Find out how the pandemic got everyone invested in the creator’s economy.
Isn’t the first thing we do in the morning is to check our socials? I am sure it is! It rose to prominence briefly, but the global epidemic ushered in a new and even more advanced era of social media. We saw a drastic increase in users because social media became the only way to connect to the world in those problematic situations when everyone was behind those walls.
This time, social media applications weren’t just applications. Instead, they were hubs for entertainment, jobs, learning, spreading awareness, and other things. It gave hundreds of job opportunities to the Influencers and Marketing industries.
We know that managing profiles, editing, and other aspects of the promotional industry, among others, are all interconnected. There were loads and loads of jobs provided by these platforms. Thus, it gave rise to something new to the world called the “creator economy”.
The creator economy came together when all of our social media creators and programmers, and others involved in this stage got together to monetize the time and skill invested. Previously, the lives of our creators were reliant on modest jobs, and the creation of some content was like a side job. The birth of the creator economy provided them with the opportunity to be self-sufficient, build confidence in their talents, let their creativity flow freely, and gain monetary benefit.
The movement of the creator economy wasn’t individualistic or independent, which means it did not just include creators but also managed to have several multinational companies that joined their hands to support further and expand the economy.
According to a recent story in the Times of India, influencer marketing organizations secured a market worth INR 900 crore which increased brilliantly in the past two years and showed a projected compound annual growth rate of 25%.
Well, the world of the creator economy wasn’t all rainbows and sunshine; some parts of it had profound, dense mist.
The creator economy’s ship was sailing smoothly, but creators were still hesitant to pursue content creation as a full-time occupation somewhere. And it was difficult for them to invest in their businesses, which is a crucial component for independence in supporting anything and, in this instance, the creator economy.
How did a pandemic boost the creative industry and creator economy at large?
When apps such as Tik-Tok, MX Taka-Tak and Moj came to the market, they resulted in an unexpected surge in the number of active users, AKA the creators. Millions of producers produced diverse types of content, got some great reach, and became famous in just a blink of an eye.
However, the algorithms of these various platforms were incompatible with the diversity of producers! And in some way hampered their ability to grow.
What exactly is an algorithm? In simple terms, it means posting content on a deadline and at a specific time with specific hashtags, followed by interactions, and so on. These are the factors that determine the reach of creators’ creation, and it can not only turn out to be highly stressful but also complex.
As a result, some creators had to give up on their talents which consumed a lot of time or were not deadline-friendly, for instance, a creator who choreographed! They have to stay updated to new trends constantly, and the creation of further dance steps or content, in general, can be mentally exhausting and tedious at the same time. Not only that! They were unsure whether the trend would catch on or not or provide them views; all of these things were unclear. They decided to stop generating content and look for stable professions to support themselves, thereby giving up on their abilities and creativity.
At the same time, other industries and sectors like IT, Healthcare, utilities, etc., were increasing. We experienced a period where talent was being wiped out or overlapping with the variety of jobs available in these fields. As these sectors continued to grow, millions of job opportunities arose, attracting a more significant number of people. Many innovators did not consider following their talents as a full-time career because of decent package offers and employment security. And especially in times of economic crisis, it was essential to find a reliable source of income to survive. So, this period buried their abilities and eventually dropped the number of real creators in the market.
But the development of this pandemic came as a complete surprise. It indeed arrived with a lot of complexity; people faced reassertion and lost their jobs. But this situation did impact the creator economy positively. Since everything was physically shut, social media became the only place to connect to this vast world. Eventually, people in their free time started posting their content, building a platform for entertainment and a sense of community and society. The natural face of creators began to appear finally.
A report by an influencer marketing firm in the late 2020s highlighted that 60% of content creators and influencers were pursuing the business of content creation as a full-time career. Another report by EY-FICCI reported that over 10,000 content creators and influencers will fray by 2025.
By the end of 3 months, there was a rapid increase of creators on various platforms, resurrecting the vanishing talent. People’s trapped inner selves emerged on the exterior, striving to survive. They began to think about and put their skills and hobbies to use.
Seeing the sudden increase in these numbers, many multinational companies launched creator-friendly features! Snapchat funnelled more than $250 million to creators via its Spotlight feature, founded at the end of 2020. Some of the app’s most prominent stars got their shows in Snapchat Discover as well.
That’s not all!
In his recent interview, Mark Zuckerberg repeatedly labelled creators as one of its top priorities and announced a plan to invest 100 crores into tools for them by the end of 2022. And these statements weren’t just for the sake.
Facebook and Instagram launched a dizzying number of creator-focused updates and monetization features just after the release of the interview.
Moreover, a simple display app like Pinterest launched a 3.73 crore creator fund and built its first monetization tools.
Creator economy went from a western term to a whole new era, and you wouldn’t believe that the most famous platform for searching jobs, LinkedIn — yes, that LinkedIn — announced a 2.5 crores fund exclusively for creators.
And the list isn’t over yet! Clubhouse added a tipping feature to appreciate our creators’ hard work and creativity. Many other apps like Tumblr launched a subscription service for their bloggers and much more. It’s just crazy how the creator economy opened up its wings and reached an incredible height in just a matter of a few months.
The transition from in-person to virtual creator freedom has proven to bridge more stability. Various devices are here to improve the efficiency of creators in the market one after the other. Various creation tools, such as **Google Trends and HubSpot’s Blog Topic Generator is rapidly expanding their reach.**
All these tools help existing creators to manage and improve their work efficiently! But it’s exciting to know about some platforms which help you to become a creator.
There is a platform that is created especially for the creators, by the creators. Memboro stands out from the crowd! It’s a platform that builds a creator and establishes an engaging community while also connecting them to their target audience. On Memboro, content creators can take advantage of features such as donations, commissions, memborships, etc to offer premium material, and other perks. It has several interesting tools to aid creators in every way possible. They assist in setting up the profile as well!. After all, there is no such thing as a finish line; creation goes on and on. There is always something new to create; all creators need is a little support and fair opportunities.