It’s Time to Join The Creator Economy
By: Neel Kulkarni
Due in part to the COVID-19 pandemic, we’ve been exposed to the downside of Tik Tok, Instagram, and other popular social media platforms. The countless hours of screen time and numerous mental health issues publicized across Gen Z have pushed consumers further into a toxic digital world. For example, the Netflix original, The Social Dilemma, depicts how social media companies create a cycle of consumer addiction, especially for young adults and teens that grew up with these apps on their devices. As businesses continue to profit off our high social media usages and growing mental health concerns, one current trend stands to keep consumers engaged for the right reasons: the creator economy.
The creator economy is a market of social media influencers and creators who are able to make a living off their content through monetization and brand deals. Some of the most prominent and growing names in this industry include Youtube’s next boxing star Logan Paul, Tik Tok’s viral ice cream man Dylan Lemay, and Instagram’s vine star Zach King. These influencers have amassed millions of followers and views with videos as long as 15 minutes but also as short as 30 seconds, making it clear that the creator economy is a space for everyone to find their own niche and get started with rather easily as well.
According to CNBC, although it will take a lot more consistency to monetize content off Youtube, creators and influencers on Instagram will require a minimum of 5,000 followers and 300+ annual sponsored posts for a six figure salary whereas Tik Tok requires at least 10,000 followers and 270 million views annually for the same income. While these numbers may seem daunting at first, a few viral videos on either platform can quickly position a platform to partner with brands and generate income off sponsored content. On the plus side, having less followers may even be a good thing so long as a creator is fully engaged with his/her small community with quality content.
Long story short, if you have a unique skill you can educate or entertain others with, there is no better time to start the creator lifestyle. Forbes reports that the total size of the current creator economy rounds out to over $100 billion dollars with platforms such as Tik Tok possessing 1 billion active global users. The audience, the money, and the impact is all waiting for you on your phone; why not join the creator economy and make a positive contribution while you can?