Cast away: Surviving the high seas of the creator economy – ETBrandEquity

Representative Image (iStock)Nikhil Kamath

There are, without a doubt, moments that leave an indelible mark on every generation. And these are the instances that give it shape and a definition for the coming generation to remember it by. The 70s had Woodstock, Beatlemania, and the moon landing as watershed movements. My generation has the internet, social media, and the birth of celebrity culture.

Unlimited access and high-volume exposure to celebrities' personal lives filtered down into society to shape the culture of the time. And it wasnt long before the market picked up on the fact that celebrity culture is inherently tied to consumer interests where celebrities transform their fame to become products for brands. But its as they say, all things (good or bad), must come to an end!

The name of the game today is conscious consumption. The global pandemic acted as a huge catalyst for the invisible walls between stardom and real to finally become tangible, as celebrities thrived and lived a life of luxury while it was the general populace that faced the brunt of the hardships brought on by the pandemic. As a result, consumers today are entering a phase of democratic media consumption where they choose what they listen to and who they trust. Gone are the days when a company could sell a product just because an A-list star is the one to promote it. People today are more likely to buy products or be influenced by people who have the factor of being like them. It is in these circumstances that the influencer marketing industry grew 40 per cent in 2021 and is estimated to increase its revenue from Rs 900 crore to Rs 1,200-1,300 crore in 2022!

Case in point

More and more brands are becoming cognizant of the fact that they are now marketing to a public that is more interested in an authentic cause rather than just being vehicles for mindless promotions. The famous Pepsi ad starring Kendall Jenner was withdrawn after a public outcry on the claims that it co-opted the imagery of protest movements. On the other hand, movements like the ALS Ice Bucket Challenge, Black Lives Matter protest and the #LoveWins campaign created impact and raised awareness because they were led by a genuine cause, championed by the right people. In the case of ALS, the campaign was able to raise $115 million for ALS organizations worldwide!

(The author is co-founder of True Beacon. Views expressed are personal.)

The Advertising Standards Council of India (ASCI) pegs the social media influencer industry at USD 150 million (approx Rs 1,200 crore).

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Cast away: Surviving the high seas of the creator economy - ETBrandEquity