New digital platforms are enabling the 'passion economy', where individuals with certain creative skill sets can earn a livelihood while doing the very thing they are good at.

These platforms provide:<ul><li>Greater ability to build customer relations. </li><li>Increased support for expanding their business. </li><li>Better tools for standing apart from the competition.</li></ul>

The Passion Economy

<div>The Passion Economy encourages everyone to become an entrepreneur.With enough scalability options, individuals can help other individuals using these platforms.There is little or no initial investment required, and if the business grows, they earn revenue along with their customers.</div>

Everyone Can Be An Entrepreneur

The Passion Economy platforms differ from the ones from the last decade in many ways.<ul><li>The revenue streams are not one-time, but ongoing, based on building/growing an audience.</li><li>They offer a wide variety of creative products and services.</li><li>The services provided are more scalable.</li><li>They respect the individuality and freedom or the creator. </li></ul>

The New Platforms

The new entrepreneurs working for the passion economy have one thing in common: They mostly work for digital products and services.Knowledge influencers like teachers and trainers, along with writers and audio/video content providers have the scalability advantage available courtesy the digitally-focused passion economy.

The Focus is Digital

Today's technology-enabled world offers many ways to capitalize on creativity: creators are now earning individually, monetizing their unique skills. People are turning their passion, the things they love to do, into their earning source.Whether it's podcasting or video content creation, teaching or writing, individuals are changing the definition of a 'job'.

Enterprization of The Consumer

The new digital business models enable completely original and organically created forms of work, branching out of the existing networks.Eventually, human capital starts to give rise to new industries.

Human Capital

<ul><li>On-demand marketplaces established, in the last 10 years, new ways for people to make money - workers could easily monetize their time in specific, narrow services (food delivery, parking, or transportation). </li><li>These marketplaces automated the matching of supply and demand, as well as pricing and used platforms that were convenient for both the user and the provider.</li><li>Specific platforms provided a path to self-employment for millions of people and they also homogenized the variety between service workers, prioritizing consistency and efficiency. </li></ul>

Evolution of The Passion Economy

The top-earning writer on the paid newsletter platform Substack earns more than $500,000 a year from reader subscriptions. The top content creator on Podia, a platform for video courses and digital memberships, makes more than $100,000 a month. And teachers across the US are bringing in thousands of dollars a month teaching live, virtual classes on Outschool and Juni Learning.

Human Capital

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