3 Creator Economy Trends You Should Be Watching
The creator community is growing at an unprecedented rate, with more than 50 million people considering themselves to be creators. With that growth comes a need for increased support and resources to empower this creative community to reach its full potential.
bemyfriends’ co-CEO Steve Seo was recently featured on the Geeks of the Valley podcast to discuss this new era of the creator economy and how creators around the world can strengthen their fanbase and earn more from their content with our recently launched bespoke platform builder, b.stage.
To shed some more light on those subjects, here are three trends to watch in the coming months as the creator economy continues to evolve:
The Shift from Fragmented Social Media Services to Owned Platforms
Right now, there are dozens of social media platforms where creators and brands can share original content. With each platform comes different guidelines for posting content and reviewing comments and likes, and tailored messaging depending on the audience. They also offer creators hundreds of services, whether it be monetization tools, subscription programs or analytics offerings.
If that sounds like a lot to manage, that’s because it is. Which is why across this fragmented landscape, creators are craving for a centralized hub for all their content. A place combining all the tools and services they need to control that content, ultimately eliminating the need to manage multiple platforms on a daily basis.
The shift from fragmented social media platforms to a single platform owned entirely by the creator comes with some serious benefits:
1. Increased Data Analysis – With all data in one place, creators can receive easy-to-digest data about their fans’ journeys, interests, and behaviors, helping them to make business decisions that will create an even better experience for their fans and a more lucrative business. This allows creators to gain a deeper understanding of their fans and form closer connections to boost engagement.
2. Aggregating All Content into One Site – Content from platforms like YouTube and Twitch, existing and new, can be housed in one place that’s easy for fans to access and creators to manage.
3. Increased Creator Control Yields More Opportunities for Monetization – Owned platforms allow the creator to be in full control and own all content forever. This type of ownership is consistent with the trend of creators moving their top fans off social networks and on to their own websites and apps.
Increased Monetization Tools Including Memberships, Donations, and Single Content Sales
Being a full-time creator means relying on platforms for income to support one’s lifestyle and business. Recently, there has been an influx of monetization tools that go beyond brand partnerships and ad revenue, allowing creators to make money even if they are not sponsored. YouTube's recent launch of Super Thanks and Instagram’s decision to permit brands to run ads during creators’ videos underline the importance of opening up more avenues for monetization.
Membership options for fans present opportunities for creators to be supported on an ongoing basis. b.stage’s donation options, flexible and customizable memberships and single content sales, as well as Twitch’s tiered subscription levels, are examples of how creators can offer fans more value and benefits while maximizing earning potential.
Creator Burnout is Real
Mental health is at the forefront of discussions in the workforce, no matter the profession. Being a creator comes with its unique set of challenges, which have led to a worrying increase in burnout.
The most-cited causes of this burnout include algorithm changes and the ongoing need to earn. Earning potential and power increase with time in the industry and volume of content, but with the number of platforms creators are expected to produce on, it’s becoming nearly impossible for them to be successful without feeling stressed out.
The good news is that there are a growing number of tools and services available to creators. The bad news is that they are currently segmented. Luckily, we will start to see a bridge in the gap in services to combat the now-fragmented space to offer creators a more seamless and stress-free experience. Platforms with powerful ecosystems of partners offering elite services to help creators grow their business allow them to focus on what they love to do. This enables them to reach new heights of creativity while leaving the grueling task of building a platform to a backend team.
The future of the creator economy lies in offering creators their own platform to manage all content, activities, monetization tools and analytics in one place. Giving creators the opportunity to build their own platform gives them the freedom to be less reliant on other platforms' algorithms to garner fans and views, generating a level of autonomy that can help them alleviate stress and avoid burnout.
