National Creators Award

The Union government has introduced the ‘National Creators Award’ to honor and recognize the contributions of new-age influencers and creators in shaping India’s digital creator economy.

About the Award:

• The ‘National Creators Award’ aims to spotlight diverse voices and talents contributing to India’s growth and cultural narrative.
• It acknowledges creators fostering innovation, driving positive social change, and showcasing creativity in the digital sphere.
• Hosted by: MyGov India

Categories Recognized:

• The award encompasses more than 20 categories, including storytelling, social change advocacy, environmental sustainability, education, gaming, and more.
• Categories such as ‘Disruptor of the Year,’ ‘Celebrity Creator of the Year,’ ‘International Creator Award,’ and ‘Tech Creator Award’ have been introduced.

Recognition Criteria:

• Disruptor of the Year: Recognizing creators challenging the status quo and bringing significant change or innovation.
• Celebrity Creator of the Year: Honoring high-profile creators leveraging their status for positive change and impactful online content.
• International Creator Award: Acknowledging creators abroad contributing to India’s culture and soft power.
• Tech Creator Award: For individuals demystifying technology, providing insights, reviews, and recommendations on the latest gadgets and innovations.

Selection Process:

• The selection process involves a nomination phase, screening of nominations, and a combination of public voting and jury reviews.
• Winners will be announced based on a combination of jury and public votes.

Objective:

• The award aims to inspire, recognize, and celebrate the transformative potential of digital media in building a more inclusive, participatory, and empowered society.

What is the creator economy?

• The creator economy is an ecosystem involving creators, audiences, digital platforms, marketers, and agencies, interconnected through the exchange of content, money, or goods and services.
• Creators such as influencers, video-content producers, and writers monetize their content through sponsorships, affiliate marketing, subscription models, merchandise sales, donations, and more.

Indian creator landscape:

• Rapid Expansion: The creator economy is experiencing rapid growth globally, with India’s social media content creator base expected to surpass 100 million in 2024.
• Projected Market Size: Goldman Sachs research predicts the total addressable market to double from $250 billion to $480 billion by 2027.

Reason for the growth:

• Accessibility: Enhanced smartphone access, increased internet usage, and globalized content consumption have improved overall accessibility.
• Acceleration During Pandemic: While content creation began growing in the mid-2000s, the COVID-19 pandemic acted as a catalyst, accelerating the pace of growth.
• Diversified Monetization: Platforms encourage exploration of various monetization avenues beyond brand endorsements, fostering sustainable income streams.

Opportunities:

• Creator Marketplaces: Platforms are emerging to connect influencers and brands, streamlining collaborations and offering diverse monetization avenues.
• Comprehensive Creator Super-App: Platforms offers a holistic platform for commerce, brand collaborations, upskilling, and peer-to-peer networking.

Challenges:

• Monetization Struggles: Many creators face challenges in accessing diverse brands, negotiating fair compensation, and managing collaboration logistics.
• Payment Delays: Payment issues, with brands defaulting on terms, and negotiations for months are common hurdles.
• Proliferation of “Fake” Influencers: Over half of all social media influencers in India have over 60% inactive, non-credible, or fake followers.
• Brand Risk: Brands face significant risks to their reputation due to influencer fraud.

Ref: Source