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Hey you,
Are you familiar with the Creator Econny? A term you may not know, but you’ve probably heard of it. For less than ten years, new ways of working have been developed, leaving a great place for independent content creators, thanks to technology that has opened the way to new uses that themselves have generated this new economy also called Creator Economy. With the development of monetization and the arrival of advertising on social networks and content creation platforms, it is now possible to earn a living and set up a business thanks to the influence we have on social networks and the people who follow us, this is what we call the Creator Economy. And since it’s a subject we are passionate about, we explain everything you need to know about content creators!
A monetizable playground
A YouTube stuntman buries himself for 24 hours in a box full of supplies and equipped with a camera. On IGTV, a world-famous musician holds an intimate concert. Two sentences that sum up the economy of creators, where everyone builds their own celebrity in their living room and millions of fans can look at it without coming close. More than ten years ago, only a few large media companies, music labels or publishers decided who and what the public could see and thus exercised financial power and omnipotence over these creators and their content. But times are changing, and fortunately so! This new digital and monetizable playground allowed content creators to become their own publishers and in the process, monetization tools quickly developed to see the birth of activities directed towards the public.
Independence versus influence
A positive development for content creators who now have countless tools to create and access audiences but for the most part do not own them. The exchange may seem like a good idea and especially a good business, but there is always a price to pay: unexpected policy changes, algorithm updates, fickle users or even closed networks, without reason or warning, everything a content creator has built can suddenly disappear. But then, how do you keep what you’ve built? Well, to last, it’s about anchoring your brand on owned channels and creating communities that don’t depend on any platform: ownership. At a time when the border between the economy of creators and entrepreneurship is fading, these independent creators are having fun!
The future is already here
The pandemic has had a huge impact on this ecosystem and has seen the emergence of many content creators looking for alternative and independent sources of income after losing their jobs. Telecommuting increased everyone’s screen time and the economy of content creators was strengthened by the confinements and needs for connection to the outside world. Finally, it was the perfect time for new content creators to establish and weave new relationships online with the help of a smartphone and an internet connection, many stories were told on social networks.
A growing economy
Today, more than 50 million people around the world claim to be content creators. Influencers, bloggers, social media personalities, comedians, activities, podcasters, videographers, artists, musicians and athletes make up the content creator economy. They are full-time entrepreneurs, stars or micro-influencers and the best paid ones paint an unrealistic picture of the Creator Economy as some influencers or stars can earn up to $1 million per sponsored post or through advertising revenue but this small fraction, in no way reflects this Creator Economy. In reality, it takes a very large audience to live on advertising alone. For other players in the creative economy, monetizing their audiences with advertising, subscriptions (like on Patreon) or sponsored content is more of a mix of revenue sources.
Between content and commerce, the border is getting tighter
New content creators have understood that in order to gain independence from platforms, they need to move their fans into their own spaces: private social networks, websites or online stores. Among the French players in the sector, the format we propose at MYM aims to encourage creators to offer quality content while securing the financial aspect. This virtuous model allows content creators to develop their community, exchanging value for a much more intimate and direct relationship by giving them access to exclusive content, online events and previews, selling subscriptions or branded products and creating sponsored content for partner brands. Finally, the next step for content creators should be focused on developing real relationships with the audience. Make sure you build your community because no matter where you go, they will follow. A true fan base often requires more than just pressing a “Like” to support their favorite content creators. As such, branded merchandise and built communities are a bridge for fans to discover and connect with other audiences, while strengthening relationships with their favorite creators. Perhaps one of the most important aspects of a community controlled by content creators is the protection offered against major platform changes because, when a price is due, the owner decides. If you find yourself in this article, you’re already ahead of the curve, and you’re just one step closer to maintaining your independence!
