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9 CREATOR ECONOMY QUERIES ANSWERED

You read right.

The love story with social media started from the beginning of the 2010s. When Web2.0 kicked off in the 2000s, a large group of people turned their hobbies into careers. In the midway, lots of them suffered from burnout, inconsistency, and many such issues.

But time goes on.

Social media has become the closest companion of businesses from 2020. The use of social media has increased with time but lockdown boosted this pace like never before.

Platforms like Instagram, Twitter, Linkedin, Facebook, and Tik Tok have seen a huge increase.

Brands began to showcase, promote, market their services and products. Companies started to build a new tribe on the internet to their advantage. They are content creators. This tribe includes influencers, bloggers, videographers, designers, podcasters, photographers, and many more. They take the help of different platforms to build an audience with their content.

I have got 9 questions you need answers to know about the creator economy.

Let’s go.

The internet enables creating opportunities for the biggest amount of people. It allows creators to gain an unlimited audience for their creation and monetize it. The Internet also removes frictions like search and distribution costs.

The second-largest upcoming source of jobs is the increased automation of jobs. It influences more people to become creators and start a solo form of employment.

Opportunities for creators are endless. They can become founders, actors, journalists, teachers, authors, service providers to anyone.

They have a great asset in their hand and that is people’s support.

Creator economy has gained space from big giants like Instagram. As CEO Mark Zuckerberg has announced to launch a bunch of influencer tools. It includes creator shops, affiliate links, marketplaces. Clubhouse and Twitter rolled out tips for creators. Twitter is also working on a Super Follow Feature to let creators charge for their tweets. Creators also can distribute paid tickets for spaces. TikTok and Facebook have built a marketplace for creators with investments over $1 B.

This chain of value distribution has become bigger and bigger.

Let’s look at some examples.

2. Famous Instagram influencers can earn in 6 figures per post.

3. The top writers in Substack can take it as much as $1 M per anum.

4. Gumroad’s creators have made more than $500M by selling their content.

5. Buy me a coffee helps creators receive support from fans.

Creators are becoming their top fans off of social media networks.

They are building their own companies.

There are four kinds of creators in the industry.

These creators are at the beginning stage. They are doing it for fun, joy, or as a part of exploring new fields. Here, creators go to experiment, meet new people and try many fields to match their interests.

At this stage, their pain points are time management, money, distribution, marketing, and fewer experiences.

These kinds of creators are those who can support themselves. They quit their jobs and go their all in. They have a sustainable cash flow under their hand.

Their pain points are less experience in running businesses, team building, utilizing time, and using resources.

Here, creators partner with brands, such as social media companies, record labels, publishers, and other influencers.

The biggest challenge of these creators is maintaining fame, relevance, and brand recognition. Decision-making power and habit of conversion of problems into scopes of growth.

This is the level every creator dream of. Here, creators create generational wealth under their name. They monetize their large audience anytime. They advertise with world-class brands and enjoy a different level of success. Their fame, name, mindset, hunger for growth hits at the peak of their life.

These platforms will support more than

15.5 Million creators in the upcoming 5 years.

The creator is a term marketed by Youtube in the year 2011. Though, TikTok, OnlyFans, Clubhouse have begun to call it the users by this name.

Now, the $20 billion worth of creator economy is thriving. Each creator behaves like a startup here than an individual.

This unexpected time of lockdown day took many people’s jobs. So, it is so relevant for creators to use this opportunity and produce money out of it.

The Creator economy has become a fundamental part of the global economy.

They can earn money through brand promotion, social media strategy creation, social media management, consultancy, endorsements, their product or services and many more in the process.

The creator economy is growing at a rate of close to 20%. Large categories like music, text, design are the major weapons of creators. For this reason, brands are pouring their money in to reach a specific audience of creators.

Creators should build fans through their content. It can be by the association of insights, emotional connection, and entertainment. They also need to define their brand, identity, the format of content, among text, audio, video, or visuals.

Creators need to become flexible, consistent, authentic and social people. And with patience, persistence and priorities, they can easily achieve new heights in their career.

Yes, they are.

You also can use Youtube, Instagram, Facebook, Snapchat for video creation.

The pros of the creator economy are though it is at the budding stage, investors are betting big on it. They have a vision of creator-led social media platforms, startups, companies. They say they will live like film stars. They say creators are the new currency.

There is also going through a paradigm shift and more changes will happen.

The cons are it’s too competitive a market to become creators. As a creator, you have to experiment with content, platforms to ways of monetization.

The audience is also starting to judge people.

A huge part of creators belongs middle class. They have to find more monetization channels to survive. The lack of accountability is also one of the biggest issues. In the case of sponsorships and endorsements, it has come out worse.

The future of the creator economy will see more options to get revenue streams. It also sees better channels to connect between creators. Creators will receive greater support from the audience and grow unique relationships.

Till then, as a creator, live your passion, earn money, gain popularity and do a lot of things!

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