What to Expect as the Creator Economy Grows and Why You Should Start Now
As the digital world continues to expand, the creator economy market is on fire and shows no signs of slowing down! More and more people are looking for unique and engaging content, which is great news for creative professionals such as yourself!
From graphic designers to vloggers and the crafty art folk out there, the creator economy is opening up new opportunities for individuals to monetize their work and make a living from their passions. To help you get prepared, let’s dive into how it started and why you should join now if you haven’t already!
How big is the creator economy?
Did you know that as of 2020, there are a whopping 450,000 full-time content creators? And get this — 78% of influencers are making an annual salary of over $23,500 amongst the roughly 50 million content creators worldwide.
One of the reasons the creator economy is on the rise is that more people are flocking to online platforms for their entertainment and information needs. This increase in demand for one-of-a-kind, captivating content has opened up doors for digital artists and other content creators to earn money through various channels like commissions, merchandise sales, and crowdfunding. It’s a dynamic and growing market that’s providing new opportunities for creative professionals.
When did it start?
The concept of a “creator economy” can be traced back to the early days of the internet and the rise of digital platforms that allow individuals to monetize their creative work. YouTube (2005), Patreon (2013), and Twitch (2011) were the pioneering platforms that provided monetization options such as ads, sponsorships, fan subscriptions, and donations. They paved the way for the growth of the creator economy and opened up new opportunities for creators to earn money from their content. However, the concept of a creator-driven economy as a a well-recognized career path has emerged more recently, in the last few years.
What led to the sudden boom in popularity?
During the pandemic, creators ramped up their social media presence, creating more content to keep their audience entertained while they were stuck at home. This resulted in a surge of users on platforms such as Instagram, TikTok, and Clubhouse. In response, these social media apps shifted their focus to support creators, providing them with greater organic reach. This growth, along with the rise of platforms and tools that make it easier for artists to reach a wider audience, has helped to propel the market size of the creator economy.
What will happen as the creator economy matures?
The creator economy presents a wealth of growth and opportunity for individuals who can successfully monetize their creative skills and content. It’s a hot topic right now, and for good reason. With more and more people turning to the internet for their entertainment and information, the demand for unique and creative content is skyrocketing.
This is creating huge opportunities for digital artists, graphic designers, animators, video game developers, and other creative professionals to make a living doing what they love. If this is you, now is a great time to be in the game! Here’s what to expect from a growing creator economy.
More niches: As the creator economy matures, it’s likely that there will be a continuation of the trend towards increased specialization and the emergence of niches such as ASMR, slime, and wall art. Not only that, the rise of the creator economy has allowed for a more diverse range of individuals and businesses to monetize their skills and knowledge through content creation, and as the demand for specialized content continues to grow, it’s likely that new niches will emerge.
Virtual events and experiences: The pandemic has accelerated the trend towards virtual events and experiences, and as technology improves and audience demand grows, it’s likely that this area will continue to mature and expand along with it.
Education and personal development: With the increasing popularity of online learning and personal development, creators focused on creating educational content and products could see a surge in demand. Artists such as Jazza (6.23M subs), Ethan Becker (823k subs), and SamDoesArts (1M subs) create edutainment-based content that delves into the process of their art and passions within the creative industry.
Direct-to-consumer businesses: As consumers become more empowered and seek out alternative sources of income, the trend towards direct-to-consumer businesses could see continued growth, with creators and influencers playing an increasingly important role in driving sales and building communities. Society6, Teespring, and Redbubble allows artists to monetize their work in the form of home décor, clothing, and phone cases respectively. By cutting out intermediaries, artists can build stronger connections with their audience and earn more money from their work.
There are several reasons why content creators should join the creator economy now. Firstly, the market size of the creator economy is growing more and more. As of 2022, an estimated 50 million individuals are participating in the creator economy and it is estimated that the worldwide creator economy has a value of $104 billion.
In conclusion, the creator economy offers a wealth of opportunities for content creators, and with its continued growth, the time to join and show-off your talent is most definitely now!
