What Influencers Can Do To Help The Creator Economy (and what it means to you) --

There were significant changes in the world over the last year due to the worldwide pandemic. One of the largest shifts that had nothing to be related to areas of medicine or politics included the Creator Economy. The biggest gainers from that change were influencers, YouTubers as well as content creators - people who are business-minded and independent who do what they enjoy while actually making money.

These individuals did not come from nowhere, and they're not going anywhere-but the ways in that they influence those who are part of the Creator Economy and contribute to its growth are becoming easier to access than ever. As such, knowing what is the Creator Economy is and how to begin gaining benefits by it as an independently-owned business is crucial for monetizing your own content.

What is the Creator Economy?

Let's look at what is the Creator Economy really is.

In the beginning, first, the Creator Economy isn't new. Platforms driving the Creator Economy, such as YouTube, Instagram, and Spotify have been around since the mid 2000s.

As content creators on those platforms gained traction and get a huge following Brands began to see that they had the potential to rely on the creators of these platforms to influence their fan bases through covert ads. This resulted in the growth of sponsored content (both real and fake) and influencer agencies - really, the foundation of the phenomenon known as influencer marketing that we see today.

But, as SignalFire so thoroughly examines in their the history and current situation of the Creator Economy, there are several reasons why the Creator Economy has had to grow from being called "influencer marketing" into what it has become. The reasons include:

• Content creators have understood that the platforms may not have their best interests with them, but shifts in the behavior of users can significantly affect whether certain platforms will continue to be financially viable.
• The manner in which platforms determine the ways in which creators earn money from their work are frequently not clear, resulting in creators having to broker deals directly with sponsors in order to earn profits from their content.
• Up to 50 million individual creators monetizing their work on a daily basis.
• According to Influencer Marketing Hub, as of May 2021 "it's possible to conclude this: the Creator Economy boom has hit the fullest in 2021, with an estimate of $104.2B market size"

Due to the rapid growth of creators, and the record-setting amount of money being invested in the ability to monetize being a creator Creator Economy is more complex than ever before.

Are You a YouTuber? Influencer? Creator?

These terms could appear like they are mutually exclusive - and were mutually exclusive during a period of time, actually, the present state of the Creator Economy allows the creators of content to go all three and monetize with a way no one had ever could have imagined in the early 2000s.

However, while brand-related deals and sponsored posts are still thought to be the main source of revenue for content creators, there are a myriad of different ways to earn money from your existing content. Various social media platforms have program and funds for creators to pay creators and allow them to collaborate directly with brands that work for their content and audiences.

Like we said earlier, however creatives have mostly abandoned being limited to a specific platform in order to not have to be concerned about issues like demonetization, platform fatigue or being subject to the whims of brands who provide them with media.

The demand for content

Did you consider the fact that YouTube isthe second-most visited site worldwide and is the sole social media platform that has consistent use for all age groups? In addition, according to MediaKix the how-to or tutorial videos rank among the top three most watched video categories on YouTube.

The demand for content which entertains and educates is growing and is likely to continue to expand in the coming years as Gen Z looks to platforms such as YouTube, TikTok, and Instagram to discover creators that help them become more informed about a range of subjects. This means that ad revenue is expected to continue growing on each of these platforms and will likely others in the future - offering content creators the possibility to increase the amount of income they earn through these platforms, and also make money off the content they already create.

Content Creators Are Creating their own businesses

We've mentioned earlier Content creators need to consider themselves legitimate businesses within the Creator Economy. This gives them the "opportunity to build something, from scratch, for yourself with your own specifications ( Inc.com)."

If you're considering taking on the role of full-time creator of content, that leap into unknown territory can be a bit scary. There are a number of statistics out there that could dissuade you from taking the risk. However, as we've seen from the evolution of the Creator Economy it is possible that you can cleverly and effectively begin to make money from your content so you can make a livable wage sooner.

Methods to Earn Money as a Content Creator

Creators are finding new methods to manage their business and make the highest possible amount of money through their work.

As a content creator, you still need to build your following on social media platforms like YouTube, Instagram, and TikTok and utilizing the multi-channel strategy to enhance your influence and reach. But, today there are many ways creators can make more money.

This consists of independent creators making money from their work through a variety of channels and platforms, such as personal sites, books, premium content from sites such as OnlyFans, merchandise, and courses that fans can access through memberships and subscriptions.

A few of the best ways to do this include:

• Subscription-based platforms such as Patreon permit creators to charge for exclusive content in a sliding scale. However, these platforms require a percentage of monthly income in order to make use of the service.
• If you're interested in monetizing opinion and content such as NewNew, applications such as NewNew let users make a payment to cast their votes on whatever you ask to vote on. This app does also take an amount of commission.
• Platforms for selling merchandise such as Moteefe let creators design and sell their own merchandise through social media platforms on a need-to-have basis, that is, you don't have to order stock prior to.

If you're giving your viewers informative content they could take advantage of on a regular basis, you're in a excellent position to design a course and ask the audience to pay for access. There are major platforms available that feature a lot of content creators, there's some drawbacks to using them.

The first is that some websites are flooded with creators. There's simply little incentive for users to view your content. This means that if you're an extremely competitive category of content there's a chance that you'll get just a tiny portion of viewers from college students.

Second, some course creation platforms can charge up to $400 per month when you've got a large selection of course and content.

Become the Entrepreneur You Want to Be

If you're now equipped with the information and skills you need to start earning cash from your blog, there are a few things you may need for success.

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