India's influencers to drive over Rs 84.5 lakh crore in consumer spend by 2030: BCG report

The creator ecosystem is not constrained to metropolitan centres and Gen Z users, but is also reaching other age groups and varied city tiers, as per the report

A report by Boston Consulting Group (BCG) noted that in the next few years, India's creator economy on consumer spending will witness a boost.

The report titled From Content to Commerce: Mapping India’s Creator Economy, mentioned the figure is expected to be $1 trillion (Rs 84.5 lakh crore) by the year 2030.

Currently on an yearly basis, India's creators influence over $350 billion (Rs 29.6 lakh crore) in consumer spending.

There are 5 million content creators in India, as per a report, and their content influences over $400 billion (Rs 33.8 lakh crore) of consumer spending, which make it 20 per cent of $2,000 billion of the overall consumer spending in India.

However, the BCG report stated that only 8 to 10 per cent of them monetise their content. A large group of audience use social media for fun, where 70 per cent of them use it for entertainment, for information purpose, to develop new skills or for gaining technical knowledge, Mint, which accessed the BCG report, noted.

By 2030 the creator ecosystem's direct revenue is estimated to touch $100-$125 billion.

The creator ecosystem is not constrained to metropolitan centres and Gen Z users, but is also reaching other age groups and varied city tiers, as per the BCG report quoted by PIB.

The phenomenon reaching across cities and influencing varied age groups, will "unlock new avenues of influence and engagement," managing director and partner at BCG, Vipin Gupta told the publication.

Manohar Singh Charan, co-founder of Moj and ShareChat said that they have 75 per cent of users and 80 per cent of creators from varied city tiers, thus empowering regional creativity.

"We have also pioneered new monetisation models such as microtransactions, which drive the majority of creator earnings on our platforms today," he told the publication.

Moj and ShareChat are social media platforms developed in India which allow users to create and share content.

Following the growth in India's creative economy, brands are also investing in influencer marketing, while focusing on "faster content production", "creative freedom", and "diversified consumer targeting", as per the BCG report.

Additionally, monetisation models like "virtual gifting, live commerce, subscriptions", are gaining traction, Vipin Gupta added.