Indian meme marketing startup Wubba Lubba Dub Dub (WLDD) has raised $1.25 million in a seed funding round from Negen Capital. The startup plans to use the funding to accelerate its growth and help companies build better audience connections through fun content, influencer marketing, experiential marketing, and other services. Founded in 2018 by three college friends, WLDD has worked with over 120 businesses, launched over 1,050 campaigns, and has a creator community of over 10,000 people. The Indian content influencer marketing sector is expected to grow to INR 3,000 crore in FY24, according to a report by Zefmo. However, as of October 2022, only 1.5 lakh creators out of more than 8 crore creators in India were able to monetize their content, and less than 1% of content creators earn around INR 53 lakhs, according to an ET report.
The ET report highlights that while the number of content creators in India is increasing, only a small fraction of them are able to monetize their content effectively. The report suggests that lack of quality content, difficulty in building a strong audience base, and lack of knowledge about monetization options are some of the factors contributing to this trend. However, with the growth of the content marketing and influencer marketing industries in India, there is potential for more creators to monetize their content in the future. In January 2022, MemeChat, a meme-creating platform, launched The Meme Club to capitalize on the growing popularity of non-fungible tokens (NFTs) in India. The Meme Club is a marketplace that enables creators to monetize their memes by selling them as NFTs. In January last year, Content Engineers, a film and digital studio startup, raised $50 million in funding from Veear Projects Inc. The funding was aimed at expanding the company’s content creation capabilities and strengthening its presence in the Indian and global markets.