What Is The Creator Economy? Pros & Cons

The creator economy is now enabling thousands of people to live their childhoods dreams. Here's everything you need to know about the economy

For decades, the world of entertainment was run and controlled by publishing houses. They determine what we watch, read, or listen to. But never did we imagine that soon, this astonishing power will one day be wielded by independent bodies of social media influencers, videographers, writers, bloggers, not excluding the tools developed to assist them.

There are three top trends in the creator economy, which includes:

1. Creators shift their top fans away from social networks diverting them to their sites, apps, and tools they make money from.

2. Creators become founders, build their teams, and set up tools to help them start businesses while focusing on their art.

3. Creators gaining power in the media ecosystem, fans want to bond with each personality instead of faceless publishers.

To contribute, to tell our story, or share our art, we often have to work with these giant companies controlling what we read, view, or listen to, or perhaps be significant enough to be part of their creation. Thanks to the internet, however, the power to create is now in our hands. 

Although it happened gradually, in time, everything changed. Not only did the internet explode the creator economy, but it also gave us the confidence to create and bring our ideas to life. We can now tell our story, share our imagination, without any imposition from the big houses.

Welcome to the age of the creator economy - An age unlike what we have never experienced before.

Ways Creator Economy Earn Money Online

The creator economy offers mouth-watery opportunities for individuals with talents, creativity, and imagination. Today, Filmmakers, videographers, musicians, writers, graphic designers, and other creative people now have the means to showcase their innovative acts and get paid to do it.

You can either work with an established publishing company or perhaps work independently through digital marketplaces such as eBay, Amazon publishing, Etsy. Although, some platforms are also great for the creator economy.

Platforms like Mixer and Twitch are ideal for live streamers, YouTube and TikTok for filmmakers, Upwork and other writing platforms for freelance writers, Tumblr and WordPress are also great for bloggers. If you're a photographer, Instagram and Pinterest might also be great choices.

Pros Of The Creator Economy

1. Freedom

The creator economy presents an opportunity for people to perform their dream jobs in the best way they can, without any external interference. It provides an opportunity for people to specialize in their passion, to work at their own pace, without a boss watching over their shoulder. Not only can a creator work any time of the day, but they can also work from anywhere - on the train, bus, in their bedroom, or even in the middle of the night if they so wish.

2. Earning from what you love

Imagine earning from doing what you love. That's the opportunity the creator economy offers. If you're a writer, you can make money from Upwork or other writing sites by handling gigs, and also, if you're a filmmaker, you can earn from YouTube or TikTok by crafting a niche and building a community. All these platforms allow you to make money doing what you love.

3. Flexibility

The creator economy gives creators the flexibility of doing what they love in their comfort zone. Back in the day, it would be best if you worked for traditional companies to make that dream a reality. Now, anyone can earn easily from what they love doing in the comfort of their home.

Cons Of Creator Economy

While the creator economy is very beneficial to people who wish to earn from what they love, you should also know some downsides. Here are the cons of the creator economy.

1.   Most creators do not have enough fans to make them entitled to ads

2.   Although the creator economy allows people to make money online doing what they love, most individuals only get to realize very little income. If you want to earn more, you might want to reflect on influencer marketing or sponsorship deals.

3. Low discoverability, as most platform algorithms make it hard for creators to connect with their audience.

4. Slow payment processing on most platforms

The Future of the creator economy

A while ago, Influencers.club published a visual representation of the current state of the creator's economy. Going by future projections, the creator economy is estimated to be over 100 billion dollars. However, the future holds more in stock. With the metaverse underway, it is hard to speculate what the creator economy holds. With companies like Facebook, Microsoft, Roblox, and Epic investing heavily into this emerging goldmine, there is no doubt that the future will be amazing. For a visual representation of the current state of the creator economy, you might want to take a look at t

Check out Gigapay

READ ALSO: The Gig Economy: Pros & Cons

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