Creator Economy

Who is a Creator?

We have come from a place where there were a select few brands offering us entertainment and education to a place where there are multiple people who strive to entertain/educate people who are interested in a particular niche. This set of people are called ‘Creators’ and are part of the ‘Creator Economy’.

Creator Economy
Creator Economy. Source: Publir

In fact, I learned how to set up a WordPress website, write pillar page content, search engine optimize my articles, keyword research, podcast editing, digital advertising, copywriting, and so much more through multiple other people who took on the initiative to ‘Create’ content that would be useful to other like-minded people. Every one of those people is a ‘Creator’.

If you have written an article, recorded a video/podcast, you are a Creator and already part of the Creator Economy.

Creator Economy:

The website WTTW, explains the Creator Economy like:

“Broadly speaking, the creator economy represents social media influencers and creators who monetize their content online – from fashion bloggers to live-streaming gamers – and the companies built around these creators.

About 50 million people worldwide consider themselves creators, with the majority – about 46.7 million – calling themselves amateurs.”

The Creator Economy involves turning the audience a creator has gained from a particular niche into an asset which is generally a community they engage with. The community is vested in the creator so much that a typical trust/bond is formed.

The creator economy changed the entire scenario as it started pushing brands to focus their ads based on how they could engage with their fans/audience.

Customer Engagement: How Well Do You Know Your Audience?
Source: Marketo Blog

This shift is why you see companies like Dice Media flourish. They portray sketch dramas and focus on emotion and place a brand’s product around it so that they feel that emotion every time they come in contact with that specific product.

I can sense the next question in all your minds. If there are 50 million creators in the world across various niches, can I also become one?

Can anybody do it in any niche?

The short answer is YES.

Here is the long answer. Let me explain this with the help of an example. Suppose you are interested in the most niche topic – worms. You might think that this is a huge waste of time and that you are better off not having this extensive knowledge of worms. But let me know show why that thinking is wrong.

People in the fishing industry would pay you multiple thousands, even lakhs of rupees for your knowledge. What kind of worm attracts which fish is important knowledge, how to source these worms is important knowledge.

All you need to do is figure out possible avenues to showcase your knowledge on a consistent basis, whether it be blogs, podcasts, videos, short video snippets, whatever it may be. People interested in this start following you, you gain an audience whom you vibe with. Then the opportunities open up to sell your knowledge as a course, sell your services as a consultant, write a book/how-to guide.

The opportunities are endless.

Now you all are intrigued and want to explore different niches for you to become a creator in. But the problem does not start with finding the niche (we will talk about this later), that is the easy part. The difficult part is figuring out the consistency.

Achieving Consistency

This is the only article you need to know why consistency matters.

Here is the article: https://www.creativehackers.co/posts/why-creators-and-solopreneurs-quit

To give a small intro to this article, 92% of all people who start out to become creators quit within the first month. All you have to do to get into the top 8% of the creators is to just be consistent. WOW! Please give it a read to know more about it in depth.

To help you and me *wink* achieve the consistency I have been interviewing creators and asking them questions regarding their work and their passion, how they create work consistently and tools they use etc. Reading their points of view and their work ethic would be really inspiring and motivate us to do better.

I have chosen creators who have at least created 10 episodes which shows consistency and a good level of commitment.

Here is the interview series I have begun to create – ‘Interview with a Creator’

Go through their stories and I am pretty sure you will find a lot of interesting content and actionable ideas too.

Is the Creator Economy pie big enough?

Yes. Keep this in mind – All you need are 1000 True Fans.

Why?

Let’s work out the math. Suppose you want to earn your yearly income through your content and you earn the average yearly pay which is 5 lakhs per annum. 5 lakhs divided by 12 gives you ~41k. Now, you should earn close to 40k a month.

40,000 can be earned by charging

  • 1 person ₹40,000
  • 10 people ₹4,000
  • 100 people ₹400
  • 1000 people ₹40

Depending on what you sell and which niche you are in, you can create a product and easily choose among the four options. As you scale, you will get more true fans and you can earn much more.

As to the question of if you will find 1000 fans, the answer is within yourself. How many things are you a fan of?

I love Manchester United, Chennai Super Kings, Los Angeles Lakers among sports teams
I love LeBron James, Cristiano Ronaldo, Rafael Nadal among athletes
I love Jack Dorsey, Alex Lieberman, Naval Ravikant among entrepreneurs
I love Chick-Fil-A and Dominos Pizza among fast-food chains
I love Abhistu, Vikkals Vikram, Biriyani Man among Youtube – Solo creators
I love Dice Media, Black Sheep, Girlyappa, RVCJ among Youtube – Corporate creators
the list goes on and on and on…

I consume so much of the aforementioned people’s/franchise’s content/product that I am pretty sure that I would most likely buy anything they are willing to sell.

If a single person can be a fan of so many things, then you can find your true fans if you excel in that particular niche.

Once you have a niche figured out, the next step is to figure out the tools you would need to go about creating your content.

Tools and Platforms you need

There are multiple tools, platforms, and companies.

*I am still in the process of creating this section. stay tuned*