Why the creator economy is just the new economy

In case you’re not familiar, CES is the most influential tech event in the world – they even have that on their website. If there’s any takeaway to note in the long term it’s that this year showcased how the creator economy truly is infiltrating every niche and genre. 

Several themes emerged from the event regarding the creator economy, so let us look at a few notable points.

First and foremost, it is becoming apparent that creators need both first and third party data. Social media helps creators build their audiences and gives them opportunities to monetize through brand partnerships and other revenue streams. First-party platforms give them more control over their data and business. Furthermore, this data should be democratised which means that brands will need to break down the barriers and give creators access. “The more data they have, the more successful creators will be,” said Ricky Ray Butler, CEO of BEN Group.

The creator desire to build their content into an independent brand is also clear. Creators no longer want to only create content; and they’re not just creating T-shirts and candles; they’re pitching unique products that add value to their communities.

Naturally, the mention of AI and its rise also came into the picture. Creators and marketers shouldn’t feel threatened by the rise of AI-generated content. Instead, AI can be a powerful tool to help spark more creativity (think ChatGPT) and can augment creator-led content.

During the event, Samir Chaudry of Colin and Samir brilliantly noted that “ the creator economy is just the new economy […] it’s about building audiences first and then figuring out how to monetize.” To drive the point home further it is worth noting that 25% of US consumers aged 16 to 25 plan to become a social media influencer, per a July 2022 study by digital marketing agency HigherVisibility.

As for marketers, it is worth observing that as the economic downturn continues to weigh down ad budgets and disrupt industry norms, creators provide a cost-effective and inventive way for brands to reach their audiences through boosted content. Meanwhile, creators will be brands’ ticket into a crop of new Gen Z-focused apps, including BeReal, that may not offer advertising options when they launch their monetization models.

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