Welcome to the glamorous and lucrative world of the creator economy. You may be familiar with this word phrase, but I believe you still don't know some points. Billions of people think they are content creators in the digital marketing industry. They call themselves TikTok creators, YouTube stars, Instagram content makers, and more. First, you should know the creator economy to become one of the most money-winning social media influencers on different platforms.
Let's start from scratch and learn down to the last detail.
What Is a Creator Economy?
The creator economy forms the warp and woof of the digital marketing world. It is a software-facilitated economy that includes data collection, content creation, and distribution of all kinds of written, visual, and verbal texts via the Internet. This creative economy model allows influencers and content creators to make money from their creations on various digital platforms. Creators benefit from digital platforms to spread their influence with unique content and find like-minded social media users to build a highly engaged community.
Key Notes
- More than 50 million social media platform users think they are content creators worldwide.
- 46.7 million people are inexperienced creators.
- There are professional creators over 2 million.
- Half of them are experienced content creators making 1 million or more money from YouTube.
- Nearly 12 million inexperienced creators earn income on the YouTube platform.
- Approximately 500,000 experienced content creators make a buck on Instagram.
- There are roughly 300,000 skilled streamers on Twitch.
- Over 30 million content creators earn as Instagram influencers.
- Most creators benefit from third-party companies to boost their influence, and click here for Views4You's best for buying services for various social media channels.
The Evolution of Creator Economy
The history of the creator economy dates back to the late 1990s. In 1997, Paul Saffo pitched this approach as a "new economy" at Stanford University. The early creators worked with illustrations and animations at that time because there was no marketplace available to generate revenue.
In the late 2000s, the most popular online platforms, such as Facebook, YouTube, Instagram, TikTok, and Twitch, gave birth and assisted creators in earning from online content.
In 2011, YouTube started to use the "creator" term instead of "YouTube star" for people who create content on the platform.
Influencer Marketing Industry
With the evolution of digital platforms and social commerce, the influencer marketing industry has spread worldwide. The influencer marketing industry flourished more than 500% between 2016 and 2020. The number of creators who make money from various social media platforms like TikTok, Instagram, Twitch, and YouTube is progressing day by day.
In time, businesses recognize those people, and creators become the ambassadors of both less-known and popular brands. These companies provide creators with various products and want content makers to promote and advertise their goods and services. Brand partnerships allow those people to share sponsored content and earn money from those posts or videos.
Today, more creators can make big bucks from several sources such as advertising, merchandise, establishing a personal brand, selling fan engagement, consulting, and more, as well as brand deals. These revenue streams enable creators to earn a livelihood from different channels and spread their influence easily.
Independents
MBO Partners classify the creators into three categories;
- Full-time independent contractors- work more than 15 hours a week in their specific niche without changing it in the near future.
- Part-time independent contractors- work regularly but less than 15 hours weekly and earn money from different sources for a living.
- Occasional independent contractors- rarely create content in a specific niche and platform.
Creator Week
Creator Week was arranged for the first time on June 8-10, 2021. It aimed to gather influencers and brands and vivify the creator economy on Instagram. Meta also organized a creator week, 1-7 November 2022, in London.
The Key Components of the Creator Economy
There are crucial components composing the creator economy. Let's learn what they are.
Who Is a Content Creator?
Let's first know who is called a content creator.
An individual who creates content addressing a particular audience to make money on a digital platform. Content creators have multiple revenue streams to make money with their productions. These people build a community to spread their influence to make users buy and try products and services. Plus, they give valuable and beneficial information about different topics to enlighten their audiences.
A content creator is mostly an innovative, talented researcher with a unique voice. To join the creator economy as content producers, you should be authentic and engage with creative endeavors.
Types of Creators
There are lots of online platforms, and these have various influencers. In today's digital world, people mostly become YouTubers, Bloggers, TikTokers, Instagrammers and Podcasters. You may prefer other platforms than popular ones to become a successful content creator and make a difference.
Skills and Talents
To become a prosperous social network influencer, you need to be authentic, skilled, creative, and innovative. You should be an expert in a specific niche and focus on related topics.
Ways to Earn Money for Digital Content Creators on Social Media Platforms
Content creators can find different ways to earn lots of money from one or multiple social channels. Here are the most preferred methods to make big bucks with original content.
- Sharing sponsored content
- Building your own websites
- Selling content
- Launching advertising revenue
- Taking money from your community via donation platforms
- Creating subscription-based funding
- Interacting with affiliate marketing
To build a sustainable career as an influencer, you need to benefit from various methods to earn keep. Thus, you can choose two or more revenue streams to make real money.
Most Preferred Content Creation Tools for Gig Economy
There are several tools to reach your target audience. Here is a list to find the most suitable ones to distribute content.
- Video creators: YouTube, TikTok, Animoto, Playbook, Magisto
- Influencers: Cameo, iFans, Later, Looped, My Fanpark, Tipsnaps
- Photographers: Instagram, Pinterest, Snapchat, VSCO
- Podcasters: Acast, Anchor, Buzzsprout, Capiche FM, Castbox, Podbean
- Writers: Ghost, Letterdrop, Medium, Revue, Substack, Steady, Wattpad
- Gamers: Athenascope, Discord, Epic Games, GamerzClass, Maestro
- Live Streamers: Twitch, Loots, Streamclub, Mandolin, Stream Elements, Streamloots
- Musicians: Abletone Live 11, Sonix, Beatstarts, Stageit, Mastered, FL Studio
- Course Creators: Airsubs, Avocado, Podia, Teachable, Heights, Samcart
The vast majority of influencers also prefer other tools, such as OnlyFans, Patreon, Onyx, Knowable, Gumroad, and Curtsy, to make money online. You can also benefit from big crowdfunding platforms like GoFundMe, Kickstarter, and Indiegogo to publish documentaries, books, films, comics, and more.
The Types of User-Generated Content
There are various types of online content to make enough money, reach a large following, and collaborate with more brands. If your content quality is good enough, you will be discovered by both other creators and online users. Let's take a glance at the most used content types.
- Videos/Vlogs
- Blog Posts
- Live Streaming
- Memes
- Podcasts
- Webinars
- Photos
- How-to Tutorials
- Illustrations
- Infographics
- Courses
- eBooks
FAQ
How Big Is the Creator Economy?
More than 50 million people think of themselves as content creators. Even if the creator economy was revealed a decade ago, it is one of the fastest-growing business types. According to total addressable market research, YouTube has over 31M channels, and Instagram has over 1bn profiles. Plus, Twitch has more than 3M streamers, and other platforms, including writers, podcasters, and musicians, are approximately 200K.
Which Platforms Are Most Popular for Content Creators?
Respectively, Instagram, YouTube, Facebook, Blogs, Pinterest, Twitch, and Snapchat are the most preferred digital spaces to create content. According to research, 89% of digital marketers are of the same mind that Instagram is crucial for the influencer marketing industry.
Can Everyone Join the Creator Economy?
Yes, of course. However, you should work hard and create unique content to be successful on the platforms because there are many creators. You need to have strong relationships with your audiences to improve yourself and be an expert in a specific niche. Otherwise, you cannot be part of the creator economy without your community.