In the creator economy, monetizing content is no longer just a dream
A new report by Adobe titled ‘Monetization in the Creator Economy’ provides an in-depth look at how non-professional creators who are exploring creative side hustles and hobbies are now monetizing their content, and how they are engaging with a new medium – the metaverse
Did you know that the Creator Economy is worth an estimated $20 billion and nearly half of the non-professional content creators around the world are already using their creativity to earn money today. The trend is fast transcending Indian borders too as a large number of first-time content creators are showcasing their talents in the online domain, particularly in vernacular languages. The effect is seen across industry lines to cover beauty and fashion, entertainment, technology, food and travel, home and design, among numerous others. The rapid expansion of the Creator Economy has spurred increasing opportunities for creators to monetize their creative talents, turning their passions into new careers and businesses.
Globally, the revenues that creators are earning from their creative endeavours account for more than half of their monthly incomes. There are more than 202 million content creators across the world, of which a staggering 165 million joined this exciting space over the past two years. In India too, the Creator Economy is growing at a compound annual rate of 25 per cent, owing to post-pandemic trends like flexible work hours and a general mindset shift towards pursuing what you are passionate about. Estimates peg the number of content creators at about 80 million, with an average earning of about $200.
It’s an exciting time to be a creator, and we’re committed to fuelling these business opportunities by providing tools such as Adobe Express, making it easy and fun for everyone to be a creator and bring their inspirations to life. However, the major challenges in countries like India is finding means of monetizing the content, which will allow creators to build a parallel source of income and help the Creator Economy thrive. For this, creators can deploy tech tools which will help them create and upload content on popular social media platforms like Youtube, Instagram and Facebook.
The other challenge faced in markets like India is that content creators cannot have a homogenous market. Different regions will demand different kinds of content and creators need to adapt their offering as well as the platforms to suit the needs of the target audience.
Globally too, the Creator Economy is thriving. According to recent findings from a new report released by Adobe titled ‘Monetization in the Creator Economy’, as many as 48 per cent of non-professional creators now earn money from their creative activities. For a majority of these creators, this avenue of monetization is very new with more than three-quarters only beginning to monetize their content in the past year.
The new report provides an in-depth look at how non-professional creators who are exploring creative side hustles and hobbies are now monetizing their content, as well as how they are engaging with a new medium – the metaverse. A variety of tools from Adobe from Creative Cloud to Adobe Express – the leading all-in-one tool for creating social graphics, flyers, logos, and videos – empower individuals, solopreneurs, social influencers, small business owners, and enterprises around the world to tell their stories, enabling anyone to create professional-quality content with unprecedented speed and ease.
Monetization opportunities are driving growth in the creator economy
This is only the tip of the iceberg. The Creator Economy has just about started and as monetization opportunities are enticing non-professional creators to turn their passions into businesses, it is poised for continued growth.
More than 40 per cent of the monetizers say they are making more money now than what they have over the last two years and about 80 per cent expect to make even more money over the next two years. This brings forth a new storehouse of opportunitues in the Creetor Economy where those creating content can showcase their talent in the metaverse and convert it into a source for revenue.
In a country like the US, the earnings are being made across all creative activities (from graphic design to app/ website development) and content creators are earning at least six times the minimum wages. We can expect a similar scenario in India in the years to come.
What’s better for Gen Z – creating content or going to college?
Gen Z is betting big on the Creator Economy – and their entrepreneurial spirit is inspiring the pursuit of non-traditional jobs, including content creation. But with that arises a very important question – should this generation go to college or start earning money by creating content. According to the report, a majority of Gen Z monetizers would choose to start their own creative business as against going to college and are betting big on industries like gaming, photography and social media. In fact, over half of Gen Z monetizers anticipate earning more in the next two years than they did in the past two years.
The way ahead in the Metaverse for creators
Entrepreneurial creators are seeing immersive experiences as a new frontier to monetize their work as more than two-thirds of creators feel that the metaverse will bring new job opportunities as it continues to grow. A large majority of creators have already explored the metaverse at least once through experiences like gaming, socialising or shopping and for many, this participation has sparked a drive towards owning their own business.
As Gen Z creators continue entering the workforce, and opportunities to monetize creative content grow across traditional and new immersive media, the Creator Economy is poised for further growth. This generation is also looking at the metaverse for a place beyond recreational activities like gaming, socialising, attending virtual concerts, trade shows and learning events. It will double up as a place for business – to buy and create NFTs and buy virtual real estate.
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Disclaimer: This article has been produced on behalf of Adobe by HT Brand Studio.