Here’s the creator economy at a glance –
There are more than 50 million content creators worldwide generating content on a daily basis! With more than 31 million YouTube channels, 1 billion Instagram accounts, and 3 million streamers on Twitter, the number is growing each day!
What is it, and what is the size of the creator economy?
We live in a virtually advanced world where social media dominates our significant social interactions and entertainment. According to a report released by Hootsuite, in 2020, social media platforms gained 490 million new users who scroll through these apps daily. Instagram alone has over a billion users, with almost 10% of Americans owning a small-scale business on Instagram. Moreover, nearly 25 million active businesses are selling products around the globe. This has prompted firms to work on their online presence to gain more customers. Social media content creation has become more critical than before to sustain your business online.
People over a certain age do not remember changing channels on television, hoping to find something exciting to spend their evenings. With the world taking the path of digitisation, these things have indeed taken the back seat. In simple terms, a creator’s economy is anything built by creators over the years. In India and around the world, creators like MrBeast, PewDiePie, Superwoman, MostlySane, etc., have inspired so many to create content every day.
How does the creator economy work?
The working of the creators’ economy is pretty simple. It can be described as “create new, exciting content, and earn out of it by entertaining your audience.” Further, this content is published on platforms such as short-video apps, Instagram Reels, and YouTube shorts for quick but engaging promotions. A year or two ago, content creators only earned from paid ads and product placements. However, today, the creator economy is booming like never before! You can create anything and everything, from funny videos to educational videos and find new, more sustainable monetisation channels. In fact, this is where TagMango steps in to help creators monetise better by providing them a tool to host workshops and build courses.
This tells us that the creators’ economy is going strong and witnessing a paradigm shift, significantly since the pandemic-enforced lockdown irrevocably changed our content consumption methods. The best part? It seems like the transformation is only taking flight now.
Why is the creator world booming?
There are several factors that have contributed to the upliftment of the creator’s world:
● Changes in choices
One significant factor in booming the creator economy is the leap from television to social media sites. Rather than spending time on television, people love to scroll and see what’s going on on the internet. Therefore, not just startups, but even massive multinational companies choose creators to market their products and increase sales.
● The rise in social media features
The features and effects truly affect the choices of consumers. The innovative additions to the already existing social media sites have also helped boost the creator economy. Social media sites like WhatsApp, Instagram, and Facebook continuously introduce new exciting features to help creators fetch a good income through the platform. Also, there are many creator shops on Instagram, which improves the end product.
Future of the Creator Economy
Although the creator’s economy is still in its initial stage, steps are taken to attract better and scalable results. Today, investors and entrepreneurs believe that social media is a great way to come into customers’ eyes and gain engagement. Hence, it can be said that the future of the creator economy is robust!
The creator market, which comprises the influencer marketing industry, incumbent startups, and the entire creator economy, is worth more than $104 Billion with unmatched opportunities. These creators are not only famous for their enthralling, creative content, but for monetising their passion and turning it into their career. Despite the word being a decade old, they have caused a buzz around the term ‘creator economy’ in India’s current startup systems.
Creator-first startups successfully bridge this massive gap in income generation, such as TagMango, a mobile, and web app-based SAAS platform that provides a creator’s economy with the payment gateway, a chat feature, landing page builder, inbuilt video-hosting, and a wide range of tools for seamlessly hosting cohort-based live courses and workshops. They help evolving creators develop their content, grow audiences, upskill, find better collaborations, and increase the sources of revenue beyond advertising only. It leads to equality, especially in monetary terms. Also, as the revenue increases, they are all ready to monetise their content for the better. In all, the creators’ economy is booming.
We are standing at a point where many believe content creation is a dream job of many. It is no longer a non-conventional option. Since it is less vulnerable, people treat it as a serious career choice!