Shabir Momin, MD and CTO of One Digital Entertainment, said, “We started before the term ‘Creator Economy’ was coined. According to Momin, the company has a full life cycle of doing business in the digital space and is now looking to expand into new markets.
He added that the company suffered some setbacks in the first eight months of Covid, however, in the last quarter of 2019-20, they were able to bounce back and get 120% of the previous year’s revenue.
“After that, we kept doubling and tripling our income as we moved forward. Thus, the effects of Kovid on us have been minimal. Although revenue is important, we do not see it as a major matrix for measuring performance. A lot of the time an activity will not give you revenue, but it will give you a lot of leap in busyness, which is then converted into revenue, ”he said.
With challenges in the place of the Creator
According to Momin, when more and more people are becoming content creators, it is important for them to acquire the right skills and talents to make it big in space. “Our (OneDigital) whole idea is to help manufacturers who have the skills and abilities to be their own brand. Once you become a brand, you run the economy around them. Unfortunately, we are labeled as an agency or a media house. We’re actually a mix of them all. No words for an organization like ours, we are a complete 360-degree organization. “
“Because the industry is new, and a lot of new players are entering the game and making it into their full-time careers, they need some support and structure. With Web 3, this is going to be even more exciting. We will see a lot more originality and purity, “he added.
Regarding the recent incident involving Misho – where it was alleged that prominent social media personalities were paid to post negative things about the platform, Momin said that these things could always be governed by the existing laws of the country.
Momin further compares the emergence of the creator ecosystem with the start-up ecosystem. “The human race has always done well when it was less limited. Restrictions come when people abuse their position. Everything like that (Mesho’s case) can be dealt with through the existing legal system. I don’t think you need an additional framework or guidelines. The moment you do that, you can create the biggest barrier, ”he said.
“Everyone supported the start-up ecosystem and we can see the results today. So, if they (the creators) don’t need support, they don’t need limitations either. Today, a creator is either an 18-year-old or a 50-year-old who has left his corporate job to explore new ways. The industry is relatively new, if you go and slap them with rules, it will discourage them. “
He also warned players who engage in such unfair and shady practices. “If manufacturers are discouraged today, it will hurt not only them, but the entire country and ultimately you (brand / platform),” he added.
According to Momin, the digital ecosystem will continue to evolve and to be ready for it, they have long been investing in relevant technologies. “We are working in several countries and looking to support new markets. As we seek to develop more solutions for the manufacturing industry, we are also working on a Web3 project. We will play a significant role in the Web 3.0 ecosystem and have been working on it for the last 3 years, ”said Momin.
He added that brands across all segments are investing in influential marketing space and advising others to catch up with those who are lagging behind.
“Almost all kinds of brands are investing in effective marketing today. Those who do not will miss out on big opportunities in the next 2 years. Influencers are the new currency for marketing. You can’t force 30-second ads on people. The format of digital advertising will also change. Web 3 will play an important role in the years to come with integrated and engaging content, ”said Momin.