A primer on the Passion Economy
Spreading the word about a new economic paradigm for digital creators
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Abstract:
Digital platforms and technology are enabling the advent of the Passion Economy which gives creators a chance to live off their unique skills. To better illustrate, the rise of podcasting well epitomizes the relevance of this framework. By better catering to a smaller audience, creators can increase engagement and monetization. The bigger picture is that one can see Founder-Market fit as an extension of the Passion Economy because value creation is driven by problem solvers and innovators who are passionate about breaking status quo in a specific industry. To crown it all, there is little doubt that the coronavirus outbreak will propel this new economy.
Rarely has the threat of disease occupied so much of our thinking. The coronavirus pandemic is on the front page of almost every newspaper; radio and TV programs have back-to-back coverage on the latest death tolls, and social media are filled with frightening statistics. Little wonder that the morale of confined citizens is on the wane. According to a YouGov poll for the magazine Society, published on March 30, there was 40% of French people feeling psychologically “worse” than before the confinement.
Still, I am trying to rejoice over a rampant phenomenon in our lives and a newly-created concept I recently discovered, which is named the Passion Economy. I find it important in those incertain times where we see a peak in digital content consumption, a mass-adoption of work from home (WFH) as well as new ways to interact online. Notwithstanding an unfortunate crunch in the job market. Because of these colliding trends, it is likely that the Passion Economy is here to stay. With no further due, let’s dive into it and open our horizons, not only as consumers but also as creators.
The Rise and Shine of the Passion Economy
From writers launching paying newsletters on Substack to influencers-turned-designers on Pietra, more people are taking advantage of digital platforms to make money off their unique…
