Indian Startup Knackit is Disrupting Creators Economy
Record-breaking over $1B in venture capital has already been invested into Creator Economy startups since Oct 2020, with the market size at present estimated to be around $104.2 billion. These figures reveal that the Creator Economy is no longer seen as a fringe phenomenon but rather a growing force. Entrepreneurs are seeing this as ‘the next big thing’ and are already finding ways to leverage the market for profit.
Creator Economy is the class of businesses that are built by millions of independent content creators, community builders, and bloggers. The rise of this economy feels like a new renaissance. Creativity has never become this profitable ever before.
From content creators, fashion bloggers to live-streaming gamers … what not! Even companies rely nowadays on such content creators for content. And a big yes! Creativity has never become this profitable ever before.
Existing Platform typically charges nearly a Software-As-A-Service fee plus a take rate on each campaign. While the platforms may have built-in analytics and reporting capabilities, the downside is that brands typically won’t get access to the largest influencers as those usually only work with agencies.
Platforms like Patreon, Only fans, etc do provide subscription services for creators to monetize but they charge a significant fee from these creators. To provide easy discovery of creators and help creators and influencers monetize content from Day 1 Indian Startup Knackit has handled this problem differently.
This Indian startup has solved problems that the creator economy has been facing for years. Knackit just an 18 months old startup has already seen more than a million users using the platform and monetizing content.
Knackit is India’s First Subscription Service Platform for Creators and Influencers. People from various social platforms are coming on Knackit to monetize the content they have been sharing for free until now.
Currently, Knackit has more than 200k Creators onboard and over 1.2 Million users actively using the platform.
The platform enables creators to share recorded sessions, videos, hold live classes, teach, and make exciting content material across painting, singing, photography, and dance, amongst other categories.
With Creators as Businesses Knackit provides various ways for creators to directly benefit from fans.
Subscription-Based Funding
With subscription packs as low as Rs 10 per month allows users to subscribe to their creators and get access to exclusive content. This allows creators to have consistent and recurring income on monthly basis.
Tipping concept
Rather than establishing a recurring contribution to the creator, users can additionally make one-time donations, which is much lower friction for fans to get involved. Knackit lets creators arrive at their greatest audience by not needing upfront payment, while still offering a way for fans to voluntarily sustain the creator financially. Several larger social networks additionally offer ways to tip creators, mainly during live streams, in swapping for shout-outs from their celebrated streamers or special badges and included visibility to other fans. This “economy of recognition” can let creators focus on fabrication niche content material constructed to get their greatest fans to pay, and is helpful for platforms as they can win a cut while attracting creators without much work.
Knackit has emerged as a leading Subscription Service platform for Creators in Indian Market in recent times. The company raised a seed round of over USD 150K in June 2021, led by Jyoti Bansal.
Commenting on the tremendous growth, Founder & CEO Pranjal, said: “The current offerings of the platform are just the genesis of this startup, and eventually, we would like to supply a range of services as a go-to platform for all the artists and assist them in taking steps towards spinning their passion into the profession.”
Knackit is becoming a go-to platform for Content Creators mainly from Instagram and Youtube looking to earn from their recorded or live streaming content. Some of the top-notch creators are earning Rs 1.2 Lakhs per month on regular basis.
Knackit is backed by well-known people in the Industry. Jyoti Bansal (Serial Entrepreneur, Founder & CEO of Unusual Ventures, Harness and AppDynamics). Jyoti lead the Seed Investment in Knackit. Naresh Agarwal India Head of Traceable ai, VP of Inmobie is part of Advisory board at Knackit.
