Key takeaways from our deep look at the creator economy
Nearly two decades since Facebook’s inception, social media influencers wield considerable influence over our online experiences, shaping our daily routines and commanding our attention. Despite the substantial growth of the creator economy – a multibillion-dollar industry spawned from their efforts – it has often been dismissed as frivolous or self-centered. Nevertheless, millions of individuals have diverted from conventional career paths in pursuit of the fame and financial rewards enjoyed by top creators.
Through extensive interviews with influencers, fans, managers, and other stakeholders across the nation, The Washington Post explores the profound impact of this burgeoning creator class on American society. Here are the key takeaways:
- The Immense Scale of the Creator Economy: Although the federal government has been slow to track its growth, industry analysts estimate that approximately 50 million people worldwide are now engaged in creator-related work. The industry’s total consumer demand has surged to about $250 billion this year.
- Concentration of Wealth among Top Creators: While the top echelon of creators are millionaires, the vast majority struggle to reach such heights. In a recent survey, only 12 percent of full-time creators reported earning over $50,000 annually.
- Origins in the “Mamasphere”: The phenomenon of “mommy bloggers,” who garnered sizable followings by candidly discussing motherhood and family life, laid the groundwork for the widespread influencer business characterized by sponsored, personality-driven content.
- Influence in Shaping News Consumption: Viewers increasingly turn to creators for news and analysis, diverting attention away from traditional media outlets. While some creators engage in original reporting, many repackage existing journalism or adopt partisan angles to attract attention.
- Rise of Local Celebrity Creators: Many creators now oversee substantial media enterprises, with their influence extending beyond traditional entertainment hubs like Los Angeles. For instance, YouTube sensation Jimmy “MrBeast” Donaldson operates a significant business in Greenville, N.C., though not without some local controversy.
- Emergence of Influencer as a Top Career Aspiration: A growing number of children aspire to become influencers, with after-school programs and summer camps catering to the demand for content creation skills. Even young children express ambitions of becoming YouTubers from an early age.
- Professionalization of Creator Operations, including on Platforms like OnlyFans: The pandemic saw a surge in subscriptions to platforms like OnlyFans, where creators can monetize content, leading to substantial revenue growth. Top creators in this space employ sophisticated data strategies, influencing perceptions of earning potential among a new generation.
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