Financial remuneration in the creative industries
Ready, set, create!
To the newcomer starting out in the creative industries, finding work and discovering ways to get paid for what you enjoy doing can be a daunting and arduous task. I’ve had a chance this week to reflect on some of the established and more obscure options available. This list is by no means exhaustive and I will confine my observations to what I have personally encountered. Along the way, like all journeys, grit and gusto are essential elements. It does help if you know what you want and have a clear idea on where you are going. It always helps to know your options.
The “Happiness Factor”, stress and ‘Psychic Income’
Studies have indicated that there is a Happiness Benchmark and that magic number is US$75,000 per annum. Achieving this income brings satisfaction, contentment and fulfilment. People tend to stop stressing about their basic needs when these needs become financially met. There is then a shift in focus from what we need to what we want. We can truly ‘live the dream’. Abraham Maslow puts it nicely in the Maslow Pyramid where self actualisation is at the apex — the ultimate goal. ‘Psychic Income’ then becomes commensurate with actual income. You get paid what you are worth.
Ask yourself these questions
Do you prefer job security, bonuses, a fixed salary, superannuation, benefits like paid leave, insurance, stock options and working in teams? Seek employment as an employee.
Do you find that you need greater creative freedom, flexibility, control over your downtime and require a personal stake in your projects? Perhaps pursuing the path of an independent creative is more suited to your style.
Whether as an employee or as a freelancer working from home, in today’s context, their roles are less clearcut. In both instances, you can find flexibility, creative freedom as well as uncertainty and overtime. You might not always have the ability to choose your next project nor the team you end up working with. It boils down to your network, negotiation skills, mastery in your craft, financial stability and your bargaining power.
Being prepared
One thing I have been told (especially in 3D Animation) is to be prepared to move around globally. You never know when your next opportunity may arise. When I first started freelancing, I found myself in social isolation requiring complete dedication to my projects and thus shutting out the rest of the world to focus. Although I remained in one place, I worked on US time, European time and Australian time. There was no concept of time as I worked at all hours. It was work 24/7. As time went on, I had the opportunity to carve a niche out of the market by mastering some skills and getting more efficient in my developmental process. It improved but the ‘work from home’ stigma still remained. It required me to convince my parents of how legitimate this sort of work is as well as friends who had ‘traditional’ jobs.
There are other forms of revenue streams today. This list is not exhaustive: sponsorship, advertising, crowdfunding, contracting, royalties, external investment, subscribers and donations. Each of these forms of revenue come with their own unique challenges and pitfalls. It is often the case where your income might be derived from various sources. I hope to venture into crowdfunding at some point. I have supported close to 90 projects to date in various categories and have observed some of the more successful projects. There is alot to learn and those who succeed have common attributes like professionalism, a great project and the ability to communicate their idea across well.
What now?
In most cases, the career path of the creative is never linear. The creative may find himself being a generalist or specialist or a combination of both. In any event, as skills accumulate and mastery is achieved, the opportunities to carve one’s own path ahead increase in proportion to one’s expertise and ability to stay ahead of the game and bring value to the table. Perhaps there are newer ways to generate revenue in the future. Ideally, when revenue streams provide passive income, the sky is the limit for the creative. Has anyone tried Patreon?
References:
L, J. (2016, February 21). The awful reality about working from home that none of us work-from-homers want you to know Retrieved from http://the-daily.buzz/working-from-home/
TV, G. C. (2015, August 6). The dark side of working from home. Retrieved February 29, 2016, from Articles, http://grantcardonetv.com/articles/the-work-from-home-trap/
Wong, V. (2012, June 25). What People Really Do When They’re ‘Working From Home’. Retrieved February 29, 2016, from Bloomberg Business, http://www.bloomberg.com/bw/articles/2012-06-25/what-people-really-do-when-theyre-working-from-home
Halligan, S. (2014, September 9). My glamorous working from home no-pants, bad-hair, crumb-infested lifestyle — the empowered dollar. Retrieved February 29, 2016, from Find Financial Freedom, http://www.empowereddollar.com/working-from-home/
PayScale. (2016). Get a more accurate salary range!. Retrieved February 29, 2016, from PayScale, http://www.payscale.com/research/US/Job=Animator/Salary
Glassdoor. (2008). Salary: Animator. Retrieved February 29, 2016, from Glassdoor, https://www.glassdoor.com/Salaries/animator-salary-SRCH_KO0,8.htm
Short, K. (2014, July 17). Here is the income level at which money won’t make you any happier in each state. Huffington Post. Retrieved from http://www.huffingtonpost.com/2014/07/17/map-happiness-benchmark_n_5592194.html
Luscombe, B. (2010, June 9). Do we need $75, 000 a year to be happy?. Retrieved February 29, 2016, from TIME, http://content.time.com/time/magazine/article/0,9171,2019628,00.html
How to become a more creative person. (2014, June 17). Retrieved February 29, 2016, from Creative Digest, http://www.creativedigest.co.uk/how-to-become-a-more-creative-person/
Kairos @ Laetus-in-Praesens.org. Retrieved February 29, 2016, from Kairos, http://kairos.laetusinpraesens.org/valuemkt_0_h_6
Happiness revisited: A household income of $75K? — dshort. (2016). Retrieved February 29, 2016, from Advisor Perspectives, http://www.advisorperspectives.com/dshort/commentaries/Happiness-Benchmark.php#ixzz37eM5xPxF
Our hierarchy of needs. (1991). Retrieved February 29, 2016, from Psychology Today, https://www.psychologytoday.com/blog/hide-and-seek/201205/our-hierarchy-needs
Patreon: Support the creators you love. Retrieved February 29, 2016, from Patreon, https://www.patreon.com
