According to a new report, the creator economy has become a cornerstone of digital marketing, with influencer marketing generating the most revenue.
GlobalData’s report on The Creator Economy unpacks key technological, macroeconomic and regulatory trends within the industry. It also delves into projected market growth and the value chain.
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Defined as “an industry in which creators can generate revenue from their content, facilitated by digital platforms,” the creator economy sector allows businesses to achieve greater returns on investments than traditional marketing avenues. This is because influencers can access and attract specific customer bases.
On the supply side, content creation is evolving the work patterns of Gen Z, making it a lucrative and viable career path for many.
A booming creator economy
Intrinsically linked to the growth of the creator economy is the rise of short-form content on platforms such as TikTok, Meta’s Instagram Reels and YouTube Shorts.
The report highlights, that businesses that can perfect short-form video output will be able to capitalize on the short attention span of today’s consumers while cultivating an engaged audience through the work of the algorithm.
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By GlobalDataWhile the success of traditional marketing might suffer in times of economic recession, the report notes that content creation is often considered recession-proof, as influencers generate revenue from a connection to their audience.
Transforming the future of work
This fast-growth content creation is now becoming a viable career path for many in GenZ, with famous content creators such as Charli D’Amelio reportedly earning $17.5m a year.
As of 2023, the global influencer market was worth $21bn up from $14bn in 2021. GlobalData forecasts that the market will reach $41bn by 2030, growing at a compound annual growth rate of 10%.
GlobalData’s report also identified some other indicators that exemplify the consolidation of content creation as a career. There are now numerous courses on how to become a creator and funding available for those pursuing it. Alongside this, many high-profile creators now have support teams of editors, assistants, and agents, creating a wide variety of job prospects within the industry.
Initially, the creator economy was focused on YouTube and needed specialist camera setups, however, the increased quality of smartphones means that now anyone with a smartphone of a certain quality can begin shooting and editing videos and audio just on one device, without the need to buy specific cameras, microphones, and lights.
This allows individuals to begin content creation careers as teenagers. Now with the rise of micro and nano-influencers, content creators can start earning money to receiving free products, with small followers if they have access to a niche market sector a business wish.
