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Cascading Effect of the Creator Economy: Delving In The Future

Cascading Effect Of The Creators Economy

Pursuing your dream job, monetizing your skillset, and being your boss with almost zero capital investment, all of it at the comfort of your house, is what the impending future looks like. 

The Idea Behind the Creator Economy

Cascading Effect Of The Creators Economy

The Creator economy originated from the non-dependency of whizkids on huge production houses for content creation and distribution. 

The advent of digital platforms like YouTube, Vine, Facebook, Instagram, Snapchat devised an opportunity for artists, working professionals, hobbyists, gamers to monetize and release their content for their targeted niche audience, no matter how small the size of the audience was. For instance, at present, if we search for any food recipe on YouTube, the chances of getting the desired result are undoubtedly 99.9%. The very thought of owning your content and sharing the same with the target audience gets creators hooked on creating more. 

After the pandemic outbreak in 2019, work from home became a new normal for working professionals. Due to the losses incurred by small and medium businesses in 2020, many people were laid off. The whole scenario resulted in an entirely new class of working population, calling themselves ‘Solopreneurs’. Exchanging value for creativity, goods, or services, 1 million new creators were added on various content monetization platforms. Despite a surge in content consumption over a decade, there are few avenues for earning. For instance, Youtube only distributes 45% of the ad revenue to the creators. Being a variable source of income, ad revenue also depends on the consumer’s choice of not skipping ads or not using ad blocking technology. 

The current situation brings the creator economy to the verge of introducing better-paying revenue models for creators. 

Scouring into the Future of the Creator economy

Research done by the Statista Research Department of the U.S. states that, on average, the time spent by people on online content consumption in 2020 was 7hours and 50minutes every day. There are 50 million content creators, out of which 46.7mn consider themselves amateurs, and only 2million+ are professional creators earning in six figures. According to Influencer marketing hub, 97.5% of Youtubers don’t even earn $12,140, enough to reach the U.S. poverty line. The total addressable market (TAM) size of the creator economy is approximately $104.2 billion. Youtube alone expects revenue generation of $30billion by the end of 2021. 

Foundationally, the growth of platforms like Instagram, Youtube, Twitch, Snapchat, Facebook relies on the content created by the creators. Realizing the value generated through their content, creators are shuffling between better monetization platforms. During the pandemic, Facebook embraced the need to snowball the revenue streams of content creators to incentivize them. The social media giant has launched video game live streaming with no revenue take until 2023. 

“The power has shifted away from the platforms to the creators,” stated by SignalFire principal Josh Constine. 

Creator economy has induced the growth of a mass marketplace with the initiation of Multi-channel networks or MCNs, campaign management firms for influencers, video, and audio editing apps, and payment solutions.

What lies ahead is a society wherein every 1 out of 4 people would either earn through content creation online or by selling their professional services digitally. We live in an epoch where becoming a content creator is an answer, 3x more popular than becoming an astronaut. Working professionals like lawyers, doctors, teachers can quickly consult and talk to the clients via video conferencing and paid webinars. 

Co-operative ownership will be the new motto by 2022, as analyzed by Li Jin, Co-founder at Variant Fund. A world where the creators will own content creation platforms, wherein content creators will hold the voting rights for their content policies and have complete control over the revenue generated by their services or content consumption.

Ways to Earn Money as a Content Creator

To attract more content creators, various content monetization techniques or revenue streams can be lured. Some of the revenue making streams are-: 

  1. Selling goods or services
  2. Sponsorships 
  3. Paid Webinars 
  4. Ad revenue 
  5. In-app tipping 
  6. Affiliate marketing 

Why Choose CallXP?

If you are a working professional, consultant, teacher, artist, performer, or entertainer and want to start a side hustle, CallXP is the right place for you. 

On CallXP, as a creator, you can create your own shareable website and connect directly with your audience. Your CallXP account can be directly linked to your website for convenience. You will be free to decide your own monetization rates and meeting slots.  

The platform’s SMS and email campaigns help you reach out to your target audience and create a lasting impression.

Need for a Better Content Monetization Platform

Creators are the new-age entrepreneurs, and the growth of the creator economy is directly proportional to the development of any country. So, we’re ready to make your the star of your industry. What’s stopping you then?