In a stark contrast to the past, where academic excellence was the primary path to success, today's digital landscape has given rise to a new breed of high earners: social media influencers. This shift raises important questions about the future of traditional education and career paths.
Once upon a time, Indian parents would exhort their children, "Beta, study well. Get 97% to get an admission into Delhi University." The ultimate goal was often admission to a prestigious B-school, seen as a ticket to a lucrative corporate career. However, the digital age has ushered in a new paradigm.
Today, some parents begin cultivating their child's online presence from infancy, hoping to nurture the next big social media star. This isn't mere parental overenthusiasm; it's a calculated move in a changing economic landscape. According to a 2023 report by Influencer Marketing Hub, Indian influencers with followings of 100,000 or more earn an average of ₹1 lakh per month. This figure is comparable to, and in some cases exceeds, the starting salaries of many graduates from top Indian B-schools.
Take, for example, Chandra Gera Dixit, a contestant on the reality show Big Boss who rose to fame on Social Media through her antics while selling the famous Vada Pav. She recently revealed that she earns ₹40,000 per day through her various engagements. This amounts to a monthly income that outstrips what many fresh MBA graduates earn in India.
The rise of influencer marketing has been meteoric. A study by Statista projects that the Indian influencer marketing industry will grow from $120 million in 2022 to $300 million by 2025. This growth far outpaces the salary increases in traditional corporate sectors.
The average earning per brand deal for an Influencer who runs a lifestyle, entertainment, makeup, beauty or fashion blog with more than 100K followers ranges from INR 2,00,000 a month to INR 10,00,000. Nikita, a media professional, notes” While working in the Media and Branding sector, I was amazed to see some top creators charging INR 12 lakh for an Instagram Reel. And no, this figure is not incorrect. From a brand’s standpoint, they save up on production cost and syndication cost. And they also get the start-value of the celebrity influencer attached."
But does this trend signal the impending obsolescence of B-schools? The answer isn't straightforward.
Dr. Rajesh Kumar, Dean of a leading Indian B-school, argues, "While the influencer phenomenon is significant, it's important to remember that it's part of a larger digital ecosystem. Many of the companies these influencers work with are led by MBA graduates. The skills taught in B-schools remain crucial for managing and scaling businesses."
On the other hand, digital marketing expert Priya Sharma contends, "The influencer economy is democratizing success. It's allowing individuals to build personal brands and businesses without the need for traditional credentials. This challenges the monopoly that elite institutions have long held on high-earning careers."
It's worth noting that the influencer path is not without its challenges. A 2023 survey by the Internet and Mobile Association of India found that only 1% of aspiring influencers achieve significant financial success. The field is highly competitive and often unpredictable.
Moreover, the long-term sustainability of influencer careers remains uncertain. While B-school graduates often have decades-long careers with increasing earning potential, the longevity of influencer careers is less clear.
As we consider this shift, several questions emerge:
1. How will traditional educational institutions adapt to this changing landscape?
2. What skills will be most valuable in an economy where personal branding is increasingly important?
3. How can we ensure that the pursuit of online fame doesn't come at the cost of foundational education?
4. Is the influencer economy creating new forms of inequality, or is it truly democratizing success?
The answers to these questions will shape the future of education, career paths, and the very nature of work in India and beyond. As parents, educators, and policymakers grapple with these changes, one thing is clear: the path to success is no longer as straightforward as it once seemed.
What do you think? Is the rise of influencers a positive disruption of traditional career paths, or a concerning trend that may lead to a devaluation of formal education? The debate is open, and the implications are far-reaching.
(Views expressed are personal)
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