Goldman Sachs projects that the creator economy presently holds a value of $250 billion and anticipates it to almost double, reaching $480 billion by the year 2027. To provide perspective, this figure is comparable to the approximately $500 billion in private sector investments attributed to “Bidenomics” since 2021, as reported by the White House.
The secret to a truly influential creator is to first break the mold, then break through, and then break the system. In other words, creators go over the top of established institutions to market and bring products directly to their communities.
Take the rise of the fashion-food influencer as an example. Fashion and food didn’t exist in marketing harmony for years. Food videos were either solely food focused or healthy recipes accompanied by girls in athleisure. 2023 saw the pages of Iris Law and Gabbriette Bechtel break this mold. Law casually talks to the camera in her kitchen – most of the time once her concoctions are complete. Bechtel is dressed in Mugler while roasting a chicken or boiling an indulgent buttery cauliflower in white wine.
These girlies first broke the food content mold, permitting them to break through.
Forward–thinking brands have acknowledged this trend. According to estimates from Insider Intelligence, expenditures on sponsored content on social media are expected to reach nearly $6 billion in the United States alone in 2024. This projection excludes expenses related to paid amplification or creator ads across various media channels, a trend that is expected to gain momentum in 2024 as brands increasingly redirect budgets from traditional and digital advertising towards creator-focused initiatives.
Despite AI being the buzz word of 2023, there’s no question that in 2024 AI will be transformative to business, but it won’t upend the media, marketing and commerce landscape in 2024 the way the creator economy will.
Rather than supplanting, artificial intelligence (AI) is poised to enhance our dependence on and connection with current products and services, particularly those tailored to creators, as it becomes an integral component of nearly every tool employed by businesses. While novel AI tools are likely to surface in the upcoming year, their predominant role will revolve around serving marketers, offering avenues to enhance creative efficacy and streamline operational efficiencies
2023 was also the year of “de-influencing,” which was partly a response to recent influencer scandals, an oversaturation of sponsored content, and creators’ role in fueling overconsumption during an economic downturn. However, this move was simply another way for creators to renew trust and transparency with their audience – two very necessary elements to make organic sales.
Subscribe to our email newsletter to get the latest posts delivered right to your email.