Mumbai: Founded in October 2021 by Swapnil Saurav and Ananya Singhal, Rigi champions the cause of online creators across scales and spheres. With an impressive portfolio assisting over 20,000 creators across various categories, Rigi is poised at the intersection of passion and profession. With a plethora of offerings enabling creators to monetize content & manage communities, Rigi emerges as a fervent supporter of creators. The startup is backed by notable investors like Accel India, PeakXV, Stellaris Venture Partners, Elevation Capital, and former Indian captain MS Dhoni, amongst others.
Ananya Singhal is a dynamic entrepreneur and business leader with a strong background in the consumer internet space. As the Co-Founder and Chief Operating Officer (COO) at Rigi, Ananya has played a pivotal role in shaping the company's growth and success. With a deep passion for the startup and creator economy space, Ananya has demonstrated exceptional leadership skills, strategic vision, and a relentless drive to push boundaries. As the COO of Rigi, Ananya has been instrumental in driving the company's operations, growth, and strategic partnerships. With a deep understanding of the evolving digital landscape, Ananya envisions a future where creators and startups can thrive, leverage their skills, and create meaningful impact. With a passion for the startup and creator economy, he is dedicated to empowering creators, entrepreneurs, and startups to succeed in the digital age.
Indiantelevision.com caught up with Singhal and talked about the journey, evolution, challenges etc that Rigi has overcomed over the years…
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On the journey and evolution of Rigi been? What was the reason behind setting up Rigi
Rigi is an innovative online platform that has revolutionized the way content creators and influencers pursue their passions as careers. Founded in 2021 by Swapnil Saurav and Ananya Singhal, Rigi has quickly become a go-to hub for individuals interested in various facets of the digital world, including content creation, vlogging, social media influencing, online streaming, and competitive gaming.
Since its inception, Rigi has experienced remarkable growth, boasting a user base of over 200,000 individuals who have recognized the platform's value in advancing their online careers. The platform has been associated with 15000 creators creating a vibrant and supportive community where creators can collaborate and learn from one another.
Rigi's vision is clear: to cater to the diverse needs of both established and aspiring online creators. Whether you're looking to refine your content, build your audience, or explore new avenues in the digital world, Rigi provides the tools, resources, and community support to help you achieve your goals. It's a platform that embodies the spirit of innovation and collaboration in the ever-evolving landscape of online content creation.
On the size of the Indian creator economy currently
1. Size of the Indian Creator Economy: The creator economy in India was experiencing significant growth. At that time, it was estimated to be in the early stages of development but showed tremendous potential. The exact size of the Indian creator economy in terms of its overall valuation may have been challenging to pinpoint due to its dynamic and evolving nature. However, various reports and estimates suggested that the creator economy was on an upward trajectory.
The size of the global creator economy is over $100 billion, with two million plus creators considering themselves to be professional creators. In fact, recent reports suggest that India is set to have the largest base of social media content creators globally with the figure crossing 100 million this year. The industry is growing at a compounded annual growth rate of more than 32 percent and is estimated to reach a value of over $24 billion by 2028.
2. Monetization Challenges: Despite the substantial number of creators, only a relatively small percentage, approximately 0.2 percent (1.5 lakh out of around eight crore creators), were effectively able to monetize their services. This indicated a gap between the number of creators and those who could generate substantial income from their content.
3. Future Projections: It was estimated that the Indian creator economy had the potential to grow significantly in the coming years. Projections suggested that it could reach a value of over $24 billion by 2028. This growth was expected to be driven by factors such as increasing internet penetration, the popularity of social media platforms, and the diverse range of content created by Indian creators.
The emergence of influencers gaining increasing popularity among today's audience, coupled with the lack of a strong system to guarantee their financial well-being, led to the creation of the Rigi SaaS platform.
On the market gap you wish to fill with Rigi
At RIGI, we tackle these challenges by offering creators an all-encompassing platform tailored to their community's needs. Our goal is to boost their confidence and empower them not only to excel as content creators but also as entrepreneurs, allowing them to take charge of their careers as "creatorpreneurs." To support this mission, we provide a range of unique monetization tools, such as the ability to host paid online courses, webinars, and Telegram channels, enabling creators to earn a livelihood while pursuing their passions.
Within our user-friendly suite of products, each creator has the flexibility to customize the services they want to provide to their community. Additionally, our white-labeled app and community solution create a dedicated space for creators to effectively build and monetize their communities. Our pioneering approach aims to create a strong foundation that empowers creators to cultivate a highly loyal and devoted following, with the creators themselves becoming the embodiment of their brand. This approach has become a cornerstone of India's Creator Economy journey thanks to our efforts at RIGI.
Also, what sets Rigi apart is its careful design tailored to creators, taking into account their valuable input and resolving their unique issues. Our platform is unmatched in its commitment to fostering a thriving community and fostering meaningful interactions.
On Rigi being able to build a sustainable and scalable business while enabling creators to monetize their content
Rigi has successfully established a sustainable brand with significant growth, securing two rounds of funding in the past two years. At RIGI, our primary goal is to nurture a vibrant community of creators. Our marketing strategy is all-encompassing and revolves around genuineness. To start, we've enlisted Mr. MS Dhoni, one of India's most trusted figures, as our brand ambassador. His credibility significantly boosts our reach. Simultaneously, we've been advocating for creator education through extensive social media campaigns. This not only fosters trust with potential users but also positions RIGI as a leading authority in the field.
The heart of our creator community lies in its interconnected nature. Acknowledging this, we've harnessed customer referrals; the endorsement of a successful creator is unparalleled in terms of authenticity and influence. Furthermore, our advertising campaigns, featuring well-known individuals like Tanmay Bhat and Kusha Kapila, resonate with our target audience, offering them relatable success stories.
Furthermore, we plan to expand collaboration with creators and diversify the range of creators they work with. In the last six months of 2022, the number of creators we have partnered with has doubled, and their revenue has tripled.
Our scaling strategy comprises two main components. Firstly, commitment towards innovation, continuously expanding our product offerings to enhance usability and cater to the evolving needs of the creator community.
1. SuperApp- A customizable product designed to empower creators in India by enabling them to efficiently construct, engage with, and monetize their communities.
2. GapUp- Being praised for its potential to revolutionize how investors make sensitive investment decisions in India's financial advisory sector. It aims to close the divide and enable retail investors to easily engage with SEBI-registered advisors.
Simultaneously, we are intensifying our efforts to engage with more creators for their existing suite of tools, ensuring that these creators benefit from the thriving ecosystem they are nurturing. At Rigi, we aim to be the central pillar of creator success, shaped by the very creators they support.
On the challenges that are faced with regard to content creators monetizing their content
Monetizing content as a content creator presents several challenges. Firstly, building a substantial and engaged audience can be time-consuming and competitive. Standing out amidst the vast online content landscape requires consistent, high-quality output and effective promotion. Secondly, various platforms have different monetization models, which can be complex to navigate. For instance, ad revenue on platforms like YouTube and Facebook depends on factors like watch time and viewer demographics. Thirdly, content creators often face issues related to intellectual property and copyright. They must ensure their content doesn't violate copyright laws while protecting their own work from infringement.
Moreover, income can be inconsistent, and financial stability can be a challenge. Fluctuations in ad revenue, changes in algorithms, and unforeseen events like demonetization can impact a creator's income significantly. Engaging with the audience and adapting to their preferences and feedback is crucial for long-term success. Lastly, staying updated on copyright laws and using licensed content appropriately is essential to avoid legal issues.
On the idea behind launching the campaign with Dhoni
Rigi as a platform, is introducing innovative advancements to the Indian audience while empowering creators to enhance their income potential. As for the campaign, our approach was unconventional. We didn't simply have Dhoni promote the app to customers. Instead, we targeted a unique audience - creators who are passionate about producing unconventional and creative content. We strategically launched the ads during the ongoing Indian Premier League (IPL) season because it attracts a diverse range of content creators, including fantasy cricket experts. Leveraging these influencers will help us organically increase our metrics, enabling us to reach a wider audience of creators since they tend to follow each other.
To highlight the growth numbers since the campaign's launch:
1. We have witnessed a substantial increase in creator requests, with 4000 creators added post the Dhoni campaign.
2. We have successfully tapped into various genres, including Finance, Fantasy Sports, and Education.
3. Sharing more details in terms of shares, likes, views:
Youtube: Likes-1,17,700 , Views-4.8 Million
Twitter: Likes- 30,000 Views-9,35,000 Reposts-2,385
Instagram: Shares-14,056, Likes-1,82,364, Views-39,22,459
The primary reasons to subscribe to Rigi include:
Streamlined processes that significantly boost creators' earnings.
Our commitment to addressing creators' issues promptly and efficiently through a proactive and responsive team.
On the new launch of Rigi – SuperApp
In its ongoing mission to empower content creators and enhance their income potential, Rigi is introducing a groundbreaking initiative that will introduce cutting-edge innovations to the Indian market. Our revolutionary innovation is the Super App, a customizable product designed to empower creators in India by enabling them to efficiently construct, engage with, and monetize their communities. This versatile app combines various functions into a single platform, encompassing features such as feeds, forums, course, and workshop bookings, as well as offering tools for tailored notifications, community management, and engagement through leaderboards.
Through the integration of these capabilities, we are pioneering advancements in the creator sector, enabling creators to enhance their income potential while nurturing their communities. The Super App harnesses technology to pave the way for a sustainable and profitable creator economy. It underscores our dedication to supporting the Indian creator ecosystem, enabling creators to earn and engage more effectively.
On the trends and innovations that are expected to disrupt the Indian creator economy this year
The future of content is moving towards a regional and individual creator-driven model, as internet consumption continues to grow across India. The rise of the creator economy is causing significant changes across various industries, making it a crucial factor for business success. Creators are no longer just pursuing their passions but are actively working to turn content creation into a lucrative career in today's tech-savvy era. They monetize their expertise by crafting engaging and meaningful content. These creators possess the ability to influence trends and stay updated with the latest skills, technology, and tools, giving them a competitive edge. As a result, the future of the retail industry is evolving dynamically and is heavily influenced by the creator economy, adapting to changing social and economic factors.
1 The Return of Part-Time Creators: We've witnessed a resurgence of part-time creators who are contributing significantly to the content ecosystem. These individuals, often balancing creative pursuits with full-time jobs, are diversifying the content landscape with unique perspectives and authentic storytelling. Their ability to connect with niche audiences and produce relatable content is reshaping the creator economy.
2 Content That Inspires and Engages: Today's audiences are increasingly discerning, seeking content that not only entertains but also inspires and engages. Creators who infuse their work with authenticity, purpose, and meaningful narratives are enjoying increased success. Storytelling that resonates on a personal level and addresses relevant societal issues is becoming the hallmark of impactful content.
3 Servicing Creators with Sustainable Revenue Streams: Platforms and services have recognized the importance of supporting content creators with sustainable revenue models. Subscription-based content, brand partnerships, merchandise sales, and fan funding are just a few of the ways creators are diversifying their income streams. This trend is empowering creators to focus on their craft and build long-term careers.
4 Short-Form Video Content: Short-form video content continues to dominate the digital landscape. The rise of platforms like TikTok and Instagram Reels has made it easier for creators to capture attention in short bursts. Creativity within constraints is thriving, and the ability to convey compelling stories or messages in seconds is an invaluable skill for modern content creators.
5 Generative AI: Generative AI is revolutionizing content creation. Creators are increasingly using AI-powered tools to assist with tasks like video editing, content ideation, and even generating music and art. These technologies are enhancing efficiency and pushing the boundaries of what's creatively possible, allowing creators to focus more on the creative aspects of their work.
On the vision and way forward for Rigi
Our overarching objective for the upcoming year is to harness the latest advancements in technology and innovation to further enhance and broaden our presence in the thriving content creator economy. As we look ahead, our primary milestone is to extend our support to more than 50,000 content creators spanning various niches, empowering them to unlock their full monetization potential.
To successfully accomplish this ambitious goal, our strategy revolves around optimizing our Super App, making it even more adaptable to the ever-evolving landscape of content creation. We recognize that the content creator community is diverse and dynamic, with creators continually exploring new formats and platforms. Therefore, our approach will involve tailoring our Super App to cater to emerging trends while addressing the unique needs of our expanding user base.
It's important to note that we are well-positioned to execute this vision, as our current capitalization provides us with a stable financial foundation for the next 3-4 years. With this financial security, our undivided focus remains on building and innovating.
In essence, our commitment to the content creator economy and our dedication to the success of creators worldwide will drive our efforts in the coming year. We are excited about the opportunities ahead and are confident in our ability to make a significant impact on the content creation landscape. We look forward to sharing our progress with you as we embark on this exciting journey.
