Creator’s Economy! The new big thing!

-Shashank Bhatt

Technology has brought a lot of big shifts in almost every aspect of our lives. One of those great changes is the introduction of Creator’s Economy. Even if you don’t know what it means you must have already encountered it by now.

In simple terms, ‘Creator’s Economy refers to the economy which is built by individual creators’. Any individual that contributes in the creation of any content (mostly over digital platforms)that serves an audience with a potential to monetize becomes a part of the creator’s economy.

The video streaming giant ‘YouTube’ brought the revolution in video content creation by enabling normal users to create a channel of their own and post videos to serve a niche audience that ultimately leads to the monetization. That encouraged a lot of people to pursue content creation as a career.

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What was started by YouTube was followed by other social media platforms like Instagram & TikTok which enabled users to create contents using their inbuilt editing tools. With ease of creation and modification the volume of the content created over these platforms grew like an explosion. As per a survey more than 17 Million people contribute to the creator’s economy in US alone.

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This has lead to the growth of the creator economy with over 50 Million creators worldwide. Being a digital influencer has become one of the hottest career choice for millennials. However, the competition of being at the top has made many influencers to fake their number to look better and stand out in the digital space. Creators have been known to use technology to show inflated followers on their account. For those reasons it has become hard to identify genuine creators.

Apart from creating content for the purpose of entertainment many also hire freelancers from around the world for their professional requirements. Previously it was limited to the mainstream freelancing jobs like Graphic Designing and Web Development but now it has given a rise to may untraditional line of business.

Platforms like OnlyFans has rose to popularity in a very quick span of time. In this platform content creators post content as per the demands of their followers(also known as fans) in exchange of a subscription amount. This has encouraged millions of people who would be happy to share their private pictures with their fans in exchange of money.

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When the world was hit by the spread of COVID, it forced almost every mainstream business to halt their operations. Many big businesses still couldn’t manage to get back to their normal working and the world economy took a shot. However, this enabled a lot of new digital creators along with the existing ones to take advantage of the digital platforms and make a living out of it.

Digital creators on several platforms are known as influencers because of the influence they have on their followers who follow them for their content. Influencers on Instagram & TikTok post content in various niches such as fashion, travel, entertainment, fitness to name a few. These creators having a huge follower base also serves to the related businesses to sell their products to the followers via the creator’s account. In this way the business transaction happens online via these social media platforms and services gets to the customers via a credible source.

This has brought the power to an individual creator in their niche which previously was held only by celebrities.

To conclude, any piece of content which has interest of a significant number of people who would be interested in consuming the content frequently, provides the content creator with opportunities to monetize their content. This then leads to the flow of economical activities over various platforms and benefits every segment of the chain.

If you think you can create content that would be loved by people. Time has never been better to start!

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