“What is the creator economy, and how can one benefit from it?” originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Answer by Stephany Kirkpatrick, Founder and CEO at Orum, on Quora:
The creator economy is a growing field of people who make money by leveraging their creative talents, typically using digital platforms to connect with their audiences.
About 50 million people, including artists, gaming streamers, video creators, podcasters, musicians, and social-media influencers, now consider themselves part of the creator economy, according to venture capital firm SignalFire, which calls this space “the fastest-growing type of small business.”
The size of the creator economy is hotly debated, along with who “counts” as part of this ecosystem. But there’s no debate that it’s big, and growing quickly: Some peg the worth of the creator economy at $104.2 billion as of mid-2022, according to Insider Intelligence. The National Endowment for the Arts and the U.S. Bureau of Economic Analysis says it’s even bigger—estimating that arts and creative-culture jobs contribute more than $763.6 billion to the U.S. economy, more than agriculture or transportation.
Given that size and influence, companies are increasingly choosing to partner with creators to get their messaging and products directly in front of loyal audiences and communities.
First, let’s examine: what is exactly a creator?
If you’re making original content—and, typically, distributing it online—you’re a creator. While some see their content as a hobby, many others aim to monetize content and get paid through ad revenue, brand partnerships, and other revenue streams. A few of the most well-known creator categories are video creators/streamers; social media influencers; podcasters; and visual, musical and other artists.
As we know, the creator economy is growing at a rapid clip. Several technology, economy, and generational trends have contributed to its rise.
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By: Quora, Contributor
Publication Date: 2023-04-27