What Influencers Can Do To Help In The Economy of Creators (and what it means to you) (and what you can do to help)

There were significant changes in the world during the past year due to the worldwide pandemic. One of the largest shifts that had nothing to have anything to do with areas of medicine or politics was in the Creator Economy. One of the biggest beneficiaries from this shift were YouTubers, influencers, and content creators - all independent business-minded individuals doing what they love while realizing a profit.

Those individuals didn't come from nowhere, and they're not ever going to disappear, but the ways that they influence their impact on the Creator Economy and aid in the growth of it are easier to access than ever. As such, knowing is the Creator Economy is, and knowing how to start benefiting by it as an independently-owned company is essential to making money from the content you create.

What Is the Creator Economy?

Let's look at what we can learn about the Creator Economy is.

The first is that the Creator Economy isn't brand new. Platforms that are driving the Creator Economy, like YouTube, Instagram, and Spotify exist since the late 2000s.

As content creators on those platforms gained traction and get a huge following, brands started to realize they could rely on these creators to influence their followers via covert advertising. This led to the rise of sponsored content (both real as well as fake) and influencer agencies and influencer marketing - the core of the phenomenon known as influencer marketing which we have in the present.

But, as SignalFire is able to thoroughly explore in their historical and present condition of Creator Economy There are several reasons why the Creator Economy has had to evolve from what was thought of as "influencer marketing" to what it is now. Those reasons are:

• Content creators have recognized that platforms do not always have the best interest to be in the forefront, but also changes in the behavior of users can significantly determine whether or not certain platforms continue to be financially viable.
• The ways in which platforms decide how and why creators monetize content are often undefined, which leads to creators being required to negotiate agreements directly with sponsors to make profits from their content.
• It is estimated that there are 50 million individuals who are monetizing their content on a regular every day.
• According to the Influencer Marketing Hub in May 2021 "it's possible to conclude it's safe to say that"the Creator Economy boom has hit full stride in 2021 with the approximate $104.2B market size"

Because of the rapid growth of creators, and the record-setting quantity of funds being put in the potential to earn money by being a creator, the Creator Economy is more intricate than ever.

Are You a YouTuber? Influencer? Creator?

While these terms may seem mutually exclusive of each other and even were at one point - in reality, the current condition of the Creator Economy allows creators of content to be all three and monetize the way that no one could have could have imagined in the early 2000s.

However, while brand-related deals as well as sponsored posts remain considered the primary source of revenue to content producers, they have many other ways to monetize your content that you've already created. Different social media platforms have creator funds and programs that pay creators, and provide opportunities for creators to work directly with brands that work to their audiences and content.

In the past, as mentioned creatives have mostly moved away from being platform-specific in order to not have to worry about things like demonetization, platform fatigue or being at the mercy of the brands that provide them with content.

The Demand for Content

Did you consider that YouTube isthe second-most visited site worldwide and is the only social network which is used consistently for all demographics? Furthermore, according to MediaKix the how-to or tutorial videos are among the three most watched video categories on YouTube.

Demand for content which entertains and instructs is on the rise and it is expected to expand as Gen Z looks to platforms such as YouTube, TikTok, and Instagram to discover creators that can help them become knowledgeable about various topics. This means that ad revenue will continue to grow on each of these platforms, and possibly some others as well - offering content creators the possibility to earn more through these platforms, and also make money off the content they're already creating.

Content Creators Are Creating their own businesses

In the past, as we mentioned, content creators should really consider themselves legitimate businesses within the Creator Economy. It offers the "opportunity to build something, from scratch, for yourself at your own pace ( Inc.com)."

If you're contemplating becoming a full-time content creator taking that plunge into the unknown could be a bit scary. There are plenty of facts available to make you reconsider taking the risk. As we've witnessed in the growth of the Creator Economy, there are ways for you to effectively and quickly begin to profit from your content so you can make a livable wage sooner.

Strategies to monetize your reach as Content Creator

Creators are finding many methods to manage their business and make maximum income possible by selling their works.

If you are a creator of content, you must still build your following on social media platforms like YouTube, Instagram, and TikTok, while utilizing a multi-channel approach to maximize your reach and influence. But, today there are many ways creators can increase their earnings.

The latter is independent creators monetizing their content via multiple channels and platforms, such as personal sites, books, exclusive content available on websites like OnlyFans products, merchandise and even courses that fans are able to access through memberships and subscriptions.

The top platforms for doing this are:

• Subscription platforms like Patreon let creators cost for exclusive content with a sliding-scale. The platforms, however charge a portion of monthly income in order to make use of the platform.
• If you're looking to make money from content requests and opinions, apps such as NewNew let users make a payment to cast their votes on whatever they want to be able to vote on. It also accepts a commission.
• Merchandising platforms like Moteefe permit creators to create and sell custom merchandise on social media according to a "need-to-have" basis that is, you don't have to order stock prior to.

If you're providing your audience with informative content they could take advantage of on a regular basis, you're in a great position to create an educational course, and then ask the audience to pay for access. There are large platforms out there with a large number of creators, there are some drawbacks to using them.

First, some of these websites are flooded with creators and there's really no incentive for members to watch your videos. This means that if you're an extremely competitive category of content there's a chance that you'll get only a small portion of viewing from students.

A second reason is that some course-creation platforms will charge you up to $400 a month if you have a robust library of courses and content.

Become the Entrepreneur You Want to Be

Once you've got the skills and knowledge you'll need to earn income from your content, there are a few factors you'll require for success.

Download our creator business canvas template to create your own financial sustainability with content.