by The Creator Economy connects independent professionals and SMEs offering creative services like writing, design, programming, music, etc. with customers worldwide through online platforms. Creators monetize content and skills to earn a living. The global Creator Economy Market enables creators to build an audience and get paid directly via subscriptions, memberships, tips, and commissions on sales.
It is estimated to be valued at US$ 127.65 billion in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Rising demand for creative content and services is driving the growth of the Creator Economy. As more people look for online entertainment, education, and services from independent professionals instead of large media companies, creators are gaining popularity and making lucrative careers. The Creator Economy empowers individuals to monetize their passions and share their talents with global audiences via digital platforms. This trend of micro-entrepreneurship and the on-demand economy is expected to accelerate the growth of the Creator Economy market over the forecast period.
SWOT Analysis
Strength: The global creator economy leverages new technologies to enable individuals to monetise their skills and talents. This has opened up new revenue streams for creators of all kinds.
Weakness: Though promising, the creator economy is still an emerging field and its long term viability remains uncertain. Monetisation options for creators can be inconsistent and unpredictable.
Opportunity: The growing popularity of social media, video sharing platforms and live streaming has created a massive audience hungry for new engaging content. This provides opportunities for creators to grow fan bases and build sustainable businesses.
Threats: Dominant tech platforms have immense influence over the creator economy ecosystem. Changes in platform policies or algorithms could disrupt creators’ businesses. Emerging technologies may disrupt existing business models over time.
Key Takeaways
The Global Creator Economy Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by the diffusion of new digital technologies and platforms. The market size is projected to reach US$ 127.65 Billion by 2024.
Regional analysis indicates North America currently dominates the global creator economy due to high smartphone and internet penetration rates along with a culture that celebrates entrepreneurship. However, the Asia Pacific region is witnessing the fastest growth led by countries like China, India and Indonesia where creator-focused platforms are gaining massive popularity among millennials and Gen Z.
Key players operating in the Creator Economy include Ninebot, Xiaomi, Gitbot, He Robotics and Travelmate Robotics. Ninebot is a leading player in the personal mobility devices category while Xiaomi offers a wide range of smart products for creators. Gitbot develops educational robots to help developers learn coding skills. He Robotics and Travelmate Robotics manufacture service robots for various consumer and commercial applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
