Even if you haven’t heard of the creator economy, if you’re connected to the internet, you’ve likely encountered it.
Broadly speaking, the creator economy represents social media influencers and creators who monetize their content online – from fashion bloggers to live-streaming gamers – and the companies built around these creators.
About 50 million people worldwide consider themselves creators, with the majority – about 46.7 million – calling themselves amateurs, according to a report by venture capital firm Signalfire.
Matt Kirschner, executive vice president of the social media influencer marketing agency Talent Resources, said he considers a creator professional if one can sustain and grow one’s earnings consistently through their content. Kirschner said it’s an around-the-clock job for these creators.
“They're planning their content shoots, figuring out the best lighting, locations, interesting or eye-catching content,” Kirschner said. “They're working on their captions to draw you in and engage you, they're also engaging with their fans and followers and sometimes their detractors as well.”
Among the traditional platforms creators use to reach audiences like YouTube, Instagram and Facebook are newer platforms designed specifically for creators, like the subscription-based services Patreon and Substack.
It’s a lucrative and growing industry – business analytics company CB Insights reported $1.3 billion raised by creator-focused companies in 2021 alone.