Almost a month ago, influencer Revant Himatsingka's reel went viral, as he accused a household brand such as Bournvita of false advertising and flagged excessive sugar content in the chocolate-flavoured health drink. But while that made people think about what kids were being fed, it also created trouble for Himatsingka, who was slapped with a lawsuit by Cadbury through a major law firm. Without the funds and backing to take on the legal firepower Cadbury had deployed, Himatsingka had to pull down the video with an apology, before others started raising questions and a child rights body also sent a notice to Bournvita-maker Mondelez.
The number of influencers over the years has increased and it's likely to increase further considering the reach they offer at a lower cost compared to social media advertising. This is being best used by advertising agencies to increase the exposure of their brands and get a wider audience. The government is also trying to push for more regulations in order to get a hold on the increasing amount of misinformation being spread by the influencers. But the influencers themselves are today standing without any backup from the big companies that they promote or from the government.
This is where companies like Finnet Media, an influencer marketing agency come in as they can help these small influencers.
How Finnet Media was born?
Finnet Media though has a niche and focuses only on financial influencers and was started in 2021 by 21-year-old Ayush Shukla, who wanted to make the most of the creator boom. Sharing his experience and his journey to being an entrepreneur said, "The digital revolution that started due to covid changed the way, how consumers consume content and information from social media, and it was the exact time when the creator economy was just booming, that’s when I thought to start and build something on the new niche. The journey started with just two creators in the year 2021 and today we have increased our base to 35 creators exclusive with Finnet and locked collaborations for multiple creators across niches. That is how Finnet was born and got to the place where it is today."
Shukla also wanted to focus on quality of content and not just quantity which he believes is very minimal in today's market. He said information and useful content in a one-minute video is appreciated and this helped grow Finnet Media.
Talking about the growth of the brand and the increasing number of advertisers seeking for influencers Shukla said, "If we look at finance, there was a paradigm shift in learning about finance from traditional courses and stock market experts to Finance influencers aka influencers. Even the brands started leveraging the platform to advertise and make the creators and their work more visible to the audience. Since 2021, we have scaled to over 150+ brands, and 30+ represented talent."
How has audience consumption changed?
When asked how has the audience consumption has changed in regards to content, the 21-year old entrepreneur said, "Since the first day of Finnet Media till today the shift in consumer’s preferences has been huge in every field, thus, not to mention but a paradigm shift in personal finance and the ways in which content is consumed has been quite recorded. Because of the knowledge transfer that took place through content development, the audience is now more aware of the importance of personal finance. They are willing to spend money to become financially aware when it comes to their own personal finances like savings and investments. Also, it is clear that the producers experimentation with content has transformed the audience interests and inclinations as the proportion of people who file tax returns, purchase insurance, and invest has significantly increased."
He also added that the industry is highly dynamic and there is a need to quickly adapt to new changes in audience's content preference. He said that one should 'Know your customers, know your creator's community and know your messaging'.
Companies looking to create communities
In order to grow and reach the audience companies are looking to create a community, said Shukla. He added that this is not limited to Instagram and YouTube but also to Snapchat, Twitter, LinkedIn, Telegram, Snapchat, and even Pinterest. Another major change according to him is the increase in consumption and production of bite-sized content that we commonly call as shorts. This according to Shukla will bring in more financing from marketers in the future.
Regulations will help bring growth
But while these seem like amazing opportunities for the influencers it is true that there has to become a form of control over the content that they share. When asked what is his opinion on the government's updated rules on influencer marketing and SEBI's stance on finflunecers, the founder of Finnet Media said, "The establishment of regulations is a step forward for this industry since it demonstrates that the government is paying attention to the area, comprehending its importance, and in a sense, acknowledging it. The creators who are acting ethically will benefit from the importance of the intent in this scenario. This was a really necessary action and it will aid in bringing notable growth in the industry.”
