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.

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In 2022 the popularity of this form of mass communication is not waning at all.

Video podcasting is also on the increase. Use cases include communicating with customers, marketing, sales, and training.

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This demonstrates the need for providers to step forward with innovative technology that enables enterprises to create, manage and distribute video content. The key focus for enterprises is on customer experience and employee engagement.

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Enterprises found themselves faces with a need for rapid digital transformation when the pandemic necessitated employees to work remotely. Suddenly, colleagues and managers were not in the same room to share information or collaborate on team projects.

This led to much upheaval among workforces. However, a magic pill to cure those ills was close at hand: video!

Influencers With A Cause

Social media activism creates opportunities for grassroots movements to evolve and expand. Some of the best-known examples are the Ice Bucket Challenge, #MeToo and Black Lives Matter, which have all involved successful social media movements.

So, how do creators and influencers with a cause go about making a difference?

James Dean was a rebel without a cause, but nowadays social causes are top of mind for creators, according to a study by Adobe.

Does Being A Creator Make You Happy?

The words ‘social media’ and ‘mental health’ are not always happy bedfellows, so it’s a legitimate question to ask, “Does being a creator make you happy?”

It takes time and effort to be create content, distribute it, and build a community, so what impact does all of that effort have on a creator’s mental health?

Adobe’s ‘Creators In The Creator Economy’ global study shows that creative people are happy people!

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