Gurgaon, India, 27th April 2021: Given the pandemic faced by the world since last year – with pacing boredom, frustration & anxiety caused by lockdown – Creators & Artists across the globe faced financial problems with movies not being made, events not happening across the globe and no other large source of income being there.
But entrepreneurs across the globe such as Patreon, Onlyfan, Cameo, GumRoad, Teachable, Substack& other platforms in the United States found solutions and have empowered creators to become financially independent. Globally there are 50M Creators out of which 2M earn more than 1M USD.
India is the 2nd largest internet economy in the world, with 10M Creators as of now & will have as much as 100M Creators in next few years, but there isn’t any platform in India, where creators & artists can monetize their content & influence. Nojoto launched its democratized fireball of Virtual gifting to enable all the storytellers – even those who have started their journey from the scratch with highest earning Storyteller making 25,000 Rs+ from Nojoto.
Nojoto, with their vision to empower millions of Storytellers to share their story in their language & become financially enabled, Nojoto launched its 2nd Creator monetization method “Virtual Gifts” for 800,000+ Storytellers on the platform. Each content on the platform now has an integrated gifting option that allows creators even with a relatively lower follower base to get monetized from a segment of their loyal fans. The model has two motivations from the creator & consumer side.
For Creators – To get Instant gratification to creators from their fans/supporters.
For Consumer – Fans need recognition & swift acknowledgment from the creator.
In the early beta phase, the Team witnessed incredible user behavior towards real-time gifting to their favorite artists. With the gifting users spending an average time of 69 minutes daily on the platform exchanged virtual gifts worth 51-101 INR on the stories and starting from their launch date, the team saw an incredible user behavior with a massive number of transactions in a short span of time.
“Instant recognition from your fans/followers especially motivates you to create more powerful content for your fan base who are likely to pay you for your creativity. This is essential to mention as in the month of July when Nojoto announced monetization, the backbone of the audience was strong enough to back it up. The love and appreciation were more than enough but when it came with a monetary benefit, it was the cherry on the cake. In the times when salaries were being cut there was Nojoto who was helping the artists to earn through their creations”, shares Bhawna Mishra, a Mumbai-based corporate who started her storytelling journey on Nojoto after leaving her creativity in her earlier engineering days, now marks as one of the Highest Earning Creators with a 10,000+ followers base on the platform.
With the rapid growth of adoption of Live Shows with 40,000 tickets sold/month and now virtual gifting, Nojoto plans to grow 5X in the next 1 year to reach 2M Creators, 10M Content Consumers & scale monetization to $1M annualized revenue by 2022.
“The creator economy that has boomed is just the start, India will have both horizontal & vertical platforms enabling Creators to create at least 10M Entrepreneurs in the next 5 years” says SatyapremUpadhyay, Co-Founder & CEO, Nojoto.