The Centre is set to launch a $1 Bn fund to give a boost to the creator economy, union information and broadcasting minister Ashwini Vaishnaw said.
Addressing a press briefing on the World Audio-Visual and Entertainment Summit (WAVES) 2025, Vaishaw said the fund is envisaged to ensure digital content creators get access to capital to enhance their skills and tap into global market opportunities.
“A $1 billion fund will be created for the creator’s economy which will be basically for making sure that all our energetic creators, using the latest technologies today, will be able to get access to capital and hone their skills, upgrade their production levels and reach out to the global market,” the minister said.
Vaishnaw added that WAVES 2025, set to take place in Mumbai from May 1 to 4, will give creators a platform to produce high-value content.
WAVES 2025 is a first-of-its-kind initiative by the information and broadcasting ministry aimed at enhancing global cooperation in the media & entertainment (M&E) sector.
The announcement comes at a time when India’s creator economy is booming, driven by rising internet penetration and increasing disposable incomes. As per Inc42’s ‘Indian Tech Startup Funding Report 2024’, the number of online (ecommerce) shoppers in the country has grown to over 294 Mn.
With online shopping becoming the new normal, an increasing number of brands in sectors such as beauty and personal care, food and beverage, fashion and jewellery and mobile and electronics are aligning with digital influencers and content creators in a bid to expand their audience base.
As per data from influencer intelligence platform Qoruz, India is home to more than 4 Mn influencers.
Tech giant Meta, in a report in 2023, noted that a majority of surveyed Indian online shoppers discovered beauty brands on social media. Aiming to tap into India’s burgeoning creator economy, ecommerce major Amazon rolled out new creator-focussed initiatives ‘Creator University’ and ‘Creator Connect’ last year.
In an interview last year, YouTube CEO Neal Mohan said that India is the fastest-growing market for video-sharing platforms and is leading in many global trends in terms of the creator economy worldwide.
In December 2024, Prime Minister Narendra Modi also highlighted the importance of the creator economy in making the country a $5 Tn economy. The Indian influencer market, valued at INR 2,344 Cr last year, is projected to become an INR 3,375 Cr opportunity by 2026, as per an EY report.
To give a boost to this sector, the Union cabinet, last year, approved the establishment of a National Centre of Excellence (NCoE) for animation, visual effects, gaming, comics, and extended reality (AVGC-XR).
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