The creator economy is a term that was born after influencers started monetizing their content in exchange for advertisements, mentions, or views. Now is one of the fastest-growing economies. How did it happen?
The creator economy is a term that was born after influencers started monetizing their content in exchange for advertisements, mentions, or views. Now is one of the fastest-growing economies. How did it happen?.
Although the creator economy was born only ten years ago, it has become the fastest-growing type of small business. Bloggers, videographers, and social media influencers have created websites, apps, and monetization tools.
According to SignalFire, over 50 million independent workers worldwide are considered community builders. Indeed, being a YouTube star is one of the most common dreams among the youth. As proof of it, a survey found that 29% of kids from the US want to become a YouTube star, while only 11% want to become astronauts when they grow up.
Trends in the Creator Economy
-Creator is moving their followers from their social networks to their apps, websites, and monetization tools.
-Creators become entrepreneurs by founding their own businesses and brands. They even build up teams to create their source of income while also focusing on their art.
-Creators become public figures who connect deeply with followers for authenticity.
Platforms that allow creators to earn money are YouTube, TikTok, OnlyFans, Instagram, Twitch, Snapchat, and Patreon. They allow the creator to make a living through advertisement, sponsored content, product placement, digital content sales, tipping, and paid subscriptions.
Many creators are genuinely passionate about what they do; they create a sense of fulfillment and community that people enjoy. For example, a YouTube star chatting with their followers on a Livestream while eating or telling a funny story. The work can be so enjoyable that it doesn't affect the creator's well-being.
Also read: WHO IS THE MOST POWERFUL WOMAN RIGHT NOW?
Other influencers who have joined the trend of the creator economy are the following:
-YouTube stars: YouTube was the first platform to showcase the actual business possibilities that the Internet offers to individual creators. It works by distributing the advertising revenue generated by the videos uploaded to the platform.
-Instagram and TikTok stars: These influencers reach millions of users through publications on their social networks, monetizing their accounts thanks to sponsorships and advertising collaborations.
-Podcasters: These creators upload their podcasts to Apple Podcasts, Spotify, and other specialized platforms.
-Streamers: Streamers are users who use the creator economy on Twitch to broadcast live events.
It's clear now that the creator economy allows users to convert the content they publish on their accounts into income through these platforms.
Why Is This Model Gaining So Much Popularity?
Actors, writers, screenwriters, and playwrights have always been people who manage to generate a sustained income by creating creative content for mass consumption. So what's new in the creator economy?
The advancement of technology, the increase in the number of people with Internet access, the arrival of mobile devices, and, more recently, the COVID-19 pandemic, which tripled the time we spent in front of the screens, are all factors that accelerated the rise of the creator economy.
In addition, people now have the power to choose what content they want to consume and even get influenced by it. As this economy grows, more people make a living from digital tools.