When we talk about the Creator Economy, we’re referring to the current economic system where individuals create their own future by making money selling services as independent contractors.
Podcasts, blogs, and YouTube channels all fall into this type of work. What’s unique about the Creator Economy is that independent contractors focus on passion-based businesses, create their own audiences, and earn an income based on that tight-knit, curated ecosystem they’ve designed. Anyone can truly become a creator.
The only real parameters are your technology and the limits you put on yourself. The Creator Economy is the people’s economy, and it’s accessible and responsible for many of the celebrity and big-name careers you know about today.
Why Now is the Best Time to Become a Creator
The Creator Economy isn’t new, but it has become more prominent over the years. As long as blogs and YouTube channels have been around, people have made money creating. But the industry hit a BIG bubble in 2020 and 2021 during the pandemic. Honestly, this makes sense. Everyone was stuck at home looking for cheap entertainment.
But as the stay-home orders became lifted, the creator-ruled economy seemed to hit a plateau. And, as of late, we’ve seen a bit of a dip. There appears to be a decline in funding aimed at creator-focused start-ups, and ad revenue for platforms like YouTube has gone down.
Despite all this, it’s still a great time to become a creator. Fewer podcasts update routinely. So, while there seems to be more competition, standing out is easier. Plus, there are a ton of options for creators to carve out their own piece of the figurative pie.
From creating an intimate membership (like on Patreon) to providing good ole fashioned goods and services, creators can build a sustainable, diversified monetization strategy all on their own. If you want to be a creator and you’re willing to put in the time and effort, there is room for you in the Creator Economy.
How to Succeed in the Creator Economy
Yes, there is space for you in the Creator Economy. And yes, you can be successful even starting out right now. If you’re ready to start and make a name for yourself in the Creator Economy, these are my top three tips:
1. Be Honest With Yourself
The biggest mistake creators make is not being honest with themselves about setting goals.
There’s nothing wrong with wanting to start a podcast and make money. But that requires a different plan than a podcast you’re starting just so you can hang out in front of the mic.
Neither is the better choice, and there’s no wrong answer; you have to be honest with yourself and realistic about your goals. You’re starting (or growing) a podcast. What’s your end goal?
2. Stay Consistent
Even though many creators jumped on board between 2020 and 2021, now is a better time to start.
Yes, you would be two years ahead if you’d started then. But many creators that started during the pandemic are no longer producing content.
Many of us struggle to release that episode per week, eventually letting our shows die off. Breaking through that barrier is one BIG way to differentiate yourself.
3. Advocate For Your Show
At the height of the creator economy, advertisers were throwing money at small creators trying to get their brands in front of engaged audiences. That’s not exactly the case anymore.
There’s still advertising money in this $104-billion space. But it’s up to you to advocate for your cut of the pie.
Hollywood stars don’t get plucked off the street anymore. So, there’s no sense in waiting around to be “discovered.” If you want to make money and engage audiences, it’s up to you.
That means not only approaching advertisers you want to work with but moving beyond relying on ad money. You’ll want to put a real monetization strategy in place.
Ready to Get Started?
The Creator Economy is designed by and made for people like you. Those with a passion for doing and stories to tell. The truth is, appearances can be deceiving, and you don’t need a BIG door and a welcome mat to make your way into the space. Start by creating a solid business plan, thinking outside the box regarding revenue options, and focusing on creating an end product (AKA a show) that both you and your audience love.