Solving for the Creator Economy with the emergence of new marketplaces

By Rohit Taneja, Founder and CEO, Decentro

The Global Creator Economy today stands at an impressive $104.2 Bn with India playing its part with 80mn creators and knowledge professionals. Anyone who is active on social media has probably noticed the growing influx of influencers and the growing monetisation of content. Today, these creator earnings are largely driven through brand deals and campaigns. The revenue models for the content creator economy can be unpredictable in nature, and several new business models are now emerging for creators to dive into.

However, the creator economy category is still away from its true potential- both from revenue and planning aspects. Creators today are not being fully compensated for their efforts. As an example, the average YouTuber with one million subscribers only earns US$60k in annual advertising revenue.

Brand and Category Introduction

Qorner is one of India’s first apps built for new age createpreneurs, who are juggling between managing their finances and creating mind blowing content. The app helps track earnings from multiple sources. It helps get a collated and simplified summary of earnings from multiple sources such as Facebook, Youtube, Instagram & Brand Collaborations at one place. It also allows creators to create and share invoices quickly, plan and set reminders for payments, and instantly generate reports. 

“At qorner, we recognise the particular frustrations of managing finances and revenue across multiple platforms. Apart from putting the best of content out there, creators also need to understand the importance and unique needs of finances, money management, taxes and problems that they may face while wearing multiple hats of a CEO, a CFO, or a CXO of their creator business.”- Mukul Khurana, Co-Founder, qorner.

Summary

Qorner creates virtual bank accounts on the go for simplified collections & reconciliation for the creators, helping them reduce collection costs by 5x. Leveraging Decentro, one of India’s leading API infrastructure platforms for 10X faster banking integrations, companies like qorner can help creators share their virtual account details with brands and agencies using the app to accept payments seamlessly.

Problem Statement Objective 

Earnings for a creator also comes with its share of uncertainties and definitely derails all planning. Managing revenues across multiple platforms is a challenge for most creators in terms of financial handling, taxation implications and much more. Especially since the creator here may be earning as a proprietor or a sole operator in terms of revenue, hence the line between professional and personal assets tends to get blurred. It’s time to properly educate, and compensate creators and to help make it a more transparent, fairer economy for all of them.

Brief 

Decentro’s modular API banking stack with 40+ seamless APIs also helps creators and similar audiences such as freelancers and accountants to reconcile transactions on a real-time basis. Individuals can disburse and reconcile payouts to their partners or team members automatically using the payment APIs, maintain their own ledger, and streamline the bookkeeping process without any hassle.

“In this new era of fintech 3.0, Platforms are becoming community-led where both creators and their audience members have the opportunity to have greater insights based on their contributions. The creator economy is no longer just about providing value to the platforms, it’s about new forms of direct creator-community relationships. With marketplaces allowing creators to monetize digital assets through videos, chats, and more, it's time for creators to manage their finances and collaborations in an end-to-end digital manner as well.” - Rohit Taneja, Founder, Decentro.

Creative Idea 

Creators also often face payment delays, reconciliation issues due to collaboration with multiple agencies & brands. On the other hand brands and agencies struggle with influencer payments, invoicing, and reconciliation themselves. Using Decentro, qorner enables brands and influencer agencies to manage their influencer payments operations seamlessly using virtual accounts, KYC, bulk instant payouts. Decentro’s KYC and Onboarding APIs allows qorner to instantly verify the identity and onboard the creators in just a few seconds on their platform in a fully digital time frame.