Mumbai: Cosmofeed, a platform which helps creators and micro-entrepreneurs monetize their offerings and services, said that it has processed earnings worth over Rs 100 crore for more than 5,000 creators in FY 2023.
Founded by Vivek Yadav and Vishnu Pathak in September 2021, Cosmofeed is an online platform that helps creators/micro-entrepreneurs/solo preneurs build communities, host events, and better monetize their offerings.
In the financial year 2023, Cosmofeed empowered many such creators to earn for the first time on the Internet. Almost 30 per cent of the creator base made their first earnings using the platform.
“We’re excited to have contributed to the growth of these creators and their businesses. Today, India’s creator economy is booming, with more than eight crore creators and professionals. And yet less than 0.2 per cent of them can effectively monetize their content. Our platform is tailored to help these professionals create and improve their avenues for earning,” said Yadav.
Cosmofeed offers various options to Indian content creators to monetize their content. Some of the popular content monetization tools include earning via subscriptions from communities, live sessions done via events, and building and selling a repository of their content via Courses.
Over 5,000 creators used these tools to clock in a consolidated earning of Rs 100 crore in FY23. The median earning of these creators was around Rs 20,000. Of these creators, 40 per cent were from tier 2 and 3 cities.
The average age of the creators was around 25. Many of the creators were in their early 20s, which hints at the potential of first-time creators and a new asset class being built.
Many of these creators on the platform hailed from over 120 unique cities. The platform also saw a significant spike in regional creators launching their services.
Yadav commented, “While established and macro influencers have decent opportunities to monetize their content, nano and micro-influencers lack the awareness and tools. One of the major concerns was enabling individuals or businesses to sell their products or services online without needing a dedicated website or payment gateways.”
Cosmofeed helped creators bridge this gap on their platform. Another concern was streamlining the organizing and managing of offline and online events. Cosmofeed’s Events feature enabled users to create and promote events seamlessly.
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