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In: business, career

The Creator economy is a current generation, a fast-paced economy that arose with the growing popularity of the digital economy, and with a far-reaching impact on people and the digital economy. The Creator economy comprises people who started as mere internet patrons and have evolved into experienced internet savvy users primarily making a living as content creators, influencers, YouTubers, etc.

Who is a Content Creator?

A content creator is someone who uses social media alongside software, and finance tools to monetize their content, knowledge, and skills online. The current digital economy has sprung up giving a surge to an ecosystem created around this new imaginative community. There are logical platforms and content creation devices that help us track, monitor, and capture the metrics and outcomes of the digital economy.

Interestingly, the Nigerian government has also recognized the significance of grasping metrics in the creator economy and has just initiated a panel to assess the audience levels and size of the digital economy to recognize where the revenue shortfalls lie.

Furthermore, the European Union (EU) is also working on a project called GAIA-X. The GAIA-X project is a data infrastructure that will connect its digital ecosystem within European countries, creating standards in a competitive atmosphere for content creators, businesses, and all players in their digital ecosystem.

Numerous people including those that have blue-collar jobs have moved into media to exhibit their capacities, and/or facilitate making use of videos, podcasts, or blogs. It is thrilling to think that eventually, many more people can earn money from their passion, and the comfort of their homes.

With the conception of software and financial tools, and the aids provided by the different digital platforms, autonomous creators and digital businesses find that money could be earned from making use of social media to share their content. By maintaining a trusted audience catering to their mode of content, creators can now earn incredible figures.

Brands today realize the impact of creators and their ability to harness social media to market commodities and services to a lot of people. Creators have started to understand the capability of branding whether personal or business-wise.

Subsequently, there has been a surge in the digital and support enterprise, i.e. companies and Agencies organized to help creators make money by selling digital products and services making use of tools. For Example, advertising and funded content, brand managing, presentations, paid subscriptions, digital content sales, merchandise, books/ebooks, live and actual events, fans engagement, speaking engagements, and lots more. As a result of this, creators can maintain the trust of their supporters and audience while concentrating on creating more extraordinary niche content that caters particularly to their audience’s concerns.

Transition of Creator Economy

There has been a transition from using just social media outlets like Youtube for ad revenues to being paid by brand supporters on Twitter, Instagram, and Snapchat, and other popular platforms like Tiktok, and Facebook.

Creators can greatly attract people to different platforms by making use of their influence, hereby incentivizing platforms to give them rewards. Companies like Facebook are placing standards strategically for the creator economy, and giving rise to plans to create a suite of Influencer devices on Instagram which includes creator shops, native associate links, and a marketplace to attach influencers with brands. Also, outlets like TikTok which is a Business to Consumer (B2C) application that initially was not developed to collect revenue, however, have built a marketplace that binds advertisers to creators, and has inaugurated a $200M fund to capitalize on its leading creators. In addition, Youtube’s new aspect, “Shorts” enables creators to portray themselves in very catchy quick videos and boosts the chances of being invested in by Youtube itself. Podcasters too are not left out, and platforms like Spotify do not aspire to take a percentage of creative revenues until 2023 when it will start to take a 5% share. This indicates the influence and development of the creator economy and how firms are tapping into this newfound wealth.

A modern Profession as an Influencer

The creator economy has given rise to a modern profession, and the participants are referred to as influencers. Now, celebrities are not just famous actors or actresses, or musicians. Content creators who have created their brands and acquired followers that support and appreciate their content become influencers and finally celebrities. Influencers are very valuable because they have the power and ability to affect the buying decisions of their followers.

They also can attract their followers to support whatever it is they are involved in or a brand they are exemplifying. Brands that strive to remain relevant have seen the possibility of engaging with the creator economy. The creator economy must not be disregarded as it is a profitable source of income for a lot of people, especially young persons. A recent survey indicated that many young people prefer to be content creators or social media influencers in the nearest future rather than conventional professions like medicine. Worldwide, creators are leveraging their imaginative skills and making money out of their content. The creator economy has unfolded and holds the key to current and future marketing. It is apparent in the gradual supremacy of creators on social media and media organizations.

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