Look, I don’t entirely believe there is such a thing as a “creator economy” aside from clever promotional strategies that drive usage of social media platforms.
However, the US government is in support of this, with the White House announcing the holding of a “Creator Economy Conference” in which industry experts and creators themselves will meet with government officials to discuss opportunities and challenges and better formulate related policies.
According to the White House:
“TThe White House Creator Economy Conference (WHCEC) is a first-of-its-kind event hosted by the White House Office of Digital Strategy that will bring together digital creators and industry experts to discuss the most pressing issues in the creator economy today, including privacy, fair pay, AI, and mental health. The conference will foster dialogue among industry leaders and provide an opportunity for attendees to make their voices heard by Administration officials. It will also allow Administration members to learn from these creators and industry experts and gain insights about how various issues impact their lives to inform policy decisions.“
This is a wide-ranging meeting of industry representatives and public policy officials aimed at ensuring that government is aware of the key concerns and pain points of creators and that it is doing all it can to facilitate these opportunities.
However, there are still some doubts about the opportunities in this area.
Earlier this year, Creator Monetization Platform Kajabi Published Research Report A survey found that 96% of online creators earn less than $100,000 a year.
This is consistent with other similar reports over the years. In 2022, influencer marketing platform Aspire only 4.3% of creators earn more than $100,000 per yearThis is roughly the same as Kajabi’s report, but a more recent study found that: Influencer Marketing Hub Also, Over 48% of creators earn less than $15,000 per year.
Related: 90% of YouTube uploaded videos It doesn’t get 1,000 views.
Despite big-name success stories like Jimmy “MrBeast” Donaldson, who turned his YouTube popularity into a billion-dollar business, the reality is that it’s incredibly hard to become a successful online creator, or any kind of creator, and for most people, it’s not really possible to turn your passion into a profitable business through online posting.
But the platforms themselves like the idea of a “creator economy” because it reinforces the notion that you can become a millionaire just by posting what you love, which encourages more people to upload more content, thus driving more attention to the app.
Sure, they’ll tout the “creator economy” everywhere, but the truth is, like any business venture or career path, becoming a successful online creator takes real work, real planning, and real creativity and knowledge.
So while online exposure does bring more opportunities, I’m not convinced there is any so-called “economy” within this structure where the bulk of the benefits clearly accrue to the platforms themselves.
So the White House would be better off providing a snapshot of the actual numbers and an opportunity to compare them to other professions and business ventures, while also showcasing the dedication and hard work it takes to succeed as a small business.
Because that’s what creative people are, and the reality is that only about 5% of online creatives are successful — roughly the same percentage as novelists, graphic artists, musicians, etc.
Sure, selling a dream is more appealing, but outlining the reality is also important.
You can apply to attend the White House Creator Economy Conference here. Among other things, the conference will ask you about the number of social media followers you have.
