As a seasoned gamer who has witnessed the evolution of the digital landscape since its inception, I can confidently say that the creator economy is a testament to the power of innovation and the resilience of human creativity. It’s like watching a giant, living, breathing organism grow from a simple seed into a towering forest, each branch representing a new platform, each leaf a fresh content idea.
From humble beginnings with some viral videos and online posts about two decades ago, we’ve seen a massive expansion into a multibillion-dollar sector. This so-called creator economy encompasses content creators like YouTubers, TikTokers, Instagram influencers, livestreamers, podcasters, and others. Not only is it reshaping culture and entertainment, but it’s also disrupting commerce, education, politics, and various other aspects of our society.
With the increasing influence of the internet in our daily lives, content creators have amassed significant power and impact. A 2022 Pew Research poll revealed that over 70% of Americans between the ages 18-29 follow influencers on social media. Recently, YouTube surpassed Netflix as the leading streaming platform, with viewership for top creators continuously increasing. According to a recent Goldman Sachs report, it’s predicted that the content creator industry will exceed half a trillion dollars by 2027.
In 2024, it’s crucial not to rely on a single online platform for success. As Dan Weinstein, co-founder of Underscore Talent, explains, we’re currently in a period where diversification is key. This means spreading your presence across multiple platforms and exploring various income sources. Relying solely on one platform or revenue stream is no longer sufficient.
The notion that an influencer can rapidly gain fame on an app, secure major brand endorsements, and lounge by the pool at their Beverly Hills mansion is a mere illusion. Many prominent content creators assert that the industry has never been more cutthroat. As Josh Helfgott, a TikTok sensation with over 5.5 million followers, puts it, “2024 stands out as the most demanding and challenging year to create content, due to the fact that everything is increasingly specialized and fragmented, while algorithms are now harsher and more competitive than previously.
Success can bring significant rewards, as demonstrated by Tareasa “Reesa Teesa” Johnson, whose multi-part series about a past relationship became popular on TikTok this spring. The series went viral, resulting in 3.6 million followers on the app and partnerships with major brands like Target, Marriott, Adidas, and Microsoft. Currently, writer and actor Natasha Rothwell is working to adapt the series into a potential television show. Similarly, content creators such as MrBeast, David Dobrik, Logan Paul, The Nelk Boys, and Emma Chamberlain have utilized their online popularity to establish various consumer products and brands, generating substantial income for them.
Coco Mocoe, a 28-year-old content creator and trend expert with over 1.1 million followers on TikTok, states that the current space for creators serves as the launching pad for fresh products, intellectual property, or franchises,” is one way to paraphrase the original statement in natural and easy-to-read language.
These days, rather than aiming for traditional Hollywood, many creators are content being internet-based entertainers. This shift is largely due to the decreasing barriers in content creation. As Chris Williams, founder and CEO of Pocket.watch, a studio that assists young people in becoming YouTube stars, states, “I believe it’s an extraordinary era to be a creator.” He also predicts that the rise of AI will open up numerous opportunities for those with the passion and ability.
According to Evan Britton, CEO and founder of Famous Birthdays, it’s the Creator Economy that’s experiencing growth and generating enthusiasm and fervor among fans.
He notes that most newly created profiles on Famous Birthdays are associated with TikTok personalities, Instagram influencers, and YouTube content creators. He explains that this is where the interest lies within our community, rather than traditional media figures or entertainers.
While gaining popularity on the internet can bring about numerous opportunities, it also introduces unique difficulties that traditional artists rarely encountered. Fans often demand constant availability and expect their preferences and ideologies to be immediately catered to. The emotional burden of maintaining a fanbase can lead many content creators to experience mental health issues. Moreover, the instability of careers in this digital realm, as they’re contingent on online ratings and the ever-changing trends of the internet, is significant. A recent study indicates that 90% of content creators grapple with burnout, and over 70% have contemplated leaving their profession altogether.
As a gamer, I’ve noticed that creators of color often encounter unique hurdles in our field. We tend to receive fewer brand collaboration offers, are rarely gifted products, and are usually paid less than our white peers. A recent report by talent management firm SevenSix Agency revealed that creators with “deep dark” skin tones earn approximately 45% less than those with lighter complexions.
In the creative industry, many artists often work without the benefits of labor protection or the security provided by traditional employment. This sector is largely unregulated, making it susceptible to fraud and scams. Newcomers in this field are often required to wear multiple hats, handling roles such as production, editing, booking, direction, set design, and more. Simultaneously, they must manage their finances, distribute and promote their own work, maintain their public image, and navigate the complexities of the industry on their own.
According to Adam Goodman, the head and founder of Invisible Narratives, as creators increasingly dominate the entertainment industry, there’s a chance to establish frameworks for this emerging generation of media companies. Goodman points out that while these creators are earning substantial profits, they lack the traditional ‘producers’ that larger businesses usually have. He explains that while you can find individuals to help manage a production on a day-to-day basis, these relationships tend to be purely transactional and not long-term or strategic partnerships.
Goodman is eager for traditional Hollywood decision-makers to start recognizing and capitalizing on the potential offered by the emerging pool of internet-savvy artists.
He points out that Hollywood often feels confident in making choices backed by reasons acceptable to the decision-making board. However, it’s crucial to take risks and experiment with fresh ideas, rather than always sticking to the familiar. Moreover, it’s important not to disregard the trends and interests of the younger generation.
In the October 9th edition of The Hollywood Reporter magazine, an intriguing tale was featured. If you’d like to stay updated and read more stories like this one, consider subscribing right here!
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2024-10-10 16:25