The State of the Creator Economy

“Art is the queen of all sciences communicating knowledge to the generations of the world,” said Leonardo da Vinci. We strongly believe that art influences society by translating experiences, changing opinions, and expressing values. Playing such an important role in our society, creators must find ways to support themselves and their work through the creator economy.

The rise of the creator economy has been one of the greatest trends to emerge from the technological revolution of the last 20+ years. Where it was once incredibly rare for an individual creator to make a viable living from his or her creations, today that path is taken by countless individuals.

So, where do we stand with the state of the creator economy as 2021 gradually gives way to 2022? Let’s take a closer look.

Some Incredible Statistics

To quickly gain insight into the impressive size of the current creator economy, we can take a look at a few quick stats.

• The creator economy market size is roughly estimated at $20 billion
• More than 50 million people worldwide consider themselves to be creators
• Influencer marketing is poised to surpass the $3 billion mark by the end of 2021
• On YouTube, over 22,000 channels have at least a million subscribers
• Patreon, a platform where creators can grow an audience of paid subscribers, supports a network of 210 thousand creators and over 6 million active patrons

These stats, and many others, point to a consistent theme – there is plenty of room in the creator economy. While it might seem like this economy is well established by now with tons of competition, just the opposite is true. We remain in the very early stages of how this economy will develop, and there is ample time and opportunity for new creators who hope to jump into the mix.

A Growing Trend

The COVID-19 pandemic has changed the world and the way people connect, but it also impacted creators by offering increased user engagement. Content creators across social media platforms have experienced an increase in diverse revenue opportunities, sometimes more opportunities than a single person can handle.

It’s common for an individual to start out as a solo creator, only to gain traction and quickly build a team to support their burgeoning business. That can mean paying professionals to do production work, adding additional creators to a channel, and investing in better equipment to advance the quality of their product. With so much money at stake, it only stands to reason that more and more creators will take a team-centered approach in the years ahead.

Taking Back Control

While social media played a massive role in the development of the creator economy, some of the most successful individuals and teams in this market are starting to regain control over their content. When posted to a social media platform, the creator gives up a measure of control, as the content is hosted on that platform’s servers, rather than their own.

By creating their own sites, or even custom apps, and using those channels to present their content, the social media networks play a reduced role in the ecosystem. Social media will likely continue to play an important role, but it might not remain the dominant element in how a creator connects with an audience.

Going Mainstream

With the top creators possessing millions of followers around the world, it only makes sense that the traditional media would attempt to tap into the power of the creator economy to leverage its popularity. It’s becoming more and more common to see individuals from content creation platforms crossover into the mainstream media, appearing on television shows, streaming series, and more.

Support for the Creator Economy

Individual and corporate support for artists is imperative to the creator economy, but creators are also imperative to brands. Brand collaboration with artists can be incredibly valuable when done right. Art created within these collaborations has the ability to give a brand new meaning and associations, distinguishing it from others.

“In a cluttered mediascape, having an artist or piece of art that people like attached to your own communication efforts can help get people’s attention, which is the first step in getting them to buy something,” -Toni Eagar, lecturer at the Australian National University and marketing academic

MobileCoin is committed to creating partnerships and opportunities for artists. We recently announced the MobileCoin Art Prize which awarded three artists with funds to explore their artwork addressing the critical topic of privacy. We also present MobileCoin Radio,  a weekly radio show which showcases indie artists, streaming weekly on Twitch. Another example of creator and corporate partnerships is MobileCoin’s collaboration with HaylStudio to create custom-painted shoes for a MobileCoin shoe drop.

The Future is Bright

No matter how you look at it, the coming years appear set to be a golden age for the creator economy. With an estimated total worth of over $100 billion, growth over the next decade may even make that number seem small. Whether you hope to launch a career as a creator or want to collaborate with creators to enhance your brand, these are exciting times.