Creating content and the strategy for deploying that content are two essential components of doing business in today’s post-pandemic, digital marketplace. New technology and tools have increased the ease and pace with which individuals are turning their passions into profitable pursuits.

In today’s landscape, every business is in the business of content creation. Content development and deployment of all kinds have become nearly essential for most businesses. In a marketplace where competition is thick, budgets are thin, audiences are large, and attention spans are small, attracting top talent is key. It’s not enough to run your business or persistently promote your products or services, you need engaging, creative content to attract and reach your customers quickly and consistently.

Everyone can be a creator, and, in theory, can earn a living by creating content, with the most popular creators earning north of 7-figures. This marketplace shaped by regular people creating content and building and growing their brands through that content is called the Creator Economy. 

Defining/Clarifying the Creator Economy

The creator economy can loosely be defined as the industry of entities and individuals leveraging the creation of content on social media to build an audience and business opportunities. According to a 2020 report by venture capital firm SignalFire, the creator economy is now 50 million strong and growing. According to CBI Insights, the Creator Economy saw about $1.3 billion invested  in 2021 alone.

WPP identifies 6 main components of the Creator Economy:

• Creators: individuals producing content
• Media platforms: where creators share content (e.g. YouTube, TikTok, Substack)
• Content creation tools: enable content creation (e.g. Canva, Adobe Creative Cloud)
• Venture capital firms: largely investing in creation tools and platforms
• Brands: partnering with creators through sponsorships and brand deals
• Audiences: supporting the creators they love

Though individual creators are often the focus of attention in the Creator Economy, clearly there is a larger, interconnected ecosystem in play. The Creator Economy is part of the larger “Content Economy”, the modern marketplace shaped by media-driven content produced and distributed via every kind of channel imaginable. 

The Creator Economy: Not just for influencers

When we speak about the creator economy, we don’t just mean influencers. An influencer is a person who leverages social media to gain a following and uses their influence to drive the purchasing behaviors of their audience. “Influencer” has a somewhat negative connotation in some circles, but the Creator Economy is positively reshaping the idea of what an influencer is and what an influencer does. 

Influencer Marketing has given way to the Creator Economy. In general, Creators are practitioners, and can be perceived as more real or authentic. As people crave authenticity in the content they choose, creators add value to their audience, not just themselves. 

Lessons learned from the Creator Economy can help shape the future of branding. 

According to The Drum, part of the reason for that is because “every creator can now reach their target audience directly, without the assistance of a third party.”

What it means for branding

For businesses that want direct access to an engaged, invested audience, working directly with a creator in that space can be key. Similarly, for creators to get in front of larger audiences, a paid partnership with a big brand or corporation makes sense. The Creator Economy has caused a rise in businesses using creators, and creators leveraging these partnerships with established brands, to make significant income or even launch their own ventures. It’s not just in the DTC (Direct-to-consumer or luxury product space). A new reality of the Creator Economy is that brands use creators and creators use brands to build their own brands.

One of the core purposes of a brand is to build connection, or trust. The rise of these partnerships reflects a change in the way that consumers/customers relate with brands. People trust companies and corporations much less in the wake of scandals and security breaches, etc. People trust people. Brand awareness and brand growth are driven by individual creators as much as companies. The power is in the hands of the creator, not the corporation. As this trend continues, look for brands who leverage real people–creators, as a way to introduce and engage customers with their brand.

The rise of instant and simple technology has helped  level the playing field. Widespread access to technology (social media and smartphones) allows us to create content, and allows anyone with modern devices to participate, and make real money or promote their cause. People have more freedom, more expression, more avenues to express their passion and monetize it. 

The Creator Economy is the way forward for businesses to engage with their customers but there should be caution and strategy on choosing a creator who provides quality over quantity and has a history of authenticity. Bigger companies should be open minded to the concept and willing to push the boundaries of traditional branding and marketing. There has never been a time like now for people to turn their passion into profits.

Enthuse Creative Can Help

Enthuse Creative can help your brand explore leveraging the Creator Economy to develop branded content that helps your business achieve its goals. Reach out to us today for a free consultation.