The Creator Economy
The Overview:
The emergence of ideas driven startups and innovative technology governed businesses and ITeS wiped out many traditional job profiles, particularly in manufacturing and service based organizations. The wider reach of internet and mobile services along with digital payment processing ease pushed the micro and tiny businessmen to follow the social media based growth. The awesome support of Central Government aided Digital India processes transformed the way people do business.
The multiple income tracks and economical entry level motivated the exponential growth of whole ecosystem of online platforms and profitable creative enterprises lead by digital creators and web/online developers.
These dynamic changes enabled and evolved the mindset of creative professionals to move out of their comfort zone and developed into the creator economy, where people found a way to earn money by marketing their inane skills, hobbies, and interests online.
The creator economy shifts the focus from institutional economy to individual or solo entrepreneurship. It encompasses a wide range of individuals, including content creators, influencers, YouTubers, podcasters, bloggers, artists, musicians, writers, and more, who earn income through their online content and engagement with their social media followers / linked audience.
What are the benefits of the creator economy?
It impacted all the elements of economy, from manufactures to marketers, the creator economy offers innovative ways to engage and connect with clients and consumers in authentic ways that can drive business growth.
According to Goldman Sachs, the creator economy is worth about $250 billion in 2023. For context, that’s about a third of the size of commercial banking in the U.S. It’s a massive, international industry that’s projected to grow even bigger in the next few years.
A recent study YouTube did with Oxford Economics also showed that YouTube’s creative ecosystem contributed over Rs 16,000 crore to India’s GDP and supported the equivalent of 7.5 lakh full-time jobs.
The creator economy has infinite potential possibilities. It really huge now, and it’s still growing, exponentially. There are an estimated 60 million people in the United States Creator Class alone who are contributing to the production of creative content being posted all over the internet. In 2021 itself, the 50 million creator economy escalated to $14 billion.
Digital Creators now look for additional revenue sources and are looking for out-of-box ideas besides flexible job culture. The whole tribe of Digital Creators are expressing and sharing how they are empowered by remote working, work-from-home and assisted by emerging technologies. Many small and micro businesses collaborate with celebrities, social media / community influencers and online creators to boost brand visibility and audience attention.
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