The Identity Investment
At the dawn of social media, friends shared pictures and kept in touch across long distances. Many of us shared cringey status we are still scrubbing from our Facebook memories over ten years later. The early days of Instagram were filled with photos of food and sunsets, and the idea of monetizing a social media platform was unheard of. Until now.
Suddenly, there seemed to be a major shift on social media. Rather than following friends and family, users began following people they wanted to become. Lifestyles became their own form of currency, and the lines between person and persona were blurred to the point of no return. Comedians on Twitter have kickstarted careers after being retweeted by the masses. The infamous Caroline Calloway leveraged her platform on Instagram to get a book deal, sell tickets to a “Creativity Workshop,” and become the quintessential example of an empty online celebrity.
What was once a way to connect with friends has quickly become commodified. In some ways, the internet has leveled the playing field, allowing anybody to have a platform where they could be recognized for their work: be it cooking, telling jokes, or literally just being pretty. The turning point in our economy seems inevitable — identity is the hottest new investment.
Venture capital firms in Silicon Valley have shown increased interest in investing in platforms that can help creators monetize their social media presence. Facebook has promised to award $1 billion to creators on Facebook and Instagram through 2022. Twitter introduced a “Super Follow” feature to allow users to make money off their content. New platforms like Pearpop help TikTok users collaborate with online celebrities to grow their own audiences. All of this points towards a new wave of capitalism, where creation is king.
However, this is not all without presenting a unique set of challenges for both consumer and creator. The New York Times reported that young creators are feeling the pressures of online fame, as insatiable fans demand a constant stream of content. Users are exhausted by relentless ads on their feed, and social media managers have suffered from high levels of burnout as they attempt to keep brands alive in online conversation.
The digital age is filled with both promise and accelerated change unlike anything in history. For the first time, individuality has become its own commodity, and brands are expected to maintain their own persona to fit in. Over the next decade, the shift from product to people will define the modern-day economy. But who will we be when the laptop is closed?
