May 20, 2024
Asia And Oceana Creator Economy

The Rapid Growth of Creator in Asia And Oceana Creator Economy

The past decade has seen the rise of digital technologies that have enabled new forms of content creation and commerce. One prominent development has been the emergence of the “creator economy” which encompasses individuals and businesses that create and distribute entertainment, art, education or other digital content. Across the Asia-Pacific region, the creator economy is experiencing remarkable growth, fueled by the widespread adoption of smartphones, affordable data plans, and the ubiquity of social media platforms.

The rise of influencers

In many countries in Asia and Oceania, internet influencers have become mainstream celebrities with devoted fan followings on platforms like YouTube, Instagram and TikTok. In China, livestreaming has emerged as a lucrative avenue for influencers known as “Wanghong” to directly engage with and sell products to audiences. Indonesian YouTubers, commonly called “YouTuber Indonesia” have become household names with massive subscriber counts. K-pop and Korean entertainment content have also inspired many aspiring creators across the region hoping to emulate the success of Korean influencers. Overall, the influencer marketing industry in Asia-Pacific is projected to grow to $5 billion by 2025 according to recent reports, underscoring lucrative prospects in brand deals and partnerships for top social media personalities.

Emergence of creator marketplaces

Entrepreneurial startups have launched various online platforms and marketplaces to facilitate connections between creators and consumers of digital content. For example, Patreon-style sites such as Ko-fi in Southeast Asia allow creators to offer memberships, subscriptions and one-time payments in exchange for exclusive content and rewards. Stock media platforms like Fotojet and Storyblocks have also gained popularity among Asian freelancers looking to sell photos, videos and designs. E-commerce platforms have additionally created avenues for creators to start online stores and sell merchandise, art, or other tangible goods. The proliferation of these robust virtual marketplaces has empowered thousands of people across the region to build successful creative businesses.

Animation and gaming sectors lead growth

Within the creative content arena, animation and gaming represent two of the fastest growing categories. Japan’s manga and anime industries have established Asia And Oceana Creator Economy as a global leader in visual storytelling. Powered by dedicated fans called “otaku”, Japan’s anime exports were valued at $20 billion in 2019. Meanwhile, Korea’s cultural Wave or “Hallyu” exports like BTS and webtoons are significantly boosting Korea’s soft power abroad. The gaming sector has also witnessed a boom in recent years, led by Indonesia’s vibrant independent developer scene making games like Mobile Legends. Overall, the animation, comics and gaming industries together generate billions for creative economies across the region annually.

Policy support encourages local talent

Government initiatives to foster the budding creator economy have strengthened across Asia. In Singapore, the Intellectual Property Office of Singapore launched programs to aid local YouTubers, podcasters, and visual artists. Korea’s Cultural Content Creative Economy Promotion plan aims to discover and boost talents creating webtoons, K-pop, films and more. Similarly in China, tax benefits and incubation programs support original animation, comics, literature and more to compete globally. Australia, India and other nations also focus on upskilling creators, connecting them to investors, and developing local creator platforms. Such policy emphasis validates the high economic potential of nurturing homegrown creative talent throughout the region.

Monetization poses initial challenges

While the volume and quality of creative output from Asia-Pacific has steadily increased, monetizing digital content at scale still poses difficulties for many start-up creators. Unfamiliarity with intellectual property, copyrights, or business management represents a barrier. Platform algorithms may not always surface new creators amidst larger channels. Language and cultural barriers can limit reaching international audiences as well. However, as localized payment and creator economy solutions proliferate over coming years, more and more individuals and micro-businesses across the region will likely gain the knowledge and wherewithal to turn their passions into profitable ventures. With its demographic dividends and rising digital penetration, Asia-Pacific is positioned to spearhead the global creator economy revival in the post-pandemic era. Its success would not only deliver widespread entrepreneurship but showcase the region’s soft power on the cultural stage.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it