Entrepreneur News Roundup: November 4, 2021
The Creator Economy is Exploding (and Venture Capital is Taking Notice)
Because why wouldn’t people look for ways to earn money doing something they enjoy from the comfort of their own home?
The Great Resignation, and current labor shortages, have gotten a lot of press recently. Many people are wondering what all these people who aren’t in the traditional labor force are doing to make ends meet. Clearly it’s time to take the Creator Economy seriously. Anyone who monetizes their online presence, from fashion influencers to live-streaming gamers, is considered a part of the Creator Economy. But it’s not just about social media influencers: think Etsy sellers, independent musicians, podcasters, and a whole lot more. According to the most recent data, 50 million people around the world consider themselves creators, and the industry is worth more than $100 billion, with a massive growth trajectory that could soon push it into the trillions. According to Influencer Marketing Hub:
- Over $1 billion in VC capital has been invested in the Creator Economy in 2021
- 4 in 5 creators make more than $23K per year
- 2 in 5 creators make more than $50K per year
Individual creators are now establishing their own companies, forming teams to produce more content and generate revenue through new revenue streams. Today, we look at several recently funded startups in the Creator Economy.
Startups to Watch
Able
Content creators are in charge of increasingly complex enterprises. Able is a new income management platform for freelancers that allows them to easily manage their finances and spend more time doing what they love. The app integrates with traditional and non-traditional bank accounts (like Venmo and Cash App) so creators can easily see all of their revenue in one place. When money is deposited into one of these accounts, a text message is sent to the creator reminding them to set aside money for taxes. Able recently secured $3.2 million in seed round funding led by Elefund, with participation from Moonshots Capital, Next Coast Ventures, Signal Peak Ventures, and LocalGlobe.
UnitedMasters
Signing with a label is no longer seen as a stepping stone to success for today’s musicians. Indeed, as the music industry becomes more democratized, more musicians want to maintain creative and financial control over their careers. UnitedMasters is the leading technology platform for independent artists looking to expand their fan base via streaming platforms, licensing, and brand partnerships. Artists can use the UnitedMasters mobile app to release new music, view streaming data, and track their earnings. Artists can choose between two payment options: a 90/10 revenue split or a $59.99 annual “SELECT” membership that allows them to keep 100% of their generated revenue. UnitedMasters recently closed a $50 million Series C round that placed their valuation at over half-a-billion dollars. The Series C round invesment was led by Andreessen Horowitz. Prior investors include Apple and Alphabet.
Admix
Gamers are a rapidly growing and diverse group that includes everything from casual mobile app users to virtual reality enthusiasts. Admix, a startup founded in 2018, is paving the way to connect with them. Admix ads appear within the game as part of its In-Play product, rather than as a traditional commercial, allowing for non-intrusive ads that generate valuable impressions without interfering with game play. For example, developers can easily place your ad on a billboard that appears in the game using a no-code interface that includes shading and lighting to blend it right in. Admix has been used in over 300 games to date, and is on track for 10x revenue growth in 2021. The company announced $25 million in Series B funding from investors that include Elefund, Notion Capital, DIP Capital, Force over Mass Capital, Speedinvest, and Sure Valley Ventures amongst many others. The company has now raised $37 million to date.
