New Delhi : Ever since the social media platforms have reached home, the government also seems ready to promote it. Easy and affordable access to internet and social media has also brought India's creator Economy to new heights.
Today, millions of youth are not only brightening their career through YouTube, Instagram and other digital platforms through Contest Creation, but are also playing an important role for brands and business. In this connection, the central government has announced to launch a $ 1 billion fund to support creator economy.
Union Information and Broadcasting Minister Ashwini Vaishnav announced the fund during the World Audio-Visual and Entertainment Summit i.e. Waves 2025 program. This fund will be operated under the public-private partnership, which will provide financial help to the creators and they will be able to reach their content to the global level.
Also, the establishment of the Indian Institute of Creative Technology i.e. IICT has also been approved at a cost of Rs 391 crore. The institute is scheduled to be set up in Mumbai's Film City, Goregaon on the lines of IIT and IIM. High level training to content creation and digital media will also be provided here.
India's creator Economy has converted into an industry of $ 30 billion and contributes about 2.5 percent to the country's GDP. Influencer marketing is also developing rapidly, the value of which has reached Rs 3,375 crore. According to the EY report, 12 percent of the creators in India are earning from 1 lakh to 10 lakh rupees every month and 86 percent of the creators are expecting growth in their income in the coming 2 years.
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The government has launched a global e-marketplace called Waves Market, which will connect Indian creators to international markets. These platforms will give global opportunities to the content creators of sector such as film, gaming, TV, music, animation and espoports.
