The Current State Of The Creator Economy
In this weeks blog post i’ve summarised and read the Linktree Creator Report 2022 and the 2022 Adobe Creators In The Creator Economy Report, so you dont have to. I’ve chosen my top five stand out points and reflected on how the creator economy is changing. The main takeaway from this reading is that as a creator or influencer it is essential to have a business or product that isn’t yourself to fall back on. The sort of thing that can bring you money when you’re on holiday.
Number one is that 2 in 10 creators own their own content related business. This is a huge shift in the creator economy, as creators are understanding the value of a business and how to form this on the back of their success as a creator or influencer. Many chose to create their own apps, websites or books with exclusive content. At Remote coach we enable influencers and creators to create their own businesses from their content and community, allowing them to increase revenue as a creator. We’ve seen the impact that this has on small businesses and the journey from creator to business owner. 🔥
This flows naturally onto the bext point, which is about 40% of creators spire to become business owners rather than influencers. Let’s look at the difference between a creator and an influencer. The Insider Intelligence suggests that whether someone is called and influencer or creator is dependent on the platform they mainly use:
- YouTube has essentially used the same definition for years, but it segments creators into “established” and “aspiring” to account for varying follower counts.
- Facebook considers any entity that builds community by publishing content on Facebook to be a creator, whether an individual video creator, publisher or media company.
- Instagram considers influencers and creators to be one and the same. The company says it uses the term creator because that’s how many of its partners see themselves.
- Snapchat uses a similarly broad definition that includes not only video producers but also those who create augmented reality (AR) features.
- Twitter defines a creator as any entity that produces content. It further divides the term into “artists” (known for their skill at creating a particular type of content) and “influencers” (known for their voice or their thought leadership in a particular community).
They then conclude that:
- Creators: People or entities that develop original video content for digital properties, and who consider creating that content to be their career or livelihood.
- Influencers: Individuals who sway the brand preferences, buying decisions and loyalty of the population because of their notoriety or fame.
And i agree with this, but t the end of the day i believe that the individual has the power to decie which word they associate with.
The third takeaway is to seek out quality audiences over quantity. This is a common theme throughout my blog as quality audiences mean a reliable and engaged community which in turn can result in income for you. As well as seeking out quality audiences one must put their energy into keeping them, as long term community members will become your biggest cheerleaders. 🙌 Many are focused on increasing their audience. But never focus on retaining them. Retaining customers builds loyalty and a strong customer base. Some may even call them hardcore fans. Your retention strategy should be prioritized along with your ‘getting new’ marketing strategy. It’s worth adding value for your customers to motivate them to stick with you. This could be free information, more 1-2-1 time with you or even a gift or prize.
Furthermore, creating in the right way can bring in cash, more than half (51%) of influencers are making in the top income bracket or the US equivelent of bringing in a household income of over $100K+. But this is at the expense of uncertainty. Beign an influencer and bringing in these deals can bring you a huge amount of cash, for a lot of the time, not a lot of work. However, these deals arent a monthly salary that you can depend on and predict.
Finally, Linktree suggest that for the new year its important for content creator to monetize small, engaged audiences that know and love your work. Rather than chasing bigger follower counts or brand colaborations, focus on growing your owned plaforms. This is what Remot Coach is all about. For more information on how we can support influencers and creators with growing and monetizing their own platforms visit our FAQs.