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Tag: social media

  • Tiki plans to reach 100K budding creators via their programme ‘GrowWithTiki’

    Tiki plans to reach 100K budding creators via their programme ‘GrowWithTiki’

    Mumbai: Short-form video-making community Tiki aims to create a new record of 100 thousand budding creators through their new programme – ‘GrowWithTiki’. With an aim to promote India’s talented content creators based across regions, the brand wants to cultivate an environment of ‘authentic entertainment, peer-to-peer support and community.’ Tiki will provide complete support to the budding creators by allocating additional traffic of upto one crore and appreciating the authentic content on its app.

    With this programme, Tiki is set to encourage creators to join the community and help them monetise their talent. In addition to this, Tiki will also provide creators with avenues to make content creation a viable career choice and create a sustainable revenue stream for themselves. For this campaign, the planned spending is to the tune of at least $3,000 per day for promotions and marketing of the assets.

    Tiki CEO and co-founder Ian Goh said, “Our creators are the face of Tiki, and it has been our constant endeavour to encourage them and celebrate their differentiated talent. Within a short span of time, Tiki has become a preferred platform for millions, already. We are committed to offering more creative and innovative opportunities to attract emerging talents across the country.”

    With the ‘GrowWithTiki’ programme, we are supporting locally made, original high-quality content that honours Indian values and cultures that is entertaining, inspiring and educational at the same time. Further to continue strengthening the creator economy, we as a brand are providing a platform and creating unique opportunities for budding creators who can start their journey through Tiki’s creator system from White V, to Grey V, and finally to Blue V, ” he added.

    Jaipur-based content creator Aditya Singh said, “Tiki has provided me with a platform where I can create original content. I love acting, and I have also acted in many web series as a junior artist. I started working on my social media, but I didn’t get the recognition I wanted. I recently started using Tiki, and people have started recognising me now. I have now become a full-time influencer, and it is also helping me in fulfilling my dream of becoming an actor.”

    Also, Chandigarh- based content creator Siya Sharma added, “Tiki has contributed a lot to my growth. In a really short period, millions of people have started to recognise me. I started creating videos on Tiki, and it gave me the satisfaction of fulfilling my dream. Tiki helped me polish my acting skills and create a huge fanbase. I feel I have come a long way, and people have started responding to my videos in a positive way.”

    In line with the brand’s vision, the platform’s focus is to help India’s talented content creators covering genres like drama, dance, self-improvement to make a living with what they love. Until today, Tiki has successfully onboarded thousands of verified creators who produce great content for audiences. The programme will evaluate the creators on their performance transparently and fairly. The top creators will be credited money based on the stars they gain from audiences. Users can send stars to their favourite creators or content that can be earned via short videos, profile pages, and live broadcasting.

  • GUEST COLUMN: How Micro-Influencers become creators for brands

    GUEST COLUMN: How Micro-Influencers become creators for brands

    Mumbai: Until recently, the concept of brand endorsements and the way brands reach their target audience has recreated the social media landscape. A newer concept of influencer marketing has emerged in the era of the creator economy. Considering the explosion of social media and creator tools in the market, the creator economy has grown from $1.7 billion in 2016 to $6.5 billion in 2019 further crossing $9.7 billion in 2020.

    Given the accelerated transformation of the advertising economy to the creator economy, it has become necessary for brands to develop relationships with influential personalities and promote their products and ideas. Creator economy is centered on creators becoming influencers, someone with 10,000 to 1 million followers or micro-influencers with 500 to 10,000 followers. Brands partner with influencers on a smaller scale to generate authenticity in brand promotion instead of focusing on sponsored ads or paying hefty to branded influencers for their stardom.

    Influencers vs Micro-influencers

    Influencer marketing is at its peak. It has gone beyond the brands partnering with people with thousands and millions of followers and promoting their product to their audience. Having said that customers are more likely to purchase from a brand they can connect with. That’s where influencer marketing comes into the picture as an effective tool for word-of-mouth marketing and increasing social media authenticity. Hence, brands pay macro influencers to create and publish content based on their products or sponsor their events, as large-scale outreach programs.

    Micro-influencers, on the contrary, have fewer followers and are extremely valuable for brands looking to increase their awareness within a particular niche. With the surge in the popularity of micro-influencers, younger generations are coming forward with their charismatic appeal and niche expertise, leading the brands to capitalize on the youth marketing techniques. For instance, go-to Gen Z fashion brand – Urbanic created a 150+ community of best-dressed campus students aka creators, who created some fabulous content and engaged in a variety of brand collaborations, drove meet & greets to drive brand sales, digital visibility and grow community size.

    Collaborating with the right influencers

    Influencers are appreciated for their real content. They are considered to be more authentic and community oriented than a brand or a celebrity promoting a product. Known for being more engaging with the TG, the influencers typically get more time to connect with their follower base. This helps in creating a loyal audience for the brand. Instead of having followers with varied interests, demographics or geographics, these influencers tend to be more specialized and niche specific.

    In the fast-paced creator economy, influencer marketing offers several benefits to brands. As social media algorithms continue to change, brands struggle to reach their audience in broader terms. According to the facts – influencers with more than 5,000 followers are usually responsible for 70 per cent of all reach in the influencer landscape. Hence, a smaller follower base of micro-influencers can actually create engagement for the brand by making the content appear right in front of the eyes of the target audience. Furthermore, it becomes more cost-effective to collaborate with micro-influencers as brands can share free product samples or coupons with micro-influencers.

    Strong community building

    Social media connects people on a global level. However, a community is built with like-minded people who have common ideas and thoughts to share. Though micro-influencers do not have instant name recognition, their narrower reach and specific content build a strong community of followers for brand endorsements. Even with a smaller reach, micro-influencers have higher credibility than some high-profile endorsements. This helps brands to create connections with the targeted audience with local interests that can have a huge impact on the brand’s marketing front.

    Brands experiencing growth

    Onboarding the right influencers and empowering them to create real content is always followed by long-term relationships that further depend on the success metrics of the campaign. However, brands still find it challenging to evaluate the results of a micro-influencer marketing campaign. Differentiating between real influencers and people who buy inorganic followers that can offer no guarantee of engagement or success remains the biggest concern of the brands. Those looking to experience growth and engagement need to explore different marketing perspectives and tools such as followers, profiles, quality of comments, profile visits and even previous experience of influencers as brand endorsers to evaluate results. They can prove to be important numbers to quantify success metrics and can work as great ROI predictors for brands as well as micro-influencers.

    The author is Sociowash co-founder Pranav Agarwal

  • How do the new TDS rules impact influencer marketing in the country?

    How do the new TDS rules impact influencer marketing in the country?

    Mumbai: If you are a social media influencer, then, come July, you will have to take a tax cut on the gifts or freebies received from brands for the sales promotions of their products. The Central Board of Direct Taxes (CBDT) recently announced that gifts, samples and other promotional stuff that is given to a social media influencer will be treated as an “income” for the influencer and will attract TDS (or tax deducted at source). As per the new income tax rules, a 10 per cent TDS will be mandatory on “benefits received in cash or kind in a business or profession.” The new TDS Rules will come into effect from 1 July.

    In recent years, influencer marketing has been growing by leaps and bounds. What was a $1.7 billion industry in 2016 has since grown to become a $9.7 billion industry in 2020. In 2021, it grew to $13.8 billion and this year, the market is projected to expand to a whopping $16.4 billion industry.

    IndianTelevisionDotCom spoke to various stakeholders from the industry to find out how the new tax rules will impact the burgeoning influencer marketing industry in the country.

    While a lot of intricacies in terms of the legalities involved and how exactly it will function need to be figured out, some industry players quantified that the guidelines issued by the CBDT for social media influencers is a step in the right direction that will have a positive impact in the long run. Several believe that it will lead to a more regularised industry in the long run, but that its implementation, perhaps, requires more thought.

    According to Langoor co-founder & CEO Venugopal Ganganna, the new guidelines are an effort at bringing a greater degree of reliability and accountability to the products being promoted since the influencers will now be forced to collaborate only with those products and services they believe in.
    “Today, an influencer’s fee depends wholly on the size of their audience and following. The influencer economy is also largely driven by the promotion of free products. Taxing this freebie forces both the brand and the influencer to be more intentional about their partnership making it a win-win-win not just for the both of them, but also for the end customer,” stated Ganganna.

    TheSmallBigIdea associate director – new business Kruthika Ravindran believes the new guidelines come with its own pros & cons. “There definitely is going to be an inflation in the rates since influencers would look at paid deals with brands where they can recover their money, as compared to barter deals”. However, she adds, this will also lead to the influencers being more credible & accountable for the brands they represent and the products they endorse.

    Pointing out the challenges related to the guidelines’ implementation, Alpha Zegus founder & director Rohit Agarwal said, “The guideline requires people who are benefiting from sales promotions to ‘report’ the same in their tax returns and pay 10 per cent TDS. Problem 1 – How do you ensure that everyone reports every freebie that they have received? .

    He further added, “Many social media influencers are young, and receive products from various brands quite regularly. Some of them don’t even fall under the taxable age, while some don’t have the funds to pay TDS out of their pockets (since the product does not have a liquid monetary value).

    A lot of electronic gadgets (and similar products) have a certain MRP, but are actually sold at a much lower value than the MRP, he said. “Is the influencer expected to pay 10 per cent TDS on the MRP, or on the in-store value? All in all, the move is understandable but comes with a lot of challenges in terms of opportunities and execution.”

    On the new CBDT guidelines for social media influencers, Mirum India joint CEO Hareesh Tibrewala marked that TDS is not a new concept and when payments are made to another person, TDS is deducted and the recipient of the payment can claim a TDS credit while filing his return of income.

    Tibrewala was more scathing in his criticism of the move, however, calling it a “bit of a retrograde measure” listing out three reasons for the same: The revenue that the govt generates will be extremely minimal. Secondly, it is going to increase paperwork for the brand and the influencers. And, lastly, he feels the gifts given to an influencer are not really an income for the influencer.

    “A social influencer is able to promote a product (say a new shampoo launch) or a service (promoting a hotel) only if he is able to ‘experience’ the product or service,” he said. “Hence the product or promotional material that is given to a social influencer is not in lieu of his professional fees for doing the promotion (unlike in the case of saying the medical fraternity where the doctors are given gifts and gratification as a part of compensation for their services).”

    In the realm of influencer marketing, free goodies sent to the influencers indeed generate substantial PR for the brand. But they’re also a little one-sided, with the influencers having less to no say on whether they would be interested in receiving the freebies.

    The new rule, says SoCheers director – digital marketing Rajni Daswani, will allow for a more respectful and understanding relationship to be fostered between the brands and the influencers. “It will now require a two-way conversation when it comes to sending free packages, where both the parties can agree from the very beginning. This will also lead to setting more clear expectations between the two,” she mentioned.

    According to Tonic Worldwide director strategy Ankita Chauhan, as social media and related businesses continue to grow, the changes in the regulations and policies are going to be inevitable. Just like the past regulations of declaration of sponsored content, this too will become a part of the working process between the parties, she believes.

    Last year in June, the Advertising Standards Council of India (ASCI) issued guidelines making it mandatory for influencers to label all kinds of promotional content they post, in order to create a distinction between user-generated content and promotional advertisements. 

    According to Scrollin’ Media co-founder Samridhi Goel, the government sees as much potential in this industry to grow as much as it sees in crypto and hence they are taking steps to generate more revenue from such streams. However, she added, it should phase out in a more structured way so that it does not impact the earnings and businesses of either of the parties involved.

    Socxo CMO Ajit Narayan said that Influencer marketing is an abused channel, where influencers, be it celebrities, macro or micro-influencers are all in the game of leverage. So, if they are a business by itself, should they be exempt from taxes, he asks. “On one side is the monetary remuneration. Which is directly proportional to their fees which already is within the ambit of TDS. And why not, this is income and should be treated so.”

    However, this blanket tax on products is ‘taking it too far’. “It would have been a more thought-through approach if there were limits on freebies,” adding that the most affected will be micro and nano influencers for whom this business might be a side hobby or a corporate program. Not a good move for this segment, he concluded.

    IPLIX Media founding member & head- talent management & client servicing Arpan Soni is in agreement with Narayan, noting, “The new TDS rule will undoubtedly have an impact on the revenue of nano and micro-influencers as most of their associations are barter. However, it will not impact macro influencers to such an extent as they majorly undertake paid collaborations only.”

    The best strategy for aspiring and budding creators will be to charge a nominal fee for the amount they’ll have to pay later on, Soni adds. “While we’ll definitely have to wait and watch to see the real impact it will have, at this juncture, creators, brands, and even agencies are waiting for more clarity.”

    On the other hand, influencer marketing startup ClanConnect co-founder and COO Kunal Kishore Sinha believes that there will be minimal impact on micro and nano influencers, who will continue to work on barter and paid collaborations on a scale that isn’t taxable.

    He stated, “The only big difference, then, will be that brands that currently offer such freebies will minimise making payments in kind and prefer cash transactions. Simply put, this is a positive move and will only lead to the growth and evolution of the influencer marketing ecosystem with no major change in influencer activities and opportunities.”

    He also agrees that the government recognising the influencer marketing space as a mainstream business worthy of regulation is a positive development for the entire industry.

    Gaming talent management agency 8bit Creatives founder and CEO Animesh Agarwal too believes it to be a logical step. “Given that influencers receive the products, in exchange for providing the promotional service, it is income for them, and liable to tax, as per the fundamental principles of income tax. This move is also one of the first few official recognitions of the creator economy by the tax department, which is important for any industry to grow.”

    “The 20K threshold is a welcome exception because it spares smaller creators and numerous modest home brands the hassle. Additionally, this TDS is not applicable in the case of returnable products, which is also logical. All in all, I feel the move is an indication of how bullish the government is on the creator economy, and how far we have come,” he further says.

    Several of the influencers themselves while being sceptical about the impact of the move believe the new guidelines will definitely lead to a drop in barter deals being undertaken, making it slightly difficult for new influencers to enter the market.

    Social media influencer Cherry Mardia shared, “A lot of influencers are lured by corporate freebies like vacations & gadgets. Since there will be a tax on this, both parties now- the brand & the influencer being taxed, both will be equally involved & mindful while promoting it vs an influencer being a passive consumer of a free gift.”

    Content creator, podcaster, entrepreneur, and author Varun Duggirala added that while the idea comes from the right place, the system needs to be thought through. “For any regulation to work the system or process needs to be in line with how these transactions happen in reality, and therein lies the concern with this announcement. The creator space is still largely chaotic and this can very easily add to the chaos rather than help in systematising it.”

    According to another influencer, The Bajis, “Collaborations like this foster the relationship between the creator and the brand and thus, help both of them grow parallelly. Therefore, eradicating them from the picture completely might become an obstacle to the growth of small and medium businesses along with creators.”

    Aaliya Ilyasi, another influencer with a sizeable following, states that the problem arises because the creator now has to pay tax on a good/ service that they are not getting paid for in the first place! “Small-scale influencers and even small businesses start with barter collaborations to build a portfolio and it helps them get recognised by other creators and brands which then leads to more monetary gigs for these influencers and low-cost high return sales for the brands.”

    On the bright side, several of them feel that this also recognises ‘being an influencer’ as ‘an actual job’, and dignifies the hours that they put into content creation as work, which will essentially translate into growth and progress for the industry.

  • Blink Digital onboards Kalvi, introduces new tagline ‘Get Engineered Differently’

    Blink Digital onboards Kalvi, introduces new tagline ‘Get Engineered Differently’

    Mumbai: The globally acclaimed digital agency, Blink Digital, has united with Kalvi to flawlessly encapsulate what sets it apart and ties back seamlessly to the target audience and helps them curate a quirky tagline. The brand also partnered with Rithvik Dhanjani.

    The newly introduced tagline for the seed-funded educational startup was carried out through videos, banners and further amplification on social media platforms like Youtube, Facebook, Twitter and Instagram. They have also helped Kalvi to curate their tagline, after delving into deep research. 

    The partnership aims to weave the brand’s market positioning via ‘get engineered differently at Kalvi’ that can define the brand in its market segment. Blink Digital conceptualised and executed the campaign to assist them to create awareness amongst aspiring engineering students. 

    The tagline details Kalvi’s pioneering liberal engineering program that reimagines what a B.Tech degree can be, a first-of-its-kind, that guarantees students not just one-on-one mentorship with industry experts, but also placements with paid internships in top MNCs from the second year of the course itself. The venture is backed by industry experts & CTOs of top tech companies and delivers its promise through their proprietary platform called “quadrangle”. 

    A new start in brand positioning for Blink Digital, the agency created the positioning statements, taglines along with various banners and video assets highlighting the pioneering RTBs, using Rithvik Dhanjani for his credibility in the engineering category.

    Talking about the association, Blink Digital co-founder and COO Rikki Agarwal said, “We are delighted to be associated with Kalvi Institute for this campaign and look forward to continuing working with them on exciting problem-solving scenarios to spread the word about their mission to transform engineering education. The Blink team wanted to create a simple yet effective medium that was eye-grabbing yet informative. The team made sure it was in line with client briefs and reached the right audiences.”

    “We are happy to partner with Blink Digital and leverage its unique approach to meet our objective. They are assisting us across the full stack of marketing – starting from research & creatives to develop our position and tagline right through to media planning and execution to effectively reach & convert our target audiences. We are delighted with the service they have provided and the impact that it has had through this whole process.” added Kalvi head of growth Deepak Venugopal.

  • ZEE Sarthak unveils new campaign to boost brand identity

    ZEE Sarthak unveils new campaign to boost brand identity

    Mumbai: The leading Odia entertainment channel, ZEE Sarthak, has unveiled a new campaign that pays ode to the women of Odisha. The new brand identity of the channel aims to celebrate the uniqueness of Odias and celebrate ZEEL’s long-standing association with its audiences.

    As part of the campaign, ZEE Sarthak has further announced a signature step challenge on the channel anthem. The high-octane campaign has been launched on the ZEE Sarthak channel and will be promoted through a 360-degree approach across mediums – OOH, print as well as its social media channels including YouTube, Instagram and Facebook.

    Inspired by the cultural ethos of the region, the all-new campaign is built with popular characters from the channel who reflect the very being of the Odia woman and salute her magnificent grace and resolute inner strength. Music directed by Indradip Dasgupta and the first-ever Odia song is sung by the prominent playback singer Aakriti Kakar. The channel aims to further strengthen its connection with the audience through a distinct range of shows, relatable storytelling and refreshed brand identity which offers an enhanced viewer experience.

    Over the years, Zee Sarthak has cemented its dominance with its popular and leading shows in the market – Jhili, Bijayanai, Sunajhia along with engaging non-fiction IP formats like Didi No.1, SRGMP and many more. As the leading channel in Odisha, ZEE Sarthak strongly follows a consumer-centric approach to creating and curating a strong mix of fiction and non-fiction shows that have been consistently gaining widespread popularity among viewers. The all-new campaign celebrates the Odia women’s spirit and resilience, which is reflected in the channel’s content philosophy.

    Talking about the channel’s new campaign, ZEE Sarthak chief channel officer Pratik Seal said, “We aspire to keep Odisha’s preferred choice of entertainment with our viewer-first approach. The success garnered by our recent shows such as Jhili and Didi No.1, has played a critical role in reinforcing our promise of offering extraordinary entertainment. Going ahead, we have interesting properties lined up for our audiences, which include the new seasons of the much-loved and widely popular Sa Re Ga Ma Pa, Dance Odisha Dance and more new stories. We will also continue to broadcast the much-anticipated Jagannath Puri Rath Yatra. Taking the channel’s entertainment quotient a notch higher, the brand-new identity is another major leap that will enhance our viewing experience and further strengthen our connect with the audiences.”

    Commenting on the announcement, ZEEL East chief cluster officer Samrat Ghosh, “At ZEE, we have always kept the viewers at the nucleus, while leveraging aspects such as design thinking to formulate an intriguing yet entertaining mix of shows as part of our content slate. ZEE Sarthak is the number one Odia GEC channel & one of the most successful regional GEC channels in India. Our brand and content have always highlighted progressive & culturally-rooted thoughts complimenting deeply ingrained values of middle-class Odias. The spirit of this culturally rooted progressive thought has been always displayed through our extraordinary stories and empowered women characters that mirror the culture and simplicity of Odia women (the ‘Lakshmi’ of Odia households), is a key factor behind this popularity. In line with the channel’s content philosophy of ensuring consumer centricity and offering ‘Truly Odia’ (Khanti Odia) content to the audience in the region, Zee Sarthak is proud to announce its new campaign which captures the true spirit & voice of middle-class Odia women. In addition to this, Zee Sarthak over the years has launched several initiatives with an aim to empower the women of Odisha. The song that we are launching today and the ‘Nalli Bindu’ initiative is a step in the same direction.”

    “ZEE Sarthak had recently announced the launch of ‘Nalli Bindu’ campaign in association with Raja Prabo festival to spread awareness about women’s right to menstrual hygiene. Leveraging its reach and popularity, the channel launched a hard-hitting film centered around girl child’s education. The one-of-its-kind film ended with a call to action, urging audiences to donate to the ‘Naali Bindu’ website to support a girl child’s education. Therefore, moving ahead in the journey, we want to cherish the relationship we have with our viewers and partners, and together march towards an extraordinary journey that reflects the true sentiment of Nuwa Kahani Nuwa Rangare, Atoot Samparka Ama Sangare,” added Ghosh.

    Talking about the new brand identity, ZEEL chief marketing officer content SBU Kartik Mahadev said, “At ZEE, our content and brand design is centered around the consumer. Our understanding of ‘Odiatwa’ (truly Odia being) has played a crucial role in maintaining a leadership position in the market. The new identity of ZEE Sarthak is both rooted and contemporary, taking inspiration from culturally significant symbols and regional art expressions such as the revered ‘Nilachakra’ and the local patterns of ‘Sambalpuri’ saree weave and signature ‘filigree’ jewellery. We believe this revamped brand identity will strengthen our emotional connect with the Odia viewer. The circular holder for the channel name symbolises how the inner circle (family and community) is integral to being Odia. Zee Sarthak’s new identity reflects the cultural ethos of the region as well as emphasises on our vision and commitment to be the most preferred choice of entertainment in the market through relatable and insightful storytelling.”

  • Cartoon Network launches a new initiative ‘Redrawing India’

    Cartoon Network launches a new initiative ‘Redrawing India’

    Mumbai: Cartoon Network has launched an initiative called ‘Redrawing India’. This announcement is part of Cartoon Network’s new brand promise ‘Redraw Your World’, which aims at empowering children to think outside the box, and to own & hone their abilities. It is celebrating inclusivity, creativity, and entertainment through music, new content, activations, and brand collaborations. The Redrawing India Series is taking that thought ahead by spotlighting real kids and their stories.

    The six children from across India were chosen by Cartoon Network because of how differently they are leading change, one cause and innovation at a time. From music and environment to sports & technology, these inspiring young minds are breaking down barriers, redefining dreams and are recognised nationally & globally for their bold and defining actions. Their unique and equally diverse stories of redrawing India are showcased through a video series on Cartoon Network’s social platforms – Instagram, Facebook and YouTube – encouraging kids around India to step ahead and redraw their world. The Redrawing India Series further solidifies the ethos of the ‘Redraw Your World’ anthem launched earlier in May, that celebrates the individuality and diversity of kids through music.

    Commenting on the campaign, Cartoon Network and POGO South Asia Network Head Abhishek Dutta said, “‘Redrawing India’ is a catalyst that will show every child that they too have the power to redraw their world. India is brimming with talent, and kids are its future. We hope that this video series will ignite passion in India’s young minds to identify and nurture their unique abilities and dreams.”

     

  • GUEST COLUMN: How brands can leverage metaverse for connecting with consumers

    GUEST COLUMN: How brands can leverage metaverse for connecting with consumers

    MUMBAI : Through the years, what has been constant is how brands evolve with new tools and modes of communication to best connect with their customers and fulfill their wants. In fact, with the steady rise of mobile web and social media back in the 2010s, the way brands engage with consumers has undergone a massive transformation – witnessing brands building a community with their consumers. And the customers, in turn, enjoy these novel ways to connect with their brands.

    However, in 2022, we now stand at the precipice of an exciting new form of communication and experience – the metaverse. And perhaps the biggest challenge is understanding the metaverse and realising one crucial key point – “The Metaverse is Now.”

    Ascent of the Metaverse

    Blurring the lines between physical and digital, the metaverse is fast emerging as a new space for people to shop, be entertained and participate in virtual experiences. With the metaverse giving rise to this new ecosystem of virtual life, a resultant paradigm shift is underway. One is that the metaverse is revolutionising how brands and consumers engage – with both scrambling for tools to best connect in this unprecedented virtual space.

    But why should you become a metaverse brand to connect with its audience?

    The truth is, the metaverse has opened the floodgates to a variety of burgeoning benefits and connection opportunities for brands and consumers alike –

    1) Minimising geographical distance

    From our online presence on platforms like online games (esports), social media and even simple communication on messaging apps, the experiences and connections we value most often take place in a digital world over the physical world. For instance, unlike before, a significant number of people we daily communicate with live outside of a 15 km radius from our home or office.

    However, the metaverse allows you to build meaning around experiences even though people we value spending time with are out of our physical grasp. In fact, it can essentially replicate the real world – goods and experiences from your offline existence can now be imitated for people anywhere in the world. Want to go on a date with the person you just met in Hyderabad while based in Delhi? Want to meet and greet your favourite Bollywood Celebrity when you’re in Lucknow? You can do this and much more in the metaverse. A lot of restaurants too, have stepped into the metaverse so going on dates with a significant other just got easier.

    The barrier of geographical distance is eliminated, and brands can now capture a global consumer base by bringing their products immediately into the home of every person in the world.

    2) Metaverse & its commercial appeal

    The metaverse lets customers try out digital items and see them within a fully 3D world. Several brands are already utilising this capability today. Moreover, blockchain technology, cryptocurrency, and NFTs (building blocks of the Metaverse) are also empowering brands and consumers to interact in ways unlike before.

    For instance, Adidas’ claim to fame as one of the most crucial metaverse brands comes from NFTs (Non-fungible tokens). When people think of an NFT, it’s usually related to online images. However, it’s essential to understand that metaverse models also use digital artwork. As such, metaverse items can also be NFTs. Adidas uses that technique to sell wearables in the physical world and metaverse.

    Adidas Originals created an NFT campaign, “Into the metaverse.” For this, it partnered with three of the most renowned NFT brands – Bored Ape Yacht Club, PUNKS Comic and Gmoney for exclusive wearable digital items that can be used on various blockchain-based gaming platforms. The collaborative project launched in December 2021, when a limited amount of 30,000 NFTs were sold saw the company earn more than $22 million from the sales in a few hours! Buying an NFT gave owners access to special, physical goods, like a hoodie and tracksuit worn by the Bored Ape that Adidas owns and other upcoming digital experiences.

    Some companies benefit by tying their online and offline market together. Other companies can leverage it by creating a whole new type of store. These are digitally exclusive offerings. And all of this can be tied together with digital wallets within the metaverse, making it easy to buy and sell goods. It’s easy to see the metaverse’s commercial appeal.

    On the consumer products front, Coca-Cola launched an NFT collection that fetched $575,000 in an online auction. It relied on the power of its brand to push forward its collection and raise over $500.000 for charity within 72 hours!

    While the metaverse’s full potential reach will definitely increase & at a much faster pace in the near future years, it is clearly on its way to the very fabric binding people across the globe and connecting them. And with this tool at our fingertips, it is absolutely critical for brands to venture into this exciting virtual space that presents disruptive new ways to build deeper and more meaningful relationships with their audience.

    The author is Caleb Franklin CEO and Founder of HeyHey

  • Grapes Digital bags the digital AOR mandate for CP Plus

    Grapes Digital bags the digital AOR mandate for CP Plus

    Mumbai: CP Plus has signed Grapes Digital for its digital AOR mandate. The company has won the mandate following a multi-agency pitch and will service the account from its New Delhi office.

    As a result of this partnership, Grapes will look after the brand’s 360-degree digital presence, from social media creatives to digital campaigns. As per the mandate, the agency will be responsible for executing the digital duties of the brand, such as media planning and buying, creative and digital branding and strategy, and SEO. The collaboration is aimed at developing cohesive value for the brand with the help of earned initiatives.   

    Speaking on the development, CP Plus executive director Ananmay Khemka said, “Being one of the recognised brands in the advanced security and surveillance solution, our constant endeavour is to provide the best range of products and services catering to the security needs of India. In the last few years, CP Plus has witnessed unmatched growth. We are quite enthusiastic to expand our business. Thus, digital plays a crucial role in building the business. We are impressed with Grapes’ vision for our brand. We are quite optimistic that Grapes expertise and nuanced understanding of digital media will fuel our vision”.

    Commenting on the win, Grapes CEO and co-founder Shradha Agarwal said, “We are pleased to associate with CP Plus as their digital partner. It’s a market leader in the security and surveillance industry. The demand for cameras and other surveillance products has witnessed an uptick demand owing to safety reasons. Also, the consumer behaviour pattern is changing, and there is a lot of scope in the market to perform well in the coming year. With a strategic approach and creative thinking, we look forward to creating great work in new and unprecedented directions for the brand. With our expertise in digital solutions, we strive to increase the visibility of the brand and create top-of-the-mind recall value amongst consumers”.

  • WATConsult wins creative & social media mandate for CarDekho

    WATConsult wins creative & social media mandate for CarDekho

    MUMBAI: An Isobar company and the globally awarded hybrid digital agency from Dentsu India, WATConsult has bagged the creative and social media mandate for CarDekho, India’s biggest digital automotive solutions provider. The account was won following a competitive pitch process and will be managed by the agency’s Delhi office.

    As per the mandate, WATConsult will be responsible for social media management, digital creative designing, content marketing, and ORM for the brand.

    CarDekho SVP marketing & content Charu Kishnani said, “We’re thrilled to partner with WATConsult as our creative and social partners. This engagement will help us elevate our brand presence with the right strategy, ideation and creative thinking. We are looking forward to creating some good and memorable work. Welcome aboard, WATConsult.”

    Speaking on the collaboration, Isobar India group CEO Heeru Dingra said, “CarDekho is a one-stop destination for new as well as second-hand cars. The brand’s auto and non-auto business is expanding, and we are so excited to embark on this journey with them.”

    WATConsult managing partner Sahil Shah commented, “We are happy to have the opportunity to partner with CarDekho and we can’t wait to build a dynamic brand presence for them. Our strategy is to enhance the top of the mind recall that the brand has created by applying creative, new age thinking and a strong storytelling narrative.”

  • The Twitter-Elon Musk tussle: To be ‘bot’ or not to be

    The Twitter-Elon Musk tussle: To be ‘bot’ or not to be

    Mumbai: The Twitter acquisition drama has been playing out- where else but on Twitter- on a daily basis (or hourly, if you go by Musk’s tweets) for the last several weeks. The latest in the Elon Musk-Twitter saga is that the Twitter Inc board has decided to go ahead and enforce its $44 billion agreement to be bought by Elon Musk. The board’s statement comes on the back of multiple tweets from Musk in the last several days that seem to indicate that the billionaire appears to be rethinking the whole deal.  

    “We intend to close the transaction and enforce the merger agreement,” the board said on Tuesday in a statement, adding, “the transaction is in the best interest of all shareholders.”

    Prior to this, the board voted to unanimously recommend that shareholders approve Musk’s $54.20 per share offer.

    Earlier on Tuesday, Elon Musk intensified his very public dispute with the Twitter CEO on the matter of bots or fake accounts on the platform, saying his acquisition of the social media company “cannot move forward” until he sees more information about the prevalence of spam accounts.

    “20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter’s SEC filings being accurate. Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This deal cannot move forward until he does,” Musk tweeted, citing an article by Teslarati, (which, by the way, is a media company and a publisher of news on Tesla, SpaceX, and ventures, affiliated with Musk himself!) that said, “Elon Musk may be looking for a better Twitter deal as $44 billion seems too high with 20% of users being fake or spam accounts.”

    The article suggested Twitter’s filings with the Securities and Exchange Commission were misleading. The company has maintained that less than five per cent of its daily active users are spam accounts.

    In yet another twist in the proposed acquisition, earlier on Friday, Musk had tweeted that his planned $44 billion purchase of Twitter is “temporarily on hold” pending details on spam and fake accounts on the social media platform.

    The proposed takeover includes a $ one billion breakup fee for each party, which means Musk will have to pay the said amount if he ends the deal or fails to deliver the acquisition funding as promised. Musk might be exempted from that requirement only if he can show a material change in the company’s situation or the information it has provided.

    This is just the latest in a series of twists and U-turns that have been doing the rounds on the platform, regarding the company’s take over by Musk amid increasing signs of internal turmoil between the two parties.

    In fact, ever since the billionaire grandly announced his offer to buy out the micro blogging platform on 14 April, the platform has been abuzz with new speculations on the acquisition front, mostly triggered by the Tesla founder himself. Musk has been highly active on the platform even before that, and became more so vocal about the site’s alleged shortcomings when he started building his stake in the company and became an active investor in April this year.

    This led to speculations on Musk being keen to join the company’s board, further amplified by the Twitter CEO’s own tweet on 5 April welcoming Musk onboard, where Agrawal wrote about the billionaire: “He’s both a passionate believer and intense critic of the service which is exactly what we need on @Twitter, and in the boardroom, to make us stronger in the long-term.”

    However, Musk surprised everyone- most of all, the Twitter management- by rejecting the company’s offer to join its board, instead offering to buy out the company itself!

    With Twitter now committed to completing the sale even as Musk continues to drag his feet over it, it remains to be seen how the rest of this very public saga plays out!