In what has become the season of media launches, a new finance platform, The MoneyMile, was launched by veteran business journalists Vivek Law, Mitali Mukherjee, finance guru Surya Bhatia, and content creator Sumit Sabharwal.
In a move to increase financial literacy, the four co-founders have launched The MoneyMile across digital, TV, and other mediums. The platform, at present, is self-funded and will only be available across social media platforms, to begin with.
“We believe a large number of our potential viewers are on social media and we thought it best to start with that,” Vivek, Founder, CEO, and Editor-in-Chief of The MoneyMile, told YourStory. “We will partner with various platforms, including TV channels and showcase our offering through tie-ups,” he added.
With the proliferation of smartphones and cheaper data packages, Indians are increasingly consuming news on social media platforms. It is no wonder that most new-age digital media are making social media platforms their primary distribution channels.
The digital media today is still trying to find its feet as far as monetising content is concerned. As the serial entrepreneur and Founder of The Quint, Raghav Bahl, says in an article in TechCrunch, “The media is passing through an awkward digital adolescence.”
Talking about their revenue model, Vivek says, “We have come at the right time, we believe, as the number of investors is rising. We hope to attract digital advertising spends of both manufacturers and distributors in the financial services space. More importantly, we intend to work together with various stakeholders to create content in the area of financial education.”
The team is not looking at a subscription model for now. “We do not intend to charge for our content, but yes, going forward, once we can show value in our content for our viewers, we intend to look at a subscription model too,” says Vivek, who is the former editor of Bloomberg TV India and the author of The Money Book. He has anchored multiple personal finance shows across various channels, including CNBC TV18, CNBC Awaaz, Aaj Tak, and India Today Television.
The MoneyMile will be creating all its content and looking at forging partnerships with content creators. “Our intent is to decode each and every event and development that could impact our viewers and their money. In fact, a key focus area will be women and how important investing is to give women greater assertion over themselves and their choices,” said Mitali, Co-founder and Editor, The MoneyMile. Mitali is the former Markets & News Editor of CNBC TV18 where she anchored the flagship show Bazaar. She has also worked with the TVToday Group, Doordarshan, and BBC World.
Talking about the rise of digital media in India, Vivek said, “We have only gotten started. It makes it near impossible for any journalist to ignore it. Look around us and more and more people have already made the smartphone their screen of choice. You can ignore it at your own peril.”
Of course, the key question remains that of monetisation. “The current landscape, where the bulk of advertising goes to two big platforms, will change. Good quality content will attract advertising revenues,” Vivek added.