Content Creators on adapting & innovating strategies for social platforms

The final panel at Social Samosa’s #SMLive delved into "The State of the Creator Economy in 2024," offering a comprehensive look at the challenges and opportunities faced by today's digital creators. The session was moderated by Mrinil Mathur Rajwani, Founder and Editor of Social Ketchup and Managing Partner, Social Samosa Network and featured the following panellists who shared their experiences and insights.

• Mayur Jumani, Music Composer & Content Creator

• Prableen Kaur Bhomrah, Beauty, Fashion & Lifestyle Creator

• Riya Jain, Fashion & Lifestyle Creator

The state of the creator economy

In the past few years, Indian creators have become influential as they are always aiming to produce engaging content, connect with audiences, and stay relevant in the evolving landscape. The Indian Creator Economy market was valued at US$ 976.0 million in 2023 and is anticipated to reach a value of US$ 3,926.2 million by 2030 at a CAGR of 22% during the forecast period 2023 and 2030. 

Riya Jain emphasised the democratising power of social media in showcasing diverse talents. She said, “Thanks to Instagram, today, we can see more and more talented creators around the globe.”

Is the creator economy recession-free? 

While the market is moving on an upward trend, the moderator Rajwani posed the question of whether the industry could potentially experience a downward trend. 

Prableen Kaur Bhomrah offered an optimistic view on the potential economic downturn, asserting that creators could turn challenges into opportunities. As a creator, she believed that putting out content, along with the brand deals wouldn’t lead to a recession. 

“If there is a recession, creators will make 10X money out of it by solely making content about 'recession' and earn more money out of it.” 

On the other hand, Mayur Jumani was more cautious, emphasising the need for constant evolution and relevance. “In terms of the ad space and brand building, creators as brands is not recession-proof at all. We need to keep evolving and staying relevant,” he said. 

Riya Jain echoed this sentiment, warning that no industry is immune to economic fluctuations.

Content strategies for different platforms

According to the Kofluence Influencer Marketing Report 2024 report, India's creator economy is thriving, with 2.5-3.5 million creators predominantly engaging on platforms such as Instagram and YouTube.

Prableen Kaur Bhomrah discussed the necessity of platform-specific content strategies. “What I cater to the audience on YouTube is different from what I cater to on Instagram. Users on YouTube want relatable and candid content while users on Instagram want aesthetics,” she explained.

This distinction shows the importance of understanding and adapting to the unique demands of each platform.

Mayur Jumani highlighted the significance of long-form content in building a loyal fan base. “People are engrossed on YouTube. Short-form and long-form content go hand in hand. Long format helps you turn content consumers into fans and ultimately that's what matters.” 

According to him, this approach is crucial for creators aiming to convert casual viewers into dedicated followers.

Riya Jain emphasised the importance of audience analysis in maintaining engagement. “To stay ahead of the curve I study my audience and what they love and not, it's the first factor in engaging with them,” she shared.

Keeping up with evolving trends

In the ever-evolving content landscape and the clutter that comes with it, audiences tend to scroll through the available content and move on if it doesn’t interest them within seconds. In this scenario, it's important for creators to evolve their content strategies and meet consumer demand. 

Prableen Kaur Bhomrah stressed the need for consistency and trend awareness. She mentioned that sometimes content becomes monotonous and it’s time for a change. 

“If your content is doing well, you need to make sure to be consistent with it. It makes a lot of difference. Keep up with the trends,” she noted. 

Mayur Jumani added that innovation is key to retaining audience interest. “It's also about letting the audience know that you are reinventing and upgrading yourself.” This continuous reinvention ensures that creators stay relevant and appealing to their audience.

Simplification of platform features

While creators are making content on platforms like Instagram and YouTube, moderator Rajwani asked them about the features they would like to be simplified for easier creation. 

To this, Riya Jain suggested an enhancement for Instagram - better segregation of talent. She feels the platform is currently cluttered, making it hard for users to find specific types of content. “If somebody loves dance, there should be a tab for dance. If somebody loves makeup, there should be a tab for makeup. There should be a dedicated space for each type of content, making it easier for users to find what they love."

She believed this change would not only enhance user experience but also help creators reach their target audience more effectively. 

Prableen Kaur Bhomrah echoed the need for better organisation on Instagram. She finds the current platform overwhelming with its numerous features, which can be confusing for users.

“Initially, we were focused on hashtags, but now there are so many things to manage. Our feeds and explore sections are all over the place." Bhomrah suggested bringing back the guides option.

"The guides option was such a good feature. I used it to make separate guides for different content pieces. It was so helpful, and suddenly it was just gone." She found this feature particularly useful for categorising different types of content, such as makeup tutorials and haul videos.

Additionally, she also advocated for longer video options and better product linking features in reels. 

"We need the option to make longer videos on Instagram. The current limit of 1 minute and 30 seconds is restrictive. Also, having the ability to link products directly in reels would be incredibly helpful," she continued.

The panel provided a thorough exploration of the creator economy in 2024, highlighting the importance of adaptability, platform-specific strategies, audience engagement, and innovation.