The Rise of the Creator Economy

Lights, camera —> anyone!

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.

Evolution of the Creator Economy

According to Medium.com’s article ‘Evolution of the Creator Economy’, this progression follows a pattern that’s evident in any given creative industry: 

  1. Pioneer Era — first-movers create their own technologies, e.g. Pixar, Amazon, Zynga;
  2. Engineering Era — bottoms-up tools and middleware emerge to support overwhelmed engineering teams, e.g. Ruby on Rails, Stripe;
  3. Creator Era — top-down tools emerge to support a much larger market of creators and disrupt many of the businesses of the prior eras, e.g. Adobe, Shopify, YouTube.
Source: Silverwood Partners’ Media Technology: Strategic Industry Analysis 2022

Prosumer technologies take centre stage

Enabling “prosumer” technologies are a key symbol of the Creator Era. Musicians are expected to expand beyond streaming services like Spotify and Apple Music to technologies that drive discovery on those platforms and empower them to connect with their fans. 

We are also seeing a convergence of podcasts and videos; for example, OffCamera with Sam Jones, which records interviews with filmmakers then releases the audio as a podcast and the black-and-white video footage as an online TV show.

According to Bloomberg, YouTube is reaching out to podcasters and podcast networks, offering “grants” of up to $50,000 to individual shows and $200,000 and $300,000 to podcast networks to entice them to create video versions of their shows. 

Silverwood Partners’ Media Technology: Strategic Industry Analysis 2022 says YouTube’s decision to effectively fund podcasters’ adoption of video serves to validate a wider-industry trend: video will pervade all aspects of entertainment.

Tap into the Creator Economy

If you’d like to tap into the opportunities the Creator Economy offers, please reach out to us for a free demo of our video management platform. 

Overcast Panel for Adobe Premiere Pro is now available!

We are delighted to say that we have just released the Overcast Panel for Adobe Premiere Pro – the perfect tool for editors working from REMOTE locations.   

The panel is free to download – from Adobe Exchange – just click here.  

Here are some of the benefits of using the panel:

  • Save time and effort by never leaving your Adobe Premiere Pro interface
  • Easily choose between original and proxy workflows 
  • Use your cloud account to speed up sharing, reviews and approvals
Overcast Adobe Premiere Pro Panel
Download now – just click here.  

If you’d like more information, please get in touch with us. We’d be delighted to have a chat with you about how the Overcast Panel for Adobe Premiere Pro might help you and your creative team!

Creating Content: Personalization Versus Speed

Digital technology has revolutionised the film and video production industries, confining celluloid to a handful of highly-funded Hollywood movies. But more importantly for the business sector, it has democratized video production: now it’s as common for enterprises to make videos as it is for film studios to make movies. 

The era of personalization

But this is not just the video age, it’s also the era of personalization. In the same way that no-one wants their doctor to treat them the same as the other patients in the waiting room, consumers want brands to see each of them as an individual and create content they feel was authentically made and designed just for them. This is how brands create a connection with people.

So how are brands doing in terms of creating personalized content and what barriers are they facing?

How well are brands doing?

Adobe recently published a survey on The State of Creative and Marketing Collaboration, which set out to uncover how creatives, marketers, advertisers and IT professionals are working together to keep up with the fast pace of content creation and deliver exceptional customer experiences.

They surveyed more than 1,000 people in those roles, mostly in companies with more than 500 employees.

The results show that brands are struggling with content creation, in particular the length of time it takes to turn personalized content around. The survey reveals that it takes brands, on average, 17 hours to create a single piece of short form content! This rises to 27 hours to create a single piece of long form content, such as video. It takes companies, on average, 12 days to take a single piece of content to market!

Image courtesy of Adobe Systems Incorporated

What’s stopping us?

The survey also looked at the barriers to personalization of content: the time investment needed to create and iterate content comes out on top. Other issues which surfaced include requests for minor changes and the difficulty of tracking feedback about each version created.

Image courtesy of Adobe Systems Incorporated

“Is this approved for publication yet?”

All of these conclusions suggest that brands’ review and approvals process for content is slow and clunky. Delays in getting content reviewed and approved for publication means slower time to value. 

Therefore, a streamlined, efficient workflow is required. A cloud-based video asset management platform like Overcast HQ allows you to notify your colleagues and clients when you’ve shared content with them. Then — instead of wasting time getting people together for meetings — they can view and review your videos in one place, facilitating a speedy approvals process.

It’s also super-easy to identify which part of the video they’d like tweaked since all comments are time-stamped. In addition, instant commenting — like instant messaging — allows you to collaborate in real time with your team, colleagues and clients, which is another big time-saver.

How well do professionals think they’re doing?

Adobe’s survey reveals a disconnect between how colleagues from different departments perceive the effectiveness of the content workflow. 54% of IT professionals believe content creation and delivery are very well coordinated, but this contrasts with just 28% of marketing executives. 

Image courtesy of Adobe Systems Incorporated

Another fascinating insight is that the number of agency and brand creatives, advertisers, marketers and IT professionals involved in content creation and delivery has increased significantly in the past few years: 75% more in the case of IT professionals!

How can we do better?

This is an astounding increase across all roles and it shows the centrality of creating content — in particular, personalized content — in the business world today. We must all become creators and publishers. In order to do that efficiently and effectively, we need to learn to manage content better.

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