Here's how social media influencers are protecting their finances:
As an IT professional who ventured into content creation, Gowri has been quite systematic with his financial planning and saves 10 per cent of his income every month in traditional methods such as fixed deposits in banks and insurances, 20 per cent in gold the moment he sees a price drop, 40 per cent in the share market and 20 per cent to repaying his loans.
In general, an average monthly viewership of 5 million views can fetch you close to 4-5 lakh in brand deals and platform monetization. Although, other factors like the creator's brand positioning, content USP, genre selection, and subscriber engagement also play a significant role in deciding the monthly income of a creator. Among social media apps that are popular in India, TikTok was climbing the charts at an alarming speed.
Viraj Sheth, the co-founder and CEO of digital media company Monk Entertainment is confident India is a massive playing field, and it is only going to get bigger. He strongly feels influencers should start investing early on in their careers, especially the ones starting off young. He knows of many peers who left their jobs when they got fame on TikTok, but now they are all jobless, and many of them are regretting taking this step. He urges budding influencers to plan their finances by investing elsewhere and never depend on social media for their bread and butter.
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