February 25, 2024

Rising Popularity of Social Media Influencers to Boost Growth of the Europe Creator Economy Market

Market Overview:

The Europe creator economy market involves various online platforms that allow individuals, influencers and content creators to earn income directly from their fans, followers, and audience. This includes monetization of creative works such as blogs, videos, design, art, writing, music, podcasts etc. on platforms like Patreon, OnlyFans, Substack, Twitch, YouTube and others. This way, creators can turn their hobby or passion into a profitable business and monetize their efforts without relying on traditional advertisers or sponsors. The creator economy enables direct engagement between creators and their audience through memberships, subscriptions, tips, merchandise etc. This has helped many aspiring influencers and content developers generate stable income streams.

Market key trends:

One of the key trends in the Europe creator economy market is the rising popularity of social media influencers and digital content creators. Sites like Instagram, YouTube, TikTok have seen exponential growth in influencer marketing over the past few years. More and more individuals are choosing content creation as a full-time career by building loyal followings and monetizing their efforts on dedicated platforms. Video creators focused on areas like comedy, dance, crafts have found major success on YouTube while Instagram and Snapchat see heavy engagement from lifestyle and fashion influencers. Live streaming platform Twitch has also emerged as a lucrative medium for gamers and esports athletes. Furthermore, subscription platforms allow creators to stay independent of advertisers while providing steady income to followers with regular exclusive content and community perks. This has played a major role in the market expansion.

Porter’s Analysis

Threat of new entrants: The Europe creator economy market has moderate threat of new entrants due to the presence of few large platforms having strong network effects and loyalty from creators. However, new platforms can gain foothold by focusing on niche areas.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, switching costs for popular creators and buyers are high.

Bargaining power of suppliers: Creators have low bargaining power due to the availability of many platforms and difficulty in switching between platforms for popular ones due to high switching costs.

Threat of new substitutes: The threat of new substitutes is high as various new platforms are emerging focusing on specific niches and capabilities.

Competitive rivalry: The competition in the market is high among the existing large players.

Key Takeaways

The Global Europe Creator Economy Market Demand is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing digitization and growth of social commerce. The market size for 2023 is US$ 10.35 Bn.

Regional analysis

The Europe region is expected to dominate the market owing to high adoption of social media platforms and young demographics receptive to new business models. The UK and Germany are the major revenue generators in the region.

Key players

Key players operating in the Europe creator economy market are Patreon, OnlyFans, Teachable, Thinkific, Facebook, Twitter, Snapchat, Pinterest, LinkedIn, DeviantArt, Twitch, YouTube, TikTok, Instagram, Etsy, Spotify, Substack, Buy Me a Coffee, Ko-fi, Gumroad. Patreon and OnlyFans have established strong foothold in subscriptions and adult content category respectively.

Note:

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