and this partnership reflects that belief.”
Sanujeet Bhujabal, managing director of Universal Music India, framed the deal as more than a distribution play. “Albuquerque Records represents Anirudh’s bold artistic vision in the world of pop and hip-hop,” he said. “True to his legacy of innovation, this partnership is set to establish yet another landmark creative space, this time for the emerging world of iPop and beyond.”
For Universal Music India, the deal deepens a long-running push into South India’s four key language markets: Tamil, Malayalam, Kannada and Telugu. The label already has regional imprints, film partnerships with Maddock Films and Excel Entertainment, and a growing non-film roster. Landing Anirudh, arguably the south’s most bankable music brand, is a statement of intent. South Indian music has the streams. Now it is coming for the world.
