New report looks at the growth of the creator economy and the opportunities of new platforms
Social platforms are getting into the ‘Creator Economy’, adding a range of new monetization tools and promotional features that are designed to help platform stars showcase their value to brands or sell their products directly on the platform. the application.
The value of this is twofold: for creators, it allows them to keep doing what they love and connect with like-minded people on social apps, while for the platforms themselves, it also allows more original content to flow, which, in turn. in turn, it keeps their respective audiences coming back more often.
And for brands, that can also present new opportunities to use the latest platform tools and features, by partnering with creative talent that is already well accustomed to best practices and has a track record of creating engaging content among their target markets.
At first glance, it seems like a great opportunity, but are creators really making money from their efforts?
according to a new adobe studioa growing number of them are, with around 48% of creators now earn at least some money from their creative activities.
The new report, which is based on input from more than 9,000 non-professional online creators, also shows that 40% of monetizers are making more money online than two years ago, while 77% of them only started doing it in the last year.
You can download Adobe’s 35-page report “Monetization in the Creator Economy” herebut in this post, we will take a look at some of the keynotes.
First, as noted, more creators are now monetizing their work, and many Gen Z creators, in particular, are now making money from their content online.
As you can see here creators who are monetizing their work online are earning 6 times the US minimum wage. I mean the US minimum wage is remarkably low among developed nations, so maybe not the best measure of ‘success’. But the data shows that many influencers are now making reasonable money from their work, with nearly half of creators who monetize saying their online work now accounts for a significant portion of their monthly income.
Although the framing of these figures is also noteworthy. Instead of using annual revenue rates, which probably don’t look so good, Adobe has chosen to use hourly and monthly revenue comparisons, which are much smaller in scale and potentially make comparative revenue look better. Just a note on data presentation, which might be relevant on a broader scale.
Of the online creators who make money from their work, Adobe says skills related to photography and creative writing are the most common.
As you can see here, animation and design skills are also high on the list of in-demand creator talent, as are filmmaking and video editing.
It’s hard to know exactly what this means, as there is no qualifier for what “creative writing” entails in this regard, but these are the elements that seem to be driving monetization opportunities for online creators today.
Although that will probably change in the future, with 68% of respondents also noted that they believe the metaverse will bring new job opportunities.
Which ties into the next point: The report also shows that designers working in AR/VR earn significantly more than other creators for their work.
So how, exactly, are these creators monetizing their work?
Advertising revenue from online platforms is the main source of income, followed by the sale of online works.
Thus, online content creators are primarily monetizing through ads, while others are better able to promote their physical work and facilitate direct sales to consumers through digital platforms.
Also, the more followers you have, the more you can charge.
It probably goes without saying, but these stats, based on user-reported estimates, give additional scope as to what the comparative rates are charged, based on audience levels.
Here are some interesting notes on how online creators are monetizing their work and the expanded opportunities these platforms now offer, in terms of reach and exposure. The data also suggests that more people are in fact looking for opportunities to monetize, which could be a good opportunity for brands to reach out and strike content deals with creators that align with their audience and niche.
And based on your number of followers, you also have some range as to what you should expect to pay, depending on the complexity of the job.
You can check out Adobe’s full “Monetization in the Creator Economy” report here.