We always say make your passion your profession and you will never have to work a day in your life. Well, creators today are the role models for that, aren’t they? They do what they want, from wherever they want. Content creation is the norm for today’s generation, which has given birth to a new generation of entrepreneurs known as content-prenuer.
Who is a content-prenuer?
Who doesn’t love good wordplay? Content-prenuer is a term that is a combination of two words content and entrepreneur.
An entrepreneur that prioritizes content in their company strategy. A firm that utilizes blog articles to advertise their SaaS product, a consultant who uses YouTube videos to build their personal brand through instructive content or an agency that uses a thoughtful newsletter magazine to market their services are all great examples. Content is crucial in establishing oneself as a thought leader, especially when it is continuously generated and used to build a community.
We all have at one point given it a thought. Many people have gone down the path of monetizing their content (though this has become more challenging due to the saturation and competition on many sites).
Direct monetization tactics include making money on YouTube (or Patreon by delivering exclusive material), selling an instructional e-course on LinkedIn, or, more infamously, establishing a following that pays for a subscription.
What is a creator economy?
The term ‘creator economy’ has become a buzzword in India’s startup scene this year. For their unique and entertaining content, content creators have earned significant recognition among a wide range of viewers. Many of them are using their celebrity status to make a living by monetizing their interests. There are numerous ways for these producers to make money nowadays, ranging from corporate sponsorships and promotions to participating in various challenges and campaigns organized by social media sites.
Creator funds have been introduced by short-video apps and social media heavyweights such as YouTube, Instagram Reels, and Snapchat in response to the tremendous possibilities in the short-video segment.
Startups are one of the first beneficiaries of the increase in creators. They now have access to a vast user base at substantially lower expenses thanks to content providers and micro-influencers. In addition, some creators have started their own businesses. For example, Nikhil, also known as YouTube ka Salman Khan, has created his own clothing line, LabelMN, which offers t-shirts and other fashion items. He has over 3.69 million fans on YouTube.
Growth of creator economy!
COVID-19’s arrival in early 2020 threatened to undermine this process, but it has instead strengthened it. Due to a mix of lockdowns and worsening unemployment rates, producers are looking for new ways to make a living, while users have more time to browse for material to fill in their expanded spare hours. The passion economy includes the creator economy. This is due to the fact that most creative individuals are now able to make a living doing something they are passionate about. It might have started off as a pastime, and it probably would have stayed that way in the past. However, many dedicated producers have discovered a method to make their hobby profitable enough to provide a stable livelihood. Why waste your days slaving away in a low-paying dead-end job when you can make a nice living doing something you enjoy?
Improved technology has aided the growth of the creator economy significantly. In the past, many artists had to spend a lot of money on expensive equipment in order to pursue their love. For example, in the past, if you wanted to capture good photos, you required a high-end camera with numerous lenses. Specialized video cameras were only held by a few dedicated video enthusiasts. Anyone with a smartphone nowadays has a decent still and video camera in their pocket. While most writers still require a laptop or, in a pinch, a tablet, these devices are now widely available and reasonably priced.
The rise of the gig economy has aided the growth of the creator economy. Salary or wage income was the main source of income for most people in the past. Many people, including freelancers, consultants, temp workers, and independent contractors, now make money via short-term employment arrangements. Many creators’ earnings are simply an extension of this. The gig economy is now accessible to almost anyone with a smartphone or laptop thanks to technological advancements.
Influencer marketing and creator economy
You need people to know about your creations if you want to make a decent living. One of the most crucial reasons for the link between content development and social media sites is this. For promoting your content, social media has become the preferred technique.
Many of the most talented producers also work as influencers. Remember that, as we stated in What is an Influencer, an influencer is someone who possesses the following qualities:
Because of their authority, knowledge, position, or relationship with their audience, they have the power to influence others’ purchasing decisions.
They have a dedicated following in a certain specialty with whom they interact frequently. The size of their niche’s topic determines the extent of their following.
The majority of influencers have established authority in a field as a result of the high quality of the content they have produced. They’ve amassed a devoted following of folks who enjoy that type of content.
Sure, many of their fans aren’t willing to pay for content; they’ll happily watch free YouTube videos, look at their high-resolution photos on Instagram, or read their blog articles without having to subscribe. However, a portion of the population is willing to pay for content. Remember that a large portion of the money received by influencers will come from more indirect sources, such as a percentage of ad revenue on their YouTube channel or payment from a brand for product placement on Instagram.
Startups supporting creator economy
Let’s talk about a handful of start-ups from the vast ocean of start-ups that support the creator economy:
1. Buy Me a Coffee:
It allows creators to take donations and memberships while also maintaining a direct interaction with their audience. You make a page called buymeacoffee.com/yourname with a unique URL. Setting up your page is completely free and takes less than a minute. Your followers can pay you (get you a coffee) and leave you a message with only a few taps.
Accepting monthly or yearly memberships can provide you with a regular income. Share unique content or simply provide a means for followers to support your work on a regular basis. Video creators, writers, musicians, podcasters, artists, developers, and nonprofits all use Buy Me a Coffee to raise donations from their fans.
Feather claims to be made by creators for creators: yogis, chefs, coaches, meditators, nutritionists, photographers – indeed all creators. You can use it to share your knowledge and passions, conduct online lessons, promote your brand, and grow a community. Create a Feather link and add paid videos and events to it. You can then add any more links you want. After that, you may promote your Feather link by posting it on your website, sending out an email, including it in your Instagram / TikTok bios, or just sharing it.
Feather allows for easy registration for your events/courses and then tracks attendance. It can be used to make money, manage customers, send emails, and take notes. You may accept payments and donations all in one place.
Ko-fi is a website for creators where they may set up a page to make money from their admirers. In fact, it only takes 60 seconds to set up your Ko-fi page and begin receiving donations. Open a free Ko-fi Shop, sell subscriptions, or sell commissions and services to increase your income.
You may do all of this for free or pay $6 per month for a Gold subscription. On average, gold pages earn 7.2 times more than free pages. You can let your supporters pay you with regular monthly payments, which is one of the extra features provided with a Gold account. Commissions can also be sold.
By offering your followers a monthly membership on Patreon, you can allow them to become active contributors to the work they love. You provide them exclusive content, community, and insight into your creative process in exchange.
Monthly payments from your patrons can help you set up a recurrent cash stream. You can provide various subscription levels, tailoring your product to your fans’ budgets.
Future of Creator Economy
There has never been a greater emphasis on the creator economy. People turned to social and subscription platforms to augment their income during stay-at-home measures—or out of boredom, as many TikTok stars did when they joined the booming platform as something to do and found a full-time career. This year, the enthusiasm from 2020 has simply gotten stronger over the past couple of years.
More than 50 million people throughout the world consider themselves content creators, with an industry worth more than $104 billion. A record $1.3 billion was invested in this space by investors. There’s also been an increase in the middle class, with 41% of creators making a living income ($69,000 per year or more) year over year.
We’ve arrived at a position when working as a professional maker is an option. When people are passionate about what they do and work hard at it, they can become professional creators. As these creators expand, the strain of managing their day-to-day operations becomes heavier. The next stage of evolution in this industry will be dominated by startups that focus on empowering creators while still allowing them to do what they love. Creators are now transforming into founders. They must also learn product design, management, eCommerce, community management, data science, and entertainment in addition to creating.
More solutions geared for creators are expected to emerge. Even if the creative economy receives billions of dollars each year, it is not oversaturated because many hobbyists are looking for marketing avenues. Products geared to specific business demands, such as marketing, operations, financing, copyright expertise, product launches, and even community-building, are required. Companies that can recognize these demands and develop tools to meet them will come out on top.
So, what are you waiting for, get cracking now if you wanna ride the growth wave of the creator economy! Rizzle can help you with it too. Download now!