If you asked a group of kids what they wanted to be when they grow up 20 years ago, odds are that you’d get answers like a doctor, firefighter, teacher, or athlete. Things have drastically changed over the past decade with the emergence of the creator economy, new ways of earning an income have been normalized, and answers like ‘Youtuber’ come as no surprise.
What is the creator economy?
The creator economy refers to businesses built and managed by independent creators, including vloggers, bloggers, influencers, and writers, as well as the platforms and tools they use to support their monetization.
Creators are those who leverage their creativity and skills to monetize themselves and earn a living, most commonly online.
Just a few decades ago the perpetuated phrase of the ‘starving artist’ had a widespread connotation suggesting that creative talent and a earning livable income can’t go hand in hand. Society has drastically changed and the new creator economy has opened a wide door of opportunity with a low barrier to entry, thanks to opportunities offered by social media and the online space more generally.
As well, innovations in the tech space like easy online payment methods and platforms that help creators manage their businesses, have made this path more feasible.
Let’s talk numbers
The Influencer Marketing Hub estimates that the creator economy is estimated to have over 50 million independent creators. The total creator market size is over $104.2 billion and this number is only getting bigger. This estimation includes the influencer marketing industry and the hundreds of new emerging startups.
How do creators earn a living?
Many people think that the term ‘creator’ is synonymous with ‘influencer,’ and although that isn’t too far from the truth, it can be a puzzle to understand how these creators actually get paid enough and cover their bills. The reality is that there’s a lot that goes into it behind the scenes to reach a point where you can have an audience of considerable size to influence and monetize. Creators with an audience (you can even get started with as little as 1,000 followers) can earn income through:
- Brand deals
- Ad share revenue (on platforms like YouTube)
- Affiliate links
- Personalized coaching
The good news is, influencing on social media isn’t the only way to partake in the creator economy, there are other ways to get a piece of the pie, like:
- Tutoring a high-demand skill online
- Knowledge commerce
- Practically anywhere you can generate leads from and drive traffic to!
To wrap up…
The creator economy has grown at a significant rate over the past decade. More and more people are seeking time freedom, location independence, creative expression, and enjoyment in their careers.
If you’re looking to take part in the creator economy, there are many ways to get started as highlighted above. Building an audience and monetizing it is a long-term strategy that most people know of, although an underrated side hustle is to sell your expertise by tutoring online or group coaching.
Our platform, Seshhub, empowers creators to build their own successful empires by giving them all the tools they need in one location.
Check out our 14-day free trial to get a head start and see how you can monetize your talent!