There is no world without art and artists in it!
It is no surprise that according to UNESCO, the Global Culture and Creative industry adds more than 3% to the World’s GDP and has generated revenue of more than $2,250 Billion.
The COVID-19-induced pandemic forced people to digitise every aspect of their lives.
Interestingly, according to a study, since 2020, 63% of Indian professionals are now spending more and more time online; learning and upskilling.
The increased focus in terms of industry and fields is more on fine art, illustration, graphic design, animation, film and video editing and shooting, and more.
Not only does this present Indians with a wide range of opportunities for learning new skills, but it also gives them a chance to monetise their passion and skills.
What’s causing this boom?
Factors contributing to the Monetisation boom:
Rise of HNIs:
High-Net-Worth individuals (HNIs) are the crème de la crème of our society and widely known art lovers. Art has always been a haven for capital as the financial markets have had their bouts of uncertainties.
The estimated number of ultra-HNIs over the world is 167,349. The rich have always seen art as an investment and collectibles account for 5% of North American clients’ investment portfolios. So it comes as no surprise that they have led to industry growth.
Boost in the online art sales and rise of NFTs
There has been an indubitable shift in art lovers’ preference of buying art! In 2019, in a worldwide survey of art buyers, about 29% of the respondents stated that they preferred purchasing art online. There was an 8% increase as compared to the same survey conducted in 2018.
While physical spaces are still a popular choice, one cannot deny that the dawn of Web 3.0 and NFTs has also contributed to the growth. New age artists have now found a new avenue to create and distribute their art and redefine ownership. And with the pandemic, the physical spaces remaining shut for precautionary measures, also contributed to the boost of online art sales.
The rise of Insta-artists
Small business owners and Instagram artists are getting their due attention. Finally! Any artist, big or small, can showcase their creativity and uniqueness on various social media platforms. Using the power of social media, these artists can not only highlight their artistic creations, and enjoy virality, but they are also able to sell them online.
Increasing need for Original Content
Nike doesn’t just sell shoes, they sell a lifestyle. Similarly, Rolls Royce doesn’t sell a piece of metal, but dreams and luxury. Brands these days want to create original content to portray what they are selling in a more artistic way. They prefer art that resonates with their public image.
How are artists monetising?
Typically, based on the type of art a particular artist creates and the level of experience, this straightforward value chain of 3 primary stages exists:
Drawbacks of the traditional value chain:
This traditional approach seldom works for all artists.
- This approach of monetising takes long to achieve desired sales
- This usually works well for established artists who already have acquired success and made quite a name for themselves.
- The number of artworks finally reaching the galleries is reduced considerably over the period of time.
All this calls for newer approaches and creative ways for artists to make money.
The modern-way of monetisation:
Selling on Instagram
Instagram has become a sanctum for artists. Artists can easily showcase their artworks and reach their audiences through posts and Reels.
They can sell directly to the end user globally, thereby eliminating the need for middlemen and additional commissions.
The only drawback of selling on Instagram is that it doesn’t lead to results in a jiffy. If the artist’s followers base is not very strong, conversion to sales will take time. Plus, one has to constantly create engaging content, chase trends to stay relevant.
Applying for grants and competitions
Another way artists can make money is by applying for grants at international programs, NGOs, local communities, and more. Sometimes the grant money is quite substantial and offers great recognition to the selected artist/s.
There are many online and offline competitions and contests artists can participate in.
The major downside of this form of income is that it is not constant or reliable.
Selling other merchandise with your art
In one of the most practical and low-investment set-up, artists can put their artwork on tangible products and make money. Like souvenirs, hoodies, t-shirts, diaries, journals, bottles, flasks, coasters, cards, planners, wedding invitations, event invites, hampers, personalised gifts, and more.
There are many print-on-demand services available that will for a certain commission print, package and ship the created art on a said product.
Drawback? The commissions are sometimes as high as 25%.
Work on a commission-basis for original artwork
This is the way modern artists are creating original artwork like paintings, posters, caricatures, doodles, miniature art, resin artworks, and more.
This works quite well for both online and offline. One can easily highlight that their work is on a commission-basis and create original content. People value original artwork any day over digital copies or prints.
The hassle of this method is the artists have to deal with customers directly, which may or may be a pleasant experience every time.
Pop-up selling at art fair, conventions or festivals
Art melas or fairs and conventions are quite popular and attract huge crowds. Artists can book and set up stalls and sell their handcrafted and produced artworks and crafts in person.
This is a great way for customers to see the value of artistic creation in person.
It can become physically taxing as it requires artists to be present behind the stall and constantly interact and entertain customers. And if fair or convention doesn’t get the required footfalls, the chances of selling become considerably low.
The TagMango Way: Art Workshops
Another great way to monetise your artistic skills is by conducting workshops! TagMango has become a growing hub for art creators. These creators have been using TagMango to create diverse workshops covering different types of art such as:
Art in a post-pandemic world:
Some of the mind-boggling facts that have come to light in the last couple of years during the pandemic:
Artists and TagMango — a fine palette
TagMango is harnessing the growth in the art industry. We have more than top 850 Indian Visual Art Creators who are conducting various workshops on different types of art such as
How much does an Art Creator make on TagMango?
But why TagMango?
The edge that TagMango artists get is that we have made a robust product equipped with handy features that maximise a Creator’s earnings but minimise their effort in doing so!
We ensure that our Creators don’t have to lose a sweat thinking about making money through any algorithm or brands.
Our top features are:
- Mango builder – A creator’s offerings are called Mangoes. A mango can be readied in seconds.
- Landing Page Builder – Build professionally looking websites that can be readied in 10 mins.
- Courses – Creators can make full-fledged courses, complete with sections, chapters, resources and a lot more.
- Integrated Chat System and Video Calling Feature – Creators can interact with their subscribers via chat or a group video call and even promote peer-to-peer communication, right in the platform itself.
- Unique Upsell Feature – Create upsells, add discounts and sell premium offerings during live workshops! Subscribers can buy it directly on the call without toggling windows.
- Marketing Tools – With our Marketing section, a Creator can launch various Email and WhatsApp campaigns, offer discounts through coupon codes and manage the generated leads.
- One-click payment feature – Creators can directly withdraw their earnings with a single click. No hassles.
That’s not all, there are more features and tools that our Art Creators are using to scale their earnings. We firmly believe in fostering an environment in which Creators can solely focus on letting their creativity flow and leaving the rest for us to take care of!
What we are building is a shop for Creators to host their live, pre-recorded workshops and courses. Creators have full control over what they create, what they sell and even when they can withdraw their earnings. The platform also enables them to have a bird’s eye view and in-depth view of their mangoes, earnings, profile visits, and a lot more.
So, what are you waiting for?
Come join the coterie of art creators and monetise your skill-set! Sign up!
Think Monetisation, Think TagMango!
Written by Rachna Srivastava