How Big is the Creator Economy?

Is the creator economy the best thing since sliced bread?

Good question! Adobe decided to find out. It conducted a study to understand how creativity is changing around the world, getting insights directly from those at the front line of online creativity: creators in the Creator Economy.

The study shows that, across the globe, the Creator Economy is booming!

What is this ‘creator economy’ thing anyway?

The creator economy refers to a sector in which independent content creators monetise their skills, artistic endeavours, and even themselves. They might be creative artists, designers, gardeners, sports people, activists, etc. — what they have in common is that they are truly passionate about their subject. 

According to business.org, more than half of these creators post their work on Instagram. The other half use YouTube, Twitch and other social media platforms.

How big is the Creator Economy GenZ Influencers Social Cause Creators Business Owners

How big is the creator economy?

Well, it’s big…very big…in fact, huge! Adobe’s report on the creator economy found that, in the territories it surveyed, an average of 23% of people are creators. This means that almost 1 in 4 people are contributing to our online spaces. Across 9 markets, 303 million people are creating their own content.

Which countries are creating the most content?

Here’s the surprising part: Spain, which has the second smallest population of the countries surveyed (47 million), has the second largest concentration of creators at 36%. Korea, which has only a slightly higher population than Spain (52 million), was close behind on 34%.

Brazil topped the poll in both of these metrics — it has the highest number of creators (106 million) and also the highest concentration (50%). 

Markets like Brazil, Spain and South Korea have the highest concentration of creators while markets like the US, Brazil and Germany have the biggest creator populations.

Another surprising finding was that the United States has 20 million fewer creators than Korea, despite having a significantly higher population: 328 million compared to Korea’s 213 million.

Creator Economy Market Size Adobe

How can you tap into this phenomenon?

These statistics make content creation sound like a no-brainer in terms of business strategy, right? However, in our blog post The Evolution of Enterprise Video, we looked at the challenges of video production. The good news is: that blog post also reveals the solution to those problems!

Need a hand with editing?

If you’re a Premiere Pro editor, you can now access Overcast’s Video Review & Collaboration tool through Adobe Exchange.

Talk to us

We’d be delighted to have a chat with you about how our video management platform can give you a massive leg-up in the creator economy by making your content creation easier. So, click here to request a free demo of Overcast’s platform.

Why Video Marketing?

Why use video marketing?

Marketing has always been a core element of business success and it continues to evolve as social media expands with new social platforms being added to the mix. 

TikTok has shaken up the video marketing landscape over the past few years and more US marketers now use TikTok than YouTube for influencer marketing, but TikTok still sees significantly lower usage than Instagram (eMarketer, Dec 2021).

Marketers prefer video

There’s no doubt that enterprises recognise the power of video marketing. Silverwood Partners’ Media Technology: Strategic Industry Analysis 2022 shows that 94% of marketing professionals report a preference for video content:

The challenges of video marketing

Sounds like a no-brainer, right? However, in our blog post The Evolution of Enterprise Video, we looked at the challenges that enterprises are facing in terms of creating video content, including time/budget constraints, complexity of process, lack of in-house capability, and lack of the right technology. 

What needs to improve?

Silverwood’s report shows the top priorities for video departments in enterprise companies.

Unsurprisingly, improving time to market is the biggest concern for enterprises doing video marketing.

A recent Adobe survey revealed 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. 

Hot on the heels of ‘time to market’ is the quest to increase overall video output, while other priorities include increasing engagement across all channels and demonstrating more thought leadership.

Technology is the solution

The best way to address enterprises’ key video content priorities is through a video management platform that automates simple tasks, speeds up reviews/approvals and makes collaboration effortless. So, why not request a free demo of Overcast’s platform?

Trends in the Acceleration of Video Management Technology

Trends in Media 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, as outlined in Silverwood Partners’ Media Technology: Strategic Industry Analysis 2022.

Video Production in a Remote Working Era

The COVID pandemic jump-started an era of mass remote working, which meant that content creators — who rely on collaborative processes — struggled with video management: 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. 

The Streaming Wars

The confinement of people to their homes led to another disruptive influence: audience numbers for streaming content skyrocketed. En masse, viewers cut the cord with traditional broadcasters and turned their eyeballs to Netflix, Disney+, Amazon Prime Video, Apple TV, Hulu and other streamers.

Upsurge in Video Marketing

Throughout 2021 the demand for content seeped into almost every industry and, in response, the creator economy became more sophisticated.

We’ve seen a significant increase in recent years in the numbers of digital-native ‘influencers’ and professional video creators as they build their personal brand through video. Add to that the rise and rise of video marketing among enterprises, and you get the picture: technology had to ‘fly fast’.

So, it was time to wave goodbye to video files stored on hard drives and face-to-face teamwork —  it was time to embrace the cloud! Remote collaboration became a reality and will need to be a key part of enterprise strategy going forward.

Video Technology Innovation

Top-tier broadcasters and OTT providers require innovative media technology to differentiate themselves and fight for market share. The battle of the streamers is red hot after Netflix recently announced that it lost 200,000 subscribers in the first quarter of 2022 and expects to lose two million more in the second quarter. 

Enterprises and video creators are also operating in a very competitive environment. Broadcast-grade technology such as Overcast’s video management platform — which facilitates effortless collaboration and an efficient workflow — will be essential to their survival.

Request A Demo

We’d be delighted to give you a demo of our platform — please click here to request one.

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