What is the Creator Economy?
The creator economy refers to the businesses or individuals that focus only on online content and community. For years ‘big media’ controlled the journalism and entertainment world and most media that we consumed came from a select few huge media companies. However, now we consume media from anyone and everyone who has a phone.
The State of the Creator Economy 2022 report found that most creators do it for income which indicates the state of the creator economy right now and how there is huge possibility for monetization. It also found that most creators have been doing it for a while, with 67% starting before the pandemic.
But How Do You Take Ownership of Your Media When There’s So Much Out There?
Luvvie Ajayi, an award-winning author, speaker, and digital strategist explains that ‘people wanna feel like you’ve invested in them in some way and then they’ll in turn invest in you.’ This is definitely the case if you have an engaged and valued community. The trick to hacking the creator economy is your community. Having a community that has been with you for a while, sees your authenticity, relates to your content and has a genuine interest in what you do or say, is hugely valuable in the creator economy.
The Success of the Creator Economy
We know that it's beyond successful and has seriously changed how we consume media and even research information, but how and why did this new economy BOOM? The answers are simple, kind of. First off, it's the apps. The growth of Instagram, YouTube and TikTok to mention a few has made it easy for ANYONE who has a smartphone to grow a community. Whereas before you'd need investment, a lot of free time to edit and an expensive professional camera. One teenager in Alaska could create content that reaches most of the world. This has allowed online creators to grow rapidly. Authenticity is something that is highly valued by consumers. The ease of content creation nowadays allows individuals to show their authenticity and be genuine in front of the camera. Other ways to be successful include:
- Staying on top of trends. Trends are everywhere at the moment. There are new ones everyday and staying on top of them is essential to staying relevant in the highly saturated creator economy.
- Collaborating with other creators or experts. You’re bound to find other creators that align with your content or even if they’re completely different, find a way to collaborate and keep your content exciting.
- Engage your audience by using their content too. Stitch on TikTok, engage with their comments and join in on their conversations.
- Stick to your theme but don't be afraid to try something new. Although you don't want to distance yourself from the original theme of your content and why your community watches you, it's essential to try new things and keep your content exciting. Who knows, maybe you’ll find your new niche.
