Gen Z, millennials and a new, multitalented and hungry-for-digital generation are taking the world by storm. We can think of it as the Class of 2020 – when Covid-19 hit and brought with it restrictions and regulations that would change the way we work and live forever (a worldwide lockdown, working from home, experimenting with and adapting to a new normal, an unfortunate rise in unemployment, etc.). However, before “graduating” in 2020, in the last decade this class was already well on their way to becoming the future digital leaders of our world. Today, these individuals can be described as the Creator Economy.
This article will define what exactly the Creator Economy is and how it is shaping content in 2022.
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What is the Creator Economy?
The Creator Economy is best defined as a class of businesses built by 50 million+ content creators (or solopreneurs) including curators, social media influencers, bloggers and videographers. These solopreneurs make use of software and finance tools to help them grow and monetise their businesses.
Why is this new Creator Economy booming, you might ask? According to technology market intelligence platform, CB Insights, companies that are creator-focused have raised €1.1 billion – in 2021 alone. That means the skills Gen Z and millennials are bringing to the creator economy are changing the name of the (online) game, so to speak. Social media alone has been momentous in the rise of the Creator Economy. 57.6% of the world’s population uses social media – that is more than half of the people in the world! It’s no wonder then that the Creator Economy is the marketing and business leader today. Especially since $800 million in venture capital has been invested into Creator Economy startups since October 2020, according to Influencer Marketing Hub.
There is no better time to be a content creator, and with platforms such as Facebook, Instagram, TikTok, YouTube and Twitter (to name but a few), the options are endless!
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How is the Creator Economy shaping content in 2022?
With this new generation of solo, or micro-entrepreneurs being valued at over $20 billion, investors are highly interested in this economy. Brands realise that they need to tap into this market if they, themselves, want to stay relevant. Budgets, for example, are being adjusted to include campaigns involving creator marketing. As a result, influencers, or Creators, are getting approached and paid for “services” including sponsored content, shout-outs, fan clubs, advertising revenue shares, and more.
Three of the biggest trends in the Creator Economy that we need to be aware of in 2022 are:
- Creators, influencers, curators, etc. are moving their top fans off of social media platforms and on to their own platforms such as websites and apps, as well as monetisation tools.
- Creators are becoming founders – not in an Inventing Anna kind of way, but real founders who are building out teams and tools in order to start their businesses while still being able to focus on their art.
- This generation of Creators are powerful, and they’re becoming even more relevant in the media ecosystem as fans are looking to connect with real, unique and individual personalities rather than publishers to whom they can’t put a face.
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Leah Bell-Leask, Instagram Account Manager at Future Females and digital content creator describes why the Creator Economy is booming and progressing:
“Being part of the Creator Economy is an exciting opportunity to grow my personal brand and to create a positive impact worldwide through creativity! For the past few years I have worked with awesome international brands (Cotton On, Rude Health, Health Passport, etc.), and influencers which allowed me to grow as a photographer and brand as well as develop connections and an understanding that I can make an income through my Instagram account. It all comes down to networking – since I started I have always adopted a hustling mindset and have done MANY free collaborations to help grow my brand! The Creator Economy is BOOMING in 2022 and is only going to progress with NFTs and the Metaverse! It’s such an exciting time to be part of this space!”
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TOP TIP:
If publishers, brands, and other “traditional” business owners want to be a part of this fascinating and growing Creator Economy, they can consider content amplification – the processes and methods you use to boost or promote your content. To move beyond the traditional way of boosting online content (such as through social media, paid advertising and email marketing), partnering with influencers, or Creators, could get you way ahead of your competitors.