The Impact of the Creator Economy

The Impact of the Creator Economy

In our last post, we looked at the rise of the Creator Economy. Now, let’s take a look at its impact.

This revolutionary phenomenon means that people who create content — from filmmakers to musicians — get funded directly by their audience. This has the disruptive impact of removing the traditional middlemen like record labels, film/TV commissioners, and publishers. (Source: medium.com)

This has created amazing opportunities for content creators. The content creation industry, in particular influencer marketing, achieved a staggering CAGR (compound annual growth rate) of 52% between 2016 and 2021.

CAGR content creation — Impact of the Creator Economy

In the Creator Economy, the audience decides what to see. And not just that! Because they fund the content, the audience wants value for money so they also participate in the decision-making process, influencing the direction that the creators take.

Video first

One of the key trends in the Creator Economy is a video-first approach. According to Fortune Business Insights, the global video streaming market was valued at $372 billion in 2021. It’s projected to grow from $473.39 billion in 2022 to $1,690.35 billion by 2029, at a CAGR of 19.9% in the forecast period. 

One factor that’s propelling the market growth is the demand for higher-resolution videos. In particular, consumers have an insatiable appetite for livestreamed video, but they won’t tolerate delays, so there’s a huge demand for advanced low latency (low delay) video platforms. 

Demand drives technological innovation

The increase in tech-savvy content creators is generating a higher demand for media technology to support the proliferation of content than traditional broadcasters did, as illustrated below in Silverwood Partners’ Media Technology: Strategic Industry Analysis 2022:

Proliferation of Content — Impact of the Creator Economy

Such media technology is needed to manage all stages of the life cycle: from creating content to attracting and engaging with the audience. There’s also the challenge of monetisation, both online and offline; not to mention the overall management of the business. So, tech needs to do some heavy lifting! 

Let Overcast do the heavy lifting for you

Why not tap into the pot of gold that is video creation? Reach out to us and we would be delighted to give you a free demonstration of our platform.

Latest Blog Posts

The Rise of the Creator Economy

There was a time when the phrase “Lights, Camera, Action” was only heard within the exclusive walls of Hollywood studios. Not so these days!

The past two decades have seen the rise of the Creator Economy…the lowering of technological barriers facilitates anyone to generate an income through delivering content to an audience.

Social media enables access to audiences without the need to go through a broadcaster or publisher.

But creators need access to technological tools to streamline the process of making fab content.

The Demand for Remote-Enabling Video Technology

Practically everyone owns a smartphone these days; therefore, we all carry a mini computer in our pockets. But, more than that, phones can record video clips and you can edit that footage through apps; so, effectively, we are all walking around with full video production capabilities.

So, armed with this portable video technology, it must be a piece of cake to make professional-looking videos, right?

Wrong!

Remote Work: The Evolution of Enterprise Video

Enterprise video has long been one of the key tools for small to medium-sized companies to fulfil their business objectives. But when the pandemic dispatched us to our homes to work remotely, suddenly it wasn’t so easy to create, collaborate on, and broadcasting video. Work had changed. Leveraging video for business was about to change too.

How Enterprises Are Creating Video More Easily

There’s no denying the domination of video with more than two billion monthly active users on YouTube and one billion on TikTok.

In our last post, we looked at trends in the acceleration of video management technology, which is driven by factors such as remote working, the ever-increasing demand for streaming content, and the rise of video content creators.

However, the ‘players’ — streamers, creators, and enterprises — have had to face the reality that the old way of working with video simply isn’t viable any more.

Trends in the Acceleration of Video Management Technology

Are digital natives planning to take over the world? You may well think so if you look at the media technology industry, where trends support an increasingly digital-native economy.

The COVID pandemic jump-started an era of mass remote working, which meant that video creators — who rely on collaborative processes — struggled with searching for clips, reviews and approvals, tracking assets, transcoding, etc. This accelerated technological innovation…as tech companies raced to meet the needs of a broad range of video creators and media companies.

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