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. 

How Enterprises Are Creating Video More Easily

The old way of creating video is broken

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’ who are creating video — streamers, creators, and enterprises — have had to face the reality that the old way of working with video simply isn’t viable anymore.

The impact of the pandemic on creating video

The pandemic sent video creators and enterprise employees scuttling back to their houses where they had to rustle up home offices. That, in itself, was a challenge but then they faced the hair-tearing-out problems of collaborating remotely on video projects: how to find clips they needed, how to enable shared access to different versions, how to get reviews/approvals, how to execute simple edits, etc.

Streamers and video creators scrambled to find technological solutions to these challenges. Initially, these were solutions designed to “get by”. But now the new, more efficient media pipeline management workflows are being adopted as the new status quo, and technology has improved to fulfil those needs.

The result of that technological innovation is proven: Silverwood Partners’ Media Technology: Strategic Industry Analysis 2022 states that 84% of businesses reported their company’s video content output increased over a 12-month period in 2020/2021.

That trend is set to continue: the report also illustrated that in the subsequent 12 months, 44% anticipating a significant increase.

How video technology is improving

Traditionally video content creation, broadcasting and distribution required skilled practitioners and specialist equipment. But there’s a growing demand for technology that simplifies those processes and makes them accessible to people who don’t have video production experience: 83% of respondents quoted in the report believe their company would create more video content if technology made it easier to do so.

However, “easy” doesn’t mean “low quality”. Consumers demand high-quality video, so creators are seeking technologies that facilitate them to make professional-grade content to integrate into a tech stack, as illustrated in Silverwood Partners’ report:

How to manage your media pipeline

A media asset management platform empowers your team to collaborate on video projects effortlessly. Overcast’s SaaS platform future-proofs your video production operation, and you can simulate your costs before investing.

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

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