Creator Economy
Creator economy is a network built by bloggers, content creators, social media influencers, digital leaders, YouTubers, vloggers who monetize their creativity and make their economy. There is no limitation for creation, what you create using different software and tools – you monetize it and publish it by distributing the content through different content platforms like Instagram, youtube, TikTok, Snapchat, clubhouse, Spotify.
Creator economy gives people the opportunity to specialize in their passion, few years ago working in a shop or office was the routine of secretly dreaming of your passion to become your job. But that’s not the case here, creator economy gives you the liberty to make money through what you love doing whether be it in fashion, video games, baking or arts.
Who could have thought that today’s teenagers could earn money by just making funny videos viewed by large audiences? The definition of celebrity has changed, nowadays kids, teenagers or twenty-something making videos on online platforms are loved and recognized as modern celebrities. The best example would be Prajakta Koli, known by her YouTube Channel Mostlysane, is an Indian YouTuber with 6.51 million subscribers and 990.6 million views and actress who makes comedy videos
The internet that was 10 years ago is different from what it is now. The fast-changing internet has generated so many opportunities online for creative people. Writers, filmmakers, musicians, artists and other content creators can all share their creative visions with an appreciative audience. There are also new niches, such as live stream gaming and podcasting. Earlier we had to work with traditional publishing houses, film companies, or record labels if we wished to make our career in creative field. Now creators can make money themselves without the need for managers or any contracts
There are numerous marketplaces online where you can sell your creativity and benefit. There are obvious sites like Amazon,etsy,medium,shopify and ebay . However, other platforms can also benefit creators, such as Tumblr, WordPress and medium (for bloggers), Twitch and Mixer (for live streamers), Instagram and Pinterest (for photographers,video making ), and YouTube and TikTok (for filmmakers).
There isn’t a system defined on how creators earn revenue, but in most cases, they share revenue with the platform on which they operate. For example if your a Medium blogger, you generate income that comes from the money Medium earns from subscriptions. You share the revenue with medium. For your craft product, you can sell your handmade products on Etsy. Etsy charges sellers three types of fees. Popular YouTubers collaborate and play ads on their channels and get to keep a portion of the revenue. Creators or influencers revenue-share in some way or the other with all the other creator marketplaces or brands
Presently Social Media has been a crucial part of marketing for over the past 10 years. However,pandemic during pandemic this luxury has become essential for the survival of our economy. With everyone locked inside brands and businesses were forced to move to online platforms find ways to boost their products virtually. Businesses have started relying on and taking advantage of these apps to advertise. For instance, the Instagram reel was introduced during the pandemic and no doubt to date is one of the popular features of Instagram for creators and brands.
And how brands and creators of social media work together is something that should be talked about.
Influencer marketing is a mix of old & new marketing tools, it involves a brand collaborating with a social media influencer with good engagement and followers to market its product or service. Influencers are modern-day celebrities who can be anywhere, their large following or subscribers on social media or the web is what makes them influential.
An influencer can be anyone either a fashion blogger, photographer, speaker or chef who have 1000 + followers. It is also a storytelling process of a brand conveyed through the content of influencers engaging its followers through posts, reels or stories. Influencer marketing is more of a brand simply collaborating with influencers for brand recognition and awareness
Youtube, Instagram, LinkedIn, OTT platforms, Podcast is the next big future. Creator economy is going to become a gamechanger and will create many new digital leaders. Collaboration is the key to success for creators and influencers. But collaboration is not possible without the same purpose of both the individuals or brands. Collaborating with the right influencer whose niche aligns with essence of your brand could be beneficial for both brand and creator ,because it gives you an already engaged audience and helps your product or service get the attention they require.
As overwhelming as it may seem to consider working with influencers in abroad , global will soon be the normal, so the time to start getting used to it is now. The Internet is borderless, and the cultural and linguistic barriers will disappear over time. time is of the essence for brands to look beyond their home market and gain experience collaborating with influencers overseas. Creator economy + Podcast is the future. Remember Attention is the new currency.
