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Game streamers, beauty vloggers, podcast producers, fitness influencers, newsletter editors… The content creation economy is one of the only ones not to have experienced a crisis due to health hazards. On the contrary, platforms have never devoted as much money and resources to the subject as at this time. Content creators are more numerous, the market is becoming more mature and structured. Passion Media takes a look back at this phenomenon, which promises to be a long-lasting one.
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The creative economy is booming
To date, only a few pioneers and innovative companies have chosen to work with content creators. This phenomenon is changing. With the health crisis, content creators have gained visibility and impact. Brands have noticed the trend and have embraced it. Many companies, who were previously shy on the subject, have chosen to work with content creators and to devote a significant part of their marketing budget to them.
Platforms are following the trend
The historical platforms (Facebook, Instagram, Twitter, etc…) used to base their business model on advertising. They relied on the work done by the content creators, while not integrating them in their vision. Their profitability was based on the work done directly with brands and advertisers. This is [partly] no longer the case. Given the growing impact of content creators, platforms have made a 360° turn. They are refocusing on the economy of creators and are implementing a wide range of measures in this direction (Twitter with the paid subscription, Pinterest with the Creator Originals program, Spotify via monetization, Snapchat with more than 250 million paid back to creators via Spotlight, Youtube via a 100 million fund dedicated to creators via the Shorts format, etc…). Yes, everyone is getting a grip on the subject.
The number of creators has exploded in 2021
This considerable change in strategy gives hope for a new Eldorado for content creators. In fact, more and more of them are jumping in. The payment company Stripe recently published a study on the subject. According to its data, the number of content creators will have increased by more than 48% in 2021 (compared to the previous year). This is an unprecedented leap, and one that is most likely underestimated. According to the company, if the momentum continues, the flagship platforms could be expected to “support more than 15.5 million creators within 5 years”. Facebook has adapted its strategy in this sense. Mr. Zuckerberg recently committed to not taking any share of the revenues generated by creators before 2023. In other words? It’s a way to let the sector structure itself, the creators develop, and the subject gains in maturity. It remains to be seen what will happen next.
A structuring phase is necessary
The rise of the creative economy is not limited to platforms alone. Many companies are also trying to make their way in the market. According to a study by The Information, more than 3.7 billion dollars have been raised by companies related to this activity. At the same time, there has been a key shift in the way work is perceived. More and more people are questioning their careers and lifestyles. In the front row? Young people. The traditional vision embodied by the previous generation no longer appeals to them. They want to be in control of their business, and the creative economy seems to be a great way to get there. So, let’s keep an eye on the next developments?
