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The Promise Of The Creator Economy

The Promise Of The Creator Economy

The creator economy is comprised of people who attract an audience to build a business. Thanks to the rise of digital media and tools, such as creator coins, there are several ways to get this done. Give people valuable reasons to know, like, and trust you, over and over, and you’ll cultivate the ideal customer base.

Then, monetize away by giving the people what they want. From authentic recommendations to online courses, virtual communities, and other digital products that solve their pain points and challenges, you’re in business.

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The creator economy is vast, and its implications go well beyond its $104(+) billion size today. According to a recent report from Influencer Marketing Hub, the growth trajectory of the creator economy is similar to the gig economy (mostly on Upwork and Fiverr), which means a future valuation in ...

Web 3.0 makes all of this possible — and it’s where things get really interesting. A decentralized digital world is where the power shifts to the creator and their communities.

Putting your destiny in the hands of a third party leaves you to the whims of those companies. That’s why the movement of the creator as a business is particularly appealing. And you don’t need a gigantic following to profit as a content creator.

Nowadays, sponsored content is one of the primary opportunities in the influencer economy. Don’t be afraid of that terminology — content creators with influence at all levels are being tapped for participation in everything from sponsored posts to product placement and shout-outs.

There are numerous opportunities in the creator economy as long as you’re willing to work hard and diversify your revenue sources. 

The creator economy gets its juice from the personalities that attract and build audiences. This fuels a trend of creators wanting more ownership over their communities and, ultimately, their earnings.

  • There are all sorts of participants in the creator economy that are there to help the creator class on their road to success, including:
  • Merch and eCommerce tools like 99designs, Big Cartel, and Shopify
  • Marketing and management tools, such as ConvertKit, Memberful, and Clout ...

Once you’ve built it and people have come, how do you keep them returning for more? Create a vibrant community, and you’ve got one of the more successful and sustainable business models in the creators’ market.

  • Creating and selling physical or digital products 
  • Productizing a service 
  • Offering memberships or subscriptions (i.e., Copyblogger Academy)
  • Running native advertising on your site or newsletter
  • Becoming an affiliate
  • Hosting events (IRL or virtual)

The Holy Grail for content entrepreneurs is audience monetization. Indeed, it’s why we’re talking about a creator economy — the financial opportunities are abundant.

Building a community of like-minded people by sharing highly relevant information is the primary path of the content entrepreneur.

Influencer Marketing Hub found there isn’t a definite correlation between follower count and income. In fact, the difference in the number of followers for influencers who earn between $50-100k and those who make ...

Only a few rarified name-brand influencers are at the top of the feeding chain. The rest makes up a vast middle of the creator class who work hard to even cover their costs. This can make creating digital content feel like “gig work.”

You want to be sure people can find your fantastic content in the first place. So, in addition to making sure you’re following SEO best practices (which tends to be a long-ball strategy), you’ll also want to promote your content on search engines and social platf...

While creating fresh, unique work (i.e., articles, ebooks, music, art, etc.) is one way to provide value to your audience, hand-selecting content that will interest and engage them can be equally as effective. And it’s also an excellent way to create recurring revenue over time.

Even though the creator economy has been around for the last couple of decades — since the dawn of Web 2.0 and the rise of user-generated content and social media — its economic impact has only become apparent in the last few years.

  • Writers: Medium, Substack, Wattpad
  • Podcasters: Acast, Buzzsprout, Podbean
  • Gamers: Epic Games, Discord, Roblox
  • Livestreamers: Twitch, Loots, Streamyard
  • Musicians: StageIt, Kobalt Music, BeatStars
  • Online course creators: Teachable, Kajabi, Thinkific
  • ...

When it comes to the creator economy, there are riches in the niches. It’s no wonder, then, that an enormous amount of platforms have cropped up to help the creator class create content, cultivate community, and cash in on their audience. 

Where we’re going from here has only been accelerated in our post-pandemic world. People have more eagerly adapted to digital life, which, in turn, has given content creators a boost and the communities they serve more to enjoy. 

All you need to do is create, cultivate, and nurture your direct connection to your fanbase. This is where selling things like merch, digital products, premium content, books/eBooks, fan engagement, coaching/consulting, and speaking services comes in.

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While the traditional ad model has worked well for social platforms in the past, new entrants have found new ways to monetize beyond targeted ads.

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