What is the Creator Economy?

What does this type of consumption in media mean for creators?

The way we create is evolving because of the emergence and disappearance of certain media types, the control over these mediums, and the consumption habits of the typical consumer. At one time, the media companies had a significant amount influence over how they delivered information and entertainment. This had positives and negatives. The world was benefited by the existence of these “gatekeepers” since it ensured that the majority of news was sourced from multiple reliable sources, and with little risk of inaccurate information. However, this gatekeeper infrastructure also created inequality particularly for young creators.

In other words, anyone interested in contributing to a local national, regional, or global news site would probably be required to join the newspaper. There were many newspapers that had editorials and columns for public contributions However, if you didn’t possess a degree in journalism, and weren’t on the payroll, then serious writing jobs weren’t part of the plan.

The same thing was happening in television, radio films, literature, and magazines.

Each media conglomerate went through the same process of creation:

1. Get content from a reliable creator, usually one that is working for the firm.
2. After the content has been created, you can you must send the article for editing to an individual or a group of individuals (like marketing agencies) and they are working for the company that owns media.
3. The content is published using media usually owned by the media firm and for the same public frequently.

As previously mentioned, this setup has many advantages and disadvantages. This isn’t all bad or even bad. It’s definitely a good way to come up with ideas.

But, you might notice two major issues in these three steps: bias and exclusivity.

• To become a creator you must be employed full-time by a media company , or possibly famous or prestigious enough to merit the right to an “expert opinion.” Employment requires certain qualifications (not necessarily a negative option, but some do not have these kinds of certificates). The location of employment also plays a role (the Chicago Tribune wouldn’t want employees working from Los Angeles, even if the individual had a lot to declare). Additionally, employment can bring inherent biases in organizations (CEOs mostly hire from their school editors filling their writing rooms with writers that are like their own, or even common prejudices such as racism, sexism and ageism).
• The creation of content stays in an exclusive circle until the second stage. Editors of film, magazine or television show also falls within the circle, enhancing the exclusivity of the entire process by keeping outsiders out and fostering one-sided viewpoints.
• The ability to make something depends heavily on the ability to share it. This is why the third stage was detrimental for the typical creator. Do you want to make a film? There was no method of distribution other than going to an established studio. Radio show? Find fun accessing your personal telecommunications infrastructure. Do you want to write a book? Publishers had the equipment to print books, the shipping channels and marketing departments to help you get there.

As you can see, this secluded group of creators made it very difficult for creative individuals to make their voices heard in the public eye. Filmmakers, writers editors, actors, photographersand many other creatives in the past were likely the most competent which is why when they got jobs. It is also logical that they were given the media and distribution options to communicate with the public. However, these innovative minds, regardless of how amazing at what they do remain people. Place them in a closed isolated community, and we’re sure to observe pretentiousness nepotism, and elitism.

It’s inevitable that these small clubs transform into echo chambers. Even when the creators do to be objective and still create high-quality art and content there is a chance that certain people are being shut out of the discussion.

As an example, you might run a newspaper that is entirely operated by males that’s trustworthy, fun as well as unbiased and current. Let’s suppose that the majority of staff members also attended Yale and were raised in the East Coast of the US. Whatever their educational background and talent, or their uncompromising morality, this small group of writers is lacking female perspectives who have perspectives that not even any of the men in the writing studio will provide on the board. What about articles from the East Coast’s Ivy Leaguers bound to be influenced by a particular perspective from their personal experiences? Yes, of course. A graduate of a trade school who was born in California isn’t going to be in touch with newspaper editors in any way.

We’re aware of the way the media economy operated in the past, and its advantages and disadvantages. The internet, however, has mess up with the system quite some. Today, we’re looking at a concept known as the Creator Economy that opens up the possibility for everyone to make distribution, share, and receive feedback on their work.

What Exactly Is the Creator Economy?

With the advancement in the world of internet technology, we’ve been able to witness different kinds of democratization within sectors like traditional finance (crowdfunding) as well as accommodation (sharing homes/Airbnb) as well as transportation (Uber) as well as various other industries.

In essence, the internet has given greater access to resources that allow individuals to invest, manage their own small companies, and manage everything in their lives. The internet has opened up the closed-off community we spoke about in the previous paragraphs, where media companies are no longer in complete control over the creation distribution, marketing, and distribution of content.

Like the share economy the creator economy is based on technological innovations, usually by startups. It’s an DIY (do your own thing) type of circumstance when a technology startup launches an app which allows ordinary people to skip the gatekeepers of an industry to take part in something previously not accessible.

Similar to how the internet has provided people access to cheap stock trading that is instantaneous (something which was costly and restricted to professionals previously) It has also removed barriers erected by media corporations.

In addition, the creator economy provides complete tools to manage business for creators to reach out to the public, promote their products and make money from their work.

Here are a few examples of the creation economy at work:

• Unknown writers can bypass the traditional publication process and be blogger, create an online newsletter, accept subscriptions through Patreon and even create their own ebook on Amazon with no cost, gatekeepers and distribution restrictions that existed prior to.
• A stay-at home mom without a college degree in communications can build an empire of media focused on international news through her own YouTube channel that is monetized.
• Fashion-conscious individuals can be a social media influencer through platforms such as TikTok, Instagram, and Facebook with the fashion show of their choice, offering fashion advice, and making income from promotions, sponsorships and ad revenues.
• Graphic design students are able to sell prints, t-shirts and mugs in their dorm space using an inexpensive online marketplace like Shopify.
• A single father with no radio experience can start an audio podcast using The Anchor app to create content, publish episodes, earn money through advertisements, and oversee the listeners of an entire community.
• A gamer can take advantage of the developing game industry by making video games on Hiberworld and then monetizing the community through Epic Games.
• Live streaming is available to anyone their favourite pastime using low-cost devices like laptops or webcam as well as social media platforms such as Twitch.
• Musicians can make and sell music on platforms such as StageIt which eliminates the requirement for a record label.
• Anyone can take a look at their activities and design classes to share their knowledge with others. They can then profit from the entire process through Teachable and Thinkific.
• Creators can set up paywalls the front to their own exclusive content on Patreon as well as keep the bulk of the revenue to themselves rather than handing them over to an intermediary.

To summarize The current creator economy provides the following benefits:

• Diversity of content: Instead of 10 major newspapers read by billions of people, we now have millions of media publications that span multiple platforms.
• There’s something for all: It doesn’t matter what you’re into, whether it’s obscure , like extreme ironing duck herding or milk bottle collecting. There’s an online community or podcast to meet your needs. It was in the past hard to find information on unusual topics and specialties. The power of algorithms on the internet allows these creative individuals to connect with their audience.
• The Passion In the past, creators were required to create consistent content even if they were not experts in this field. It was not uncommon for males to be asked to address women’s issues, or for magazines reporters to be given odd-job assignments they did not have an desire for. General reporters too are dragged into a variety of stories on a daily basis. They don’t find a love for every one of them. The creator economy provides the opportunity to people who are qualified to talk about specific subjects. Podcasts are a wonderful exampleof this: who thought that there were so many people fascinated by mythology?
• Tools that can be accessed: From distribution networks to equipment for industry creators can now create stunning work using inexpensive microphones and software for creating content, laptop computers, as well as smartphone applications.
• Monetization to all: You don’t need traditional work in the creative economy to earn money through your work. Also that the money that does get in isn’t used by middlemen or an unclear revenue-sharing agreement (besides perhaps a portion that a processor of payments takes).
• Community The creators of HTML0 can create a community around their work, but they can also connect with people thousands of miles from afar.

Why Does the Creator Economy Matter?

The economy of the creator is important because of a myriad of motives, however when you put it in a broad statement the following are the reasons people care about it:

The creator economy allows individuals to make, sell and distribute their creations, and earn profits from these creations, without restrictions.

As I mentioned earlier the new method of content creation shifts power away from a select group of people and places it at the disposal of the creators. That’s democratization.

Instead of a single record label holding the rights to thousands of albums and taking a cut of this process, artists retain ownership of their work while earning more money from their efforts.

The world is heading in this direction, even though things aren’t 100% perfect (it’s far more work for creators to manage everything by themselves, and certain platforms attempt to profit of creators with low royalty agreements or expensive costs) However, we can tell that this is at the very least an improvement in the right direction eCommerce as well as the creation of content, art and for business as a whole.

The Problem and Solution

There was definitely a need that creators faced in past. There were too many barriers to entry into mass media. This also led to elitismand bias homogenous content, and experiences that weren’t designed for mass consumption, but rather what the tiny group of people in the room wanted everyone to consume.

Therefore, the solution comes through democratically-designed code, apps, and distribution channels. In this way, creators do not need to deal with gatekeepers, middlemen or regulations. Instead, they can concentrate on their work, craft or business and immediately receive the acclaim or financial reward, as well as anything else that comes through their efforts.

Are People Actually Making Money and Holding Fulfilling Jobs in the Creator Economy?

Everyone doesn’t want to get involved in a venture that doesn’t have the possibility of success. Therefore, do we have tangible, actual examples of organizations and individuals achieving financial success through the concept of the creator economy?

You bet.

Although it’s not a 100% guarantee that you’ll earn an income, it’s beneficial to research the best creators who have established communities. You can see how you can get ideas from them, or model your own content on their work, or even approaching their followers if they’re in your sector.

Here’s a look at some of the most popular creators who are taking advantage of democratic platforms to control their business models.

• Hugh Howey: Often considered as one of the top self-published authors ever, Hugh Howey utilized the eBook method known as Kindle Direct Publishing, and outsourced editing services and cover design, totally without the need for traditional publishers, at the very least, earlier during his professional career. Every self-published writer is a part of the creative economy.
• Joe Rogan: All podcasters are a part of the creator community so long as they’re an affiliate of a network for podcasts. Joe Rogan has run his own show, and even set up his own network, creating a partnership together with Shopify to distribute his show.
• Yoga with Adriene Her channel is an extremely watched Yoga channels available on YouTube and has monetized her content through a premium streaming app. There’s even a massive group of local meetups.
• Brian Clark: He runs the well-known Copyblogger website.
• “Forever” Your Betty: She’s a fashion influencer who’s been monetized by Instagram as well as an online store Influencer marketing, influencer marketing, as well as subscriptions.
• The Fantasy Footballers: This is an ensemble of men who host a podcast, earn money on Patreon and create an active and vibrant community around fantasy football.
• Molly Burke: She’s a Youtuber, author and motivational speaker , with an online Patreon and growing number of bees.
• Ben Folds: well-known musician runs private discord channels with live streaming concerts and music appreciation classes, as well as selling music downloads with exclusive content.
• Amanda Palmer: Along with an enthralling Patreon website, the wacky artist and musician offers sheet music for sale, free tracks, and all kinds of fun art.

Yoga with Adriene offers no-cost YouTube videos, however she makes money with the Find What Feels Good app that offers $12.99 per month for premium classes, special discounts, and special classes.

What can we expect from the future of the Creator Economy?

Below are thoughts on the entire economy of creators, as well as hints on what we can be expecting from individuals who are creators in the near future:

• Content will be more accessible than ever before. Think about research papers. They’re typically blocked in a certain way from public access which is why you need at least one account with a library or an industry access account. In addition, medical and industry journal are designed in a variety of confusing ways , and can cost a significant amount of money for an average user. It’s the same about professional courses offered by renowned experts. Masterclass is the first time we’ve witnessed something similar to this. You don’t need to attend the college, drive to that school, and pay high tuition to be able to learn from the top individuals in the business.
• It’s likely that media companies paying huge sums to gain access to content creators’ ownership. The media is losing control over its content because creators don’t require specific platforms or companies to share their work. Take a look at how Spotify paid a staggering amount of dollars for Joe Rogan to make his podcast available exclusively on their platform.
• Creators will be able to begin working with one another in more formalized groups to facilitate collaboration, cross-selling and goals of content creation. This will have some of the disadvantages of the previous media-controlled economy however, at least creators of content have full control over their work.
• While they’re not new and exciting, they’re not old-fashioned. NFTs (non-fungible tokens) could develop into a more logical method for creators to earn profits. Being able to create a original, authentic piece of music, art, or even writing, and later sell it , has a lot of potential.
• Influencers can endorse brands without being asked or compensated. We’ve already seen this happen with Elon Musk and crypto and Hiteh Shah and Lazy Lions. In each case, they already have a stake in the asset, and making use of their image can boost its value and earn profits without engaging with the company.
• Creators will be able to turn towards equity agreements, as opposed to fully-funded endorsements. Great wealth has been found through asking for ownership in a business that’s likely to expand. Ryan Reynolds is famous for this, as is Ryan Reynolds with Aviation Gin. Why should you only get paid once, when you can have an equity fund that will grow over time?
• We’ll always find new ways of monetization. Cryptocurrency has already given us NFTs.

Instead of taking one endorsement, Ryan Reynolds obtained equity in Aviation Gin, a far more lucrative offer.

How to Launch Your Own Career in the Creator Economy?

There’s an array of opportunities to begin an occupation, or even attempting to test the waters by working in the creative economy. The best part is that there’s no requirement for special diplomas or interviews, nor do you have to leave the comfort of your house.

Check out the sections below to discover the best platforms to showcase your creative work, and other suggestions on how to increase your audience and monetize it.

Platforms to Help You Out in the Creator Economy

A large portion of the economy created by creators comes via apps, platforms and software that speed up the creation process for entrepreneurs in particular.

For example, you used to require an audio recording studio, a radio network, and marketing department to put together morning talk shows. Today, all you need is your smartphone (or better than that, a desktop microphone) and the Anchor app for podcasting and any location you choose. Anchor allows audio recording and editing Asset management as well as community building the distribution of content, as well as monetization in one small application.

The Anchor app provides tools for creating podcasts distribution, as well as monetization.

In fact, every field comes with its own version of this application, regardless of whether you’re a musician, writer live streamer, course creator.

Look over the following list of choices to see some of the best software, apps and platforms for people working in the creator economy:

For Podcasters

• Anchor
• Castbox
• Podbean
• Megaphone
• Red Circle
• Buzzsprout
• Clubhouse (more the general audience of audio influences)

For Writers

• Substack
• Royal Road
• Kindle Vella
• WordPress
• Kindle Direct Publishing
• Medium
• Revue
• Wattpad
• Tales

For Ecommerce Sellers (Can Be Used By Any Content Creator)

• Shopify
• Gumroad
• Bigcommerce
• Volusion
• Squarespace
• Printful
• Etsy
• Bigcartel
• Beacons
• E-junkie
• Printify
• Spreadshirt
• Teespring

For Course Creators

• Teachable
• Skillshare
• Udemy
• Slip
• Avocado
• Kajabi
• Podia
• Skillshare

For Musicians

• Garageband
• Landr
• Beatstarts
• Sonix
• Createsafe
• FL Studio
• Snapjam
• Stem
• StageIt
• Kobalt Music
• Mastered

For Livestreamers and Gamers

• Twitch
• Loots
• OBS
• Streamclub
• OnlyFans
• Uscreen
• Stage 10
• Crowdcast
• Onyx Servers
• Streamlabs
• Discord
• Epic Games
• Hiberworld
• Lowkey
• Roblox
• Nexus
• Unity
• Manticore Games

For Fitness Content Creators

• My PT Hub
• Superset
• Strydal
• Salut
• Magisto
• Playbook

For Influencers

• IFans
• Lightricks
• Tipsnaps
• Looped
• My Fanpark
• Later
• Beacons

For All Creators

• Patreon
• Gumroad
• WordPress
• Shopify
• Keeper Tax
• Linktree
• Printful
• Mighty Networks
• Zebra
• Any NFT market, such as OpenSea
• TinyLetter
• Stripe
• Ghost
• Glow.FM
• YouTube
• Instagram
• Twitch
• Twitter
• Facebook
• Substack
• Cameo
• Spotify
• OBS
• Canva

How to Monetize Your Content in the Creator Economy?

Creators need to build trust before they can make money.

It’s not easy to gauge trust levels during the creating process. Therefore, it’s often necessary to determine whether your audience trusts you in a difficult way, which is by making an effort to make money and then determining if they are willing to pay for your content. But, this is part of the process of learning and allows you to alter your strategy if you’re unable convince that people will purchase your work.

How do you begin to establish trust?

It is unique in the sense that the fans have many options to for entertainment and information. The past was when an article in The New York Times, or an episode on ABC or a novel published by Penguin Publishing, already established the trust of the audience and thus gained the value.

A creator must first demonstrate worth to the consumers otherwise, you’re one more of the many creators with no reputation.

So, the potential for monetization comes from:

Value > Trust > Monetization.

In terms of the tools that are used to make money, refer to the Platforms to Aid You in the Creator Economy section to find the most popular tools that provide monetization capabilities. For example, you can sell your products using Printful Sell courses using Teachable and offer memberships for paid members through Patreon as well as sell your own book on Kindle Direct Publishing.

However, this isn’t before establishing value and this leads to confidence.

Our Conclusion on the Creator Economy

The economy of the creator is changing on a regular schedule, so it’s thrilling to see what’s to come in the next months as well as years and years. If you have any concerns about the creator economy’s ecosystem or want to share your experiences in the world of the creator economy, through sites such as TikTok, Twitch, YouTube, Snapchat, or any social media, drop us a message in the comment section below.