Celebrity Engagement Platforms: A New Source of Revenue

Authored by Akshay Saini, Co-Founder, Tring

We live in an increasingly public and connected world that is thriving online. Social media has made celebrities accessible like never before. Today, while it may not be extremely easy, it is still possible to engage with celebrities and public figures. The social media phenomenon has also presented celebrities an additional commercial avenue. Celebrities, influencers, entrepreneurs and brands, can use their influence and reach, to earn additional revenue, all from the comfort of their homes or even, on the go. This gives their fans a glimpse of their lives which till some time back was only limited to glossy, lifestyle magazines.  This new economic phenomenon is known as the “Engagement Economy”.

Social media can be quite limiting in terms of how celebrities can interact with their fans. They can only respond to a small number of messages that they receive from their fans. And given the way that the algorithms on most social networking platforms work, there is no guarantee that fans will receive every post from the celebrities they follow. Identifying this desire of fans to connect with their idols as well as to address the issue of celebrities engaging with their fans in a more direct manner, celebrity engagement platforms were born.

Platforms like Tring, currently India’s largest celebrity engagement platform – the first of its kind in India, gained popularitymid-2020. This also coincided with the pandemic, global lockdown and quarantine procedures, leaving many industries unable to operate and generate revenues as usual. Celebrities too, were no exception to this - with many stuck at home and regular work not being an option, their earnings were affected too. Content creation was a popular switch for most celebrities. While offline brand promotions took a beating, promotions on social media continued, however, the organic profits earned through social media are limited. What we see with celebrity engagement platforms is that income received goes directly to the celebrities. A few of the celebrities on tring have earned millions through personal and brand promotions with over hundreds of brands interacting with the tring platform monthly. Celebrities also get to decide the number of interactions as well as the price, giving them more control.

Celebrity engagement platforms are helping forge two-way communication models with their fans, that are more personal, interactive and treasured. Brands can have deeper connections with their consumers. The same goes for viewers who engage with their favourite celebrities online. The audience is more likely to feel a sense of instant gratification, excitement and connection. Fans and even a few brands who adopted this medium early, have adapted to this as the new age gifting option in the digital age. If you look at tring, it does thousands of transactions monthly with over 5000 of their celebrities.Fans and brands alike can avail of their wide service offering in terms of personalised video shout-outs, Direct Messages on Insta and video call interactions from their favourite celebrities. Theplatform is also being used to promote social causes and those in the interest of public safety.

When one compares it with social media, it’s still largely a broadcast platform, and from a revenue standpoint for celebrities, there is a wide chasm that separates the well-established celebrities and the rest. On the other hand, with celebrity engagement platforms, fans and celebrities have discovered the joys and benefits of engaging directly with each other. With brands climbing on to this bandwagon, they will have to learn to win over their audiences with shared values, excellent engagement and innovation, making it more personalised and tailored to fit each viewer and consumer. It’s only a matter of time that celebrity engagement platforms will evolve further to add more services and opportunities, to generate additional revenue streams and help celebrities truly monetize their fame and bring fans and brands closer to their celebrities of choice.