Going Vocal for Local: Uplifting Young India for a Thriving Future
An IFC investment in one of India’s largest audio OTT platforms is empowering youth to create, share, and monetize content while redefining success and catalyzing change.
Roshin Raghavan discovered his love for words early in life. Coming from Pallakad, a small city in Kerala, he was passionate about writing. So, there was little quandary when it was time to choose a career—journalism was the right fit for him. Yet over time, his focus shifted. He wanted to become a full-time creative writer.
Roshin's story
“As a journalist, I realized technology was making my kind of roles obsolete. This caused self-doubt as well as financial worries,” he says. Faced with uncertainty, Raghavan, now 31, found himself at a crossroads, and he took a bold step in 2022. He quit his job to pursue a career in storytelling.
In another example, a voice-over artist in her early 30s had her share of challenges. Meena Ganesan from Chennai, Tamil Nadu, hit a roadblock when she started job hunting as a mother. Refusing to be constricted and defined by her marital status and motherhood in the job market, she started dabbling in dubbing and loved it. Though dependent on her husband and mother for even the tiniest of expenses, she found joy in lending her voice to characters and bringing stories to life.
However, while both Raghavan and Ganesan found their calling, turning their passion into viable career prospects was a challenge. That is when they found a silver lining in a leading vernacular audio content creation platform, Kuku FM.
The emergence of the internet and mobile devices in India has sparked a new wave of creative industries—the creator economy. Backed by a robust software ecosystem, tech-led media platforms like Kuku FM are allowing young Indians to pursue their dreams and explore different areas to reinvent and restart.
Creative Sparks
By 2030, India's digital economy is expected to hit $800 billion. Within it, the creative economy — currently valued at around $400 million with over 80 million content creators—has the potential to grow by an additional $100 billion. Supporting innovative platforms that help youth create content, find and grow an audience, monetize products, and manage their businesses is therefore crucial. Accordingly, in 2023, IFC invested $10 million in Kuku FM to empower underrepresented voices in India.
Meena's story
Thanks to that timely investment, Raghavan and Ganesan are both well placed today.
Kuku FM, driven by enterprising youth in smaller cities, is revolutionizing vernacular storytelling by connecting global content through local voices with national and regional audiences. With 50M+ app downloads, more than 2 million active paid users, and diverse content available in 7+ languages, the platform has amassed a community of about 30,000 content creators, writers, and voice-over artists from across the country.
Raghavan is part of this thriving community. “The platform is a game changer. As a full-time writer and content creator, I can now pursue creative writing while earning a living. My experience as a journalist is also coming handy.”
Meanwhile, Ganesan now has a hundred audio narrations to her credit. With her newfound success, she is also a proud homeowner. “My financial independence has empowered me to stand on my own,” she says.
In emerging markets, creative economy serves as a vibrant driver of sustainable development—creating jobs and advancing gender equality. The sector is also key to the economy with annual growth rates of 4 percent globally and up to 10 percent in developing countries. In India, sectors such as technology, arts, entertainment, and recreation currently make up 1.3 percent of the job market and 3 percent of the global GDP, with projections to reach 10 percent by 2030.
Platforms like Kuku FM, which provide access to non-English and non-music content in multiple regional languages, play a pivotal role in empowering youth from diverse backgrounds, bridging not only linguistic but also regional gaps. The platform's unique revenue-sharing model, which allocates 20 percent of the revenue earned per project to creators, resulted in a ~150M payout last year for its community of storytellers.
“The young creator community is the beating heart of Kuku FM,” says Lal Chand Bisu, Co-Founder & CEO, Kuku FM. “Owing to our partnership with IFC, a significant number of our creators are able to earn a living doing what they love. Last year, they benefited through our revenue-sharing program. We're committed to doubling down on this ecosystem, offering also the tools, training, and support needed to help them turn their passion for audio storytelling into thriving careers. Our next step is to help them upskill to full-stack content producers with AI assistance and our first-party data insights," he adds.
The impact of content and platform extends beyond creators, supporting users often struggling to find a footing in the real world. Bhanu Prakash, a 28-year-old sound engineer at AMA Studios in Hyderabad, was once an office boy supporting his family. He felt trapped by his responsibilities. Financially stressed and academically behind, he decided to take charge of his life and turned to educational audiobooks on Kuku FM.
Bhanu's story
“The senior manager would often ask why I had my headphones on the whole day,” he recalls. Audiobooks like Can't Hurt Me and lessons from Rich Dad Poor Dad in Telugu fueled his drive for change. Prakash enrolled in an open degree program and software course, which led him to his current role.
By 2030, India's digital economy is expected to hit $800 billion.
Youth Power
Youth empowerment is a top priority for IFC, with a focus on enhancing grassroots entrepreneurship. At the forefront of promoting the creative economy in India, in June 2023, IFC invested up to $75 million in DNEG, a leading audio entertainment company in India. The funding will help bolster the company’s capacity through technology investments, new production facilities, and human capital, especially initiatives that ensure jobs for women. IFC’s partnership will also help create more jobs within the industry.
“The creative industry emerges from an interplay between human creativity and ideas, among others. Investing in these industries leads to impactful collaborations and innovations, key to a robust economy,” says Wendy Werner, India Country Head, IFC. “In India, the creative industry has immense potential to connect with diverse communities and create major income opportunities. By focusing on gender equality and inclusivity, we aim to uplift underrepresented voices and promote sustainable economic growth for all.”
While advancing youth empowerment, IFC—along with its partners—is taking 'Made in India' creative products to the global stage and showcasing the nation’s creative talent.
Building on this momentum, this International Youth Day, let’s pledge to strengthen the digital creative ecosystem in India, helping everyone, especially the youth, find a strong voice.
Further Reading
