That is the estimated value of the creator economy today!
The most current reports have shown an impressive future for this division of the overall economy.
What is this “creator economy,” you ask?
Well, it is a subset of the global economy that I find specifically interesting. This is because it is made up of the people like those who own OTT TV networks. Not large corporations or the old media guard. These are the individuals and small teams responsible for 100 billion dollars circulating in our economy. If you are in this tribe, keep up the amazing work!
The main contributors of this subset are involved in video creation/distribution. The principal difference between this division from others in the global economy is that the rate of growth this creator subset is experiencing is considerably higher than others. Oh, and the fact is, independently creating/distributing video content is a super fun way to make a living.
To those who dream about owning a TV network, enjoy video content production more than a day job, or fancy themselves a future media mogul, now’s the time to get on board. Obviously, this is where you are supposed to be. More importantly, putting it off for another 5-10 years will only hurt one’s position, negating any benefits of a potentially better prepared future entry. Here are the facts supporting this claim:
All had expected the growth of the creator’s economy to slow due to the recent pandemic. It made sense. When people get sick, they miss work and the income associated with it. When money becomes tight, the majority do not contribute to the claimed “non-essentials.” Entertainment and boutique items, for instance. Exactly what makes up our creator’s economy.
But these expectations were set up to fail and showed a silver lining amidst the pandemic storm. The creator’s economy not only kept up its growth but had significantly increased since the fateful year of 2020.
Apparently, these items are more essential than they first appear.
A decade ago, only a handful of lucky, talented, and well-timed individuals among the common populous broke into stardom. Outside of the usual Hollywood/superstar trajectory’s, that is. This once rare combination of events and people is a thing of the past. Today, with the creator’s economy catching hold, what used to be a handful of people has now grown into millions!
And that’s only counting the full-time “professionals.” There are 25x more who utilize this as a part-time income too.
YouTube alone has over 30 million people who receive at least part-time earnings from their creations. The thing is, the average CPM for an American YouTube channel is between $6-8, while it is around $16-25 for an OTT-based channel like those on Roku or Fire TV. So those earning part-time pay on YouTube could be receiving full-time payment (or more) on an OTT platform for the same amount of work. And the advertising money is only starting to open the flood gates and will continue to do so over the next five years.
Imagine this… you are doing something you’re passionate about for about 20 hours per week, and making more money than your current job offers for 40 hours of labor. “But wait!” someone might say. “My current place of employment is a sure deal, not a potential one.” Alright, they could stay where they’re at, sure. But it will never be as fulfilling or enjoyable as what this industry has on offer.
If someone is worried about the “potential” part of this rewarding, self-sufficient opportunity, try this. Approach your TV network in a part-time capacity. This is a proven, ample amount of time for someone to establish a channel. Yes, you’ll miss a bit of TV or other extra-curricular activity, but it will prove that what I am talking about is more than just a potential opportunity.
The Timing Could Not Be More Crucial.
Anyone with the aspiration of launching a TV network needs to enter the field as soon as possible. There are a few dire reasons supporting this argument.
First, today’s youth will be a significant part of this economy in the coming years. One form of evidence says that one-third of the children interviewed were already planning to make this a part of their career. That is according to a survey of 1,000 children by the Travel Company. You will not want to compete with that, trust me. But those already established will be in a much stronger position to thrive. And they will be arriving soon. Many in less than a decade.
Second, the advertising dollars spent in this industry are going to quadruple over the next five years. Every major firm involved with ad distribution has already begun initiating the process. Those who establish a TV network now will be among the first to receive the bounty. It seems like I have repeated it a thousand times, but just like Mark Zuckerberg knew, it’s best to get there first.
Should I wait until the pandemic is over to start my network?
Anyone contemplating whether to start a TV network during this period, be aware! There has been a shift in our culture’s paradigm. Contrary to predictions of a pandemic-induced slowing of the OTT market, an unprecedented surge in new viewers has recently happened in the last year and the growth is not slowing down. Big and small networks alike, as you’ve undoubtedly noticed. Why?
While our nation’s new “normal” is still finding its center, remote work and greater time spent segregated indoors does seem to play a part. That has made this particular industry all the more attractive. So yes, there is an increase in supply. Even so, demand continues to drive the creator economy upwards with no sign of slowing.
If I had not already started my network, I would do so now and without hesitation. Right now, a unique opportunity is here for those who take action early.
That said, whether we like it or not, OTT distribution is one of the few industries seeing expedited growth as a result. Thus, positioning itself as one of the smother self-employment paths in this rocky time period. Succeeding in this arena is beyond possible. Simply be prepared to do the work. Should you even consider it work.
This is a highly desired field with a growing influx of participants. Thankfully, there is still a substantial amount of elbow room in the OTT sphere.