What exactly is the "Creator Economy?" The Future of Monetization in 2022
Everyday, the world learns about a brand new video or social media posting created by a content creator who's become viral. However, who are these creators and what is inspiring their work to produce content users want to share with?
Creator economy a brand new category of companies consisting of over 50 million content creators that are eschewing corporate gatekeepers and writing a new set of rules that allow any person with a passion and a smartphone to communicate their ideas across the globe.
Before we dive too deep into what these creators have been doing to promote their message, let's start by defining what the term "creator" economy means in its simplest phrases.
What is the "creator economy?"
The creator economy consists of independent creatives who have found ways to use their expertise and experience as a side hustle or full-time venture. This community of creators includes bloggers, social media influencers as well as videographers and tech companies that fuel their capability to spread their knowledge to everyone in the world. This exclusive community of creators utilizes technology to promote their skills in the form of products, which include courses, books or ebooks or specialized services other products.
Chances to be a creator of content
Video and live streaming
Photography, painting, drawing, illustration, graphic design
If you're drawn to visual arts, then media platforms such as Instagram, Snapchat, Pinterest, etc. allow you to share your art work with text that digs further into the subject matter your work concerns. You can invite followers to comment on your work or tag you in your own pieces in the spirit of one of your blog postings. Then, you can send them a link that allows them to buy original pieces or other items with your design. Create a membership program that lets you share unique content with customers by using Patreon.
Podcasts and Music
Are you a musician or a musician looking to bypass the record labels to get your work directly in front of your target audience? You might be a thought leader that has a strong message that you'd like to communicate through your own radio show. Platforms for media like iTunes, Spotify, Pandora as well as Soundcloud may be just the tools you're looking for. It's never been simpler to make, record and distribute your music to millions of people across the world. Make your sounds and other items and services on the market with easy-to-use tools that simplify the process of selling digital goods.
Genres of writing in all forms
Writers, essays, humorists and consultants as well as authors and more are able to create and publish their personal stories on a number of platforms like Twitter, Medium, Quora as well as Substack. Create a community around your thoughts and ideas. Be recognized as your "go-to expert" within your area of knowledge. Develop a library that includes digital or printed books and other materials that followers may refer to at any time.
What size is the economy of creators?
If you want to know what you can earn as a content creator on YouTube as well as others, the truth is that it can be different. The answer is contingent on several factors such as the amount of followers as well as the quality of the content you create as well as the power of the algorithm as well as a myriad of other touchpoints that are not always under your control. But let's take a look at how much some of YouTube's top content creators are making in a year via ad revenue.
- Ten-year old, Ryan Kaji, creates videos that children can watch to learn more about the world. The first month of 2022 saw Ryan's channel of about 31 million users earned a whopping $26 million dollars from advertising revenue.
- MrBeast, a gaming fanatic MrBeast has earned the sum of $24 million dollars between June 2019 and June 2020 across several channels with 87 million subscribers.
- Boxer and social media personality, Logan Paul, has over 23 million followers on his main channel and earns around $20 million per year.
Creator platforms are growing quickly thanks to one of most popular social media platforms, TikTok. However, are they as effective as creators who are on YouTube? While YouTube creators can make money directly with ad revenue, TikTok uses built-in monetization tools such as virtual "gifts" that are converted into cash and a Creator Fund which offers creators who have at least 10,000 followers and 100,000 views within a 30-day period. Even though Creator Fund payments don't pay for all the bills, many creators have turned towards deals with brands to earn additional money.
It is possible to achieve success with millions of followers on YouTube or TikTok? The answer is yes, but only for those who devise an effective business plan that matches the intensity of their passions.
Start your own website to make money from your content
Which model of subscription will work best for your creator business? Let's have a look.
#1. Create exclusive content for paying subscribers.
Do you create specialized content you want to make available to serious students? Perhaps you teach something like watercolor painting and cooking vegan, or interior design. Membership-based subscription models allow you to create content for people who are willing to pay for exclusive information that meets their requirements. Members are able to access the pre-made content in their own way. The creator may also include live stream demonstrations or answer their questions in real-time.
2. Become your personal Netflix by creating original content for your niche.
There's no need to be a giant media firm such as Netflix in order to develop an online streaming service. What you need be focusing on producing high-quality, original content that keeps people wanting more.
Utilizing the monetization model for niche entertainment it allows you to perform the things you do best - create great video content. The subscribers you have will be able to stream your content in real-time. In addition, you'll have the ability to predict the amount of your income each month or year and make plans to scale.
#3 Create a content library that's available all year long.
If your business which is dependent on seasonal or time-sensitive activities it is possible to create the content library which users can access whenever they want. If you're conducting the book tour, public talks, or line releases, your fans can go home and connect with you through their mobile device that they prefer.
Why does this model work for artists? This model lets you stay in touch with your followers and followers in between shows and without the need to miss out for a new source of income. Stay connected to your community when you are on the go or in your home.
#4 Hook subscribers with Free content and then move to paid.
There are times when it is logical that a creator would want to get new subscribers to sign up by offering free content. It allows them an opportunity to learn more about the author and their style of content prior to being asked to pay for more high-quality content. These are called invested subscribers - or people who recognize that the value of the content and choose to stay connected. This can be beneficial for fitness instructors and other creators who are teaching the content which is focused on the outcome.
#5 Build community online as well as offline.
The content could be from lectures and classes, as well as recordings of special guest speakers as well as other. The cost of membership may offset the price of the tickets for events that had lower than expected numbers of attendees or events that had to be canceled completely.
Examples of brands/content creators monetizing by OTT OTT
ISC Sports Network is Indiana's premier sports streaming channel with live and live-streamed sporting events to the state's most ardent sports enthusiasts. What is the way it earns money? There's an ongoing subscription available to people who do not want to miss an event. In addition, there are options to provide paid advertisements and ticket sales for one-off occasions. The app can take payments directly from the app and increase the number of opt-ins to pay-per-view shows.
Speed51 is the official website of short-track and grassroots racing for the U.S. Speed51 is the preferred site for live and editorial broadcast coverage of race events. They made waves in the midst of the epidemic by offering pay-per-view live streams on top of their usual video-on-demand services. This allowed them to earn an amount of money which were lost due to ticket sales for live events.
GazeboTV has created the most loved Canadian film classics , such as "Anne of Green Gables." Instead of having to wait for limited television distribution it was decided by the company to move their productions from DVD and home video sales to launch a live streaming service in 2015. OTT enabled the company to offer a transactional video on demand (TVOD) service which allows their customers to own digital copies of their favorite video content.
DIRTVision, World Racing Group's live and on-demand streaming service, has more than seven hundred hours of no-cost dirt racing-related content streaming coming from the U.S. The business realized that they had outgrown the platform they had initially used and moved to OTT for its simplicity. The company needed a single partner as well as one reliable platform on that they could operate their programming. In addition to no-cost content, the channel has hosted hundreds of races and earned income from live pay-per-view events and purchases in-app.
Looking to add subscriptions to your company's creative side?
The creator economy is beginning to produce higher quality content, and turns into profitable enterprises They will require to be equipped with tools that will enable them to take greater control over the work they produce. OTT offers a continuous subscription platform for creators that permits them to create new content as well as repurpose the content into multiple streams of income. Creators can build community, create live streaming content and create exclusive content and more.