Nikhil Kamath
There are undoubtedly moments that have a lasting impact on every generation. And these are the examples that give it shape and a definition by which it can be remembered for generations to come. The 70’s had Woodstock, Beatlemania and the moon landing as turning points. My generation saw the internet, social media, and the birth of celebrity culture.
Unlimited access and high-volume exposure to the private lives of celebrities who invaded society to shape the culture of the time. And it didn’t take long for the market to realize that celebrity culture is intrinsically linked to consumer interests, where celebrities turn their fame into products for brands. But as they say, all things (good or bad) must come to an end!
The birth of an alternative
Conscious consumption is the be-all and end-all these days. The global pandemic acted as a huge catalyst for the invisible walls between fame and reality to finally become tangible, as celebrities thrived and lived lives of luxury while it was the general population that took the brunt of the hardships caused by the pandemic. As a result, consumers today are entering a period of democratic media consumption where they choose what to hear and who to trust. Gone are the days when a company could sell a product just because an A-list star was the one promoting it. People today are more likely to buy products or be influenced by people who have the being factor as. Under these circumstances, the influencer marketing industry grew by 40 percent in 2021 and is estimated to increase its revenue from Rs 900 crore to Rs 1,200-1,300 crore in 2022!
case study
More and more brands are waking up to the fact that they are now targeting an audience that is more interested in an authentic cause than just being vehicles for pointless promotions. The famous Pepsi ad starring Kendall Jenner was pulled after a public outcry over claims that she had co-opted imagery from protest movements was withdrawn. On the other hand, movements like the ALS Ice Bucket Challenge, the Black Lives Matter protest and the #LoveWins campaign have made an impact and raised awareness because they were guided by real cause, championed by the right people. In the case of ALS, the campaign raised $115 million for ALS organizations worldwide!
But while content creators are looking for brands everywhere, there’s a gap created by monetization tools. Creators are now looking for an infrastructure to sustainably live off their content and creativity. Social media influencers, who helped industries attract users over the past year, are now feeling the heat of the market downturn as funding dries up. As the global economic scenario rebalances and startups focus on revenue and costs, corporate marketing budgets are being cut across the board. As a result, creators’ earnings have dropped significantly.
Broaden the view
The lack of a solid infrastructure to protect creators in an economy where digital content is becoming a currency works against them. While many platforms are transitioning to creator-led models, it’s important to remember that the end goal for most platforms is to grow their user base, rather than incentivize the small but impactful communities created by creators became. This reinforces the need for an overarching structure to protect authors. A strong starting point can be:
- Implementation regulations: Just as TV advertising has been regulated by relevant bodies around the world, regulations for content creators will help us pave the way for the responsible content creation we need to build consumer trust in brands. A by-product of this will be brand loyalty, increased sales and increased market share for brands. This can be our next step in instilling a culture of accountability and responsibility with creators who can also protect their communities through expansion.
- Diversifying Channels of Creation: When Miguel de Cervantes said, “Don’t put your eggs in a basket,” little did he know it would add to conversations about influencers trying to protect themselves. Building a presence on different platforms and trying different types of content can help creators find new niches and audiences across platforms. And just like I mentioned above, staying platform agnostic is imperative if we are to create communities consistent with our content.
faithful art nouveau Art forms thriving at the dawn of each new period, only if we strive to preserve what is being created today can we expect to see the true potential of the current landscape in the years to come.
(The author is Co Founder of True Beacon. Views expressed are personal.)
The Advertising Standards Council of India (ASCI) estimates the social media influencer industry at US$150 million (approx. Rs.1,200 billion).
