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New Report Looks at the Growth of the Creator Economy, and Opportunities of New Platforms

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New Report Looks at the Growth of the Creator Economy, and Opportunities of New Platforms

Social platforms are going all-in on the ‘Creator Economy’, adding in a range of new monetization tools and promotion features that are designed to help platform stars showcase their value for brands, or sell their products direct in-app.

The value of this is two-fold: for the creators, it enables them to keep doing what they love, and connect with like-minded people in social apps, while for the platforms themselves, it also keeps more original content flowing in, which, in turn, keeps their respective audiences coming back more often.

And for brands, that can also present new opportunities to utilize the latest platform tools and features, by partnering with creative talent that’s already well-accustomed with best practices, and has a track record of creating engaging content among your target markets.

On the surface, it seems like a great opportunity – but are creators really making money from their efforts?

According to a new study from Adobe, an increasing number of them are, with around 48% of creators now earning at least some money from their creative activities

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The new report, which is based on input from over 9,000 online non-professional creators, also shows that 40% of monetizers are making more money online than they were two years ago, while 77% of them only started doing so in the past year.

You can download Adobe’s 35-page ‘Monetization in the Creator Economy’ report here, but in this post, we’ll take a look at some of the key notes.

First off, as noted, more creators are now monetizing their work, with many Gen Z creators, in particular, now making money from their online content.

As you can see here, those creators that are monetizing their online work are earning 6x the US minimum wage. I mean, the US minimum wage is notoriously low among developed nations, so maybe not the best measure of ‘success’. But the data does show that many influencers are now making reasonable money from their work, with almost half of monetizing creators noting that their online work now represents a significant portion of their monthly income.

Though the framing of these figures is also worthy of note. Rather than using annual income rates, which likely don’t look as good, Adobe has chosen to use hourly and monthly income comparisons, which are much smaller scale, and potentially make the comparative incomes seem better. Just a note on data presentation, which could be relevant on a broader scale.

Of those online creators that are making money from their work, Adobe says that photography and creative writing-related skills are the most common.

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Adobe Creator Economy report

As you can see here, animation and design skills are also high on the list of in-demand creator talents, as is film-making and video editing.

It’s hard to know exactly what this means, as there’s no qualifier on what ‘creative writing’ entails in this respect, but these are the elements that seem to be driving monetization opportunities for online creators at present.

Though that’ll likely change in future, with 68% of respondents also noting that they believe the metaverse will bring new job opportunities.

Which relates to this next point – the report also shows that designers working in AR/VR are earning significantly more than other creators for their work.

Adobe Creator Economy report

So how, exactly, are these creators monetizing their work?

Ad revenue from online platforms is the key income source, followed by selling work online.

Adobe Creator Economy report

So online content creators are primarily monetizing via ads, while others are better able to promote their physical work and facilitate sales direct to consumers through digital platforms.

Also, the more followers you have, the more you can charge.

Adobe Creator Economy report

That probably goes without saying, but these stats, based on user-reported estimates, do provide some additional scope as to what the comparative rates charged are, based on audience tiers.

There are some interesting notes here on how online creators are monetizing their work, and the expanded opportunities that these platforms now offer, in terms of reach and exposure. The data also suggests that more people are indeed looking for opportunities to monetize – which could be a good opportunity for brands to reach out and arrange content deals with creators that align with their audience and niche.

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And based on their follower count, you also have some scope as to what you should expect to pay, dependent on the complexity of the work.

You can check out Adobe’s full ‘Monetization in the Creator Economy’ report here.

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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Instagram Tests Live-Stream Games to Enhance Engagement

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Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

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Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

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