The creator economy is a phenomenon that has grown rapidly in recent years and is dominating the market. In fact, a recent report revealed that influencer marketing alone is expected to expand to around 2000 $16.4 billion by the end of 2022.
What can be accomplished today with a $2,000 computer and self-service SaaS tools exceeds the capabilities of millions of dollars of budgets decades ago.
Given the steady rise of technology over the past decade, coupled with the accelerated advances sparked by the pandemic, this rapid growth in a newly created market comes as no surprise. And with brands’ creator economy budgets increasing significantly, it’s clear that this economy is just getting started.
Marketing Technology News: MarTech Interview with Jeff Bander, Chief Revenue Officer at Eye Square
However, industry veterans know that this exponential growth is not due to its namesake. So who are the real drivers behind the increasingly ubiquitous creator economy? And how will SaaS solutions further advance this market in the coming years? Let’s discuss…
With the right tools, a single creator can create content and share and distribute it with a similar level of professionalism as industry giants like Amazon or Target, at no cost and often with greater flexibility and efficiency. There are many cost-effective options that can help creators scale their business, many of which allow content creators and marketers alike to streamline, automate, accelerate, and analyze their efforts in one seamless workflow. Without solutions like Canva, InDesign, MailChimp, Shopify, Hootsuite, and Issuu, the creator economy would be less accessible and less lucrative. Because while the creator-centric industry definitely starts with the creator and their creativity, it’s being built day by day with trusted and well-integrated tools. This includes apps, platforms and websites that creators use to create content, distribute it to an enthusiastic audience, connect with their loyal followers, monetize their fan base, build partnerships, the back-end of their business to lead and much more. The success of the creator economy depends on using an efficient, frictionless workflow. More than ever, workflow is king.
What is shocking is that a whopping 93% (46.7 million) of the estimated 50 million YouTubers worldwide consider themselves amateurs. With this mindset behind the vast majority of developers, as well as a looming recession, this emerging next wave of SaaS technology needs to focus on offering cost-effective solutions that are easy to navigate and integrate into developers’ processes and tech stacks.
Marketing Technology News: Can technology boost creativity and productivity? Tech’s role in driving disruptive marketing
Think of it this way: when a video creator needs to create a YouTube thumbnail or any type of graphic for Instagram Reels, they might turn to Adobe’s creative supply suite. However, if they’re just starting out and need to try an inexpensive alternative, they might turn to a powerful all-in-one design and publishing tool. Additionally, a fitness influencer can use tools like MailChimp to share their weekly meal prep and, once they’ve gained a following, turn to an easy-to-use content creation and distribution platform to link their workout e-book to the to share mass.
Did you know that it takes content creators an average of six and a half months to make their first dollar? And only 10% of influencers make $100,000 or more per year. In scenarios like these, it’s crucial for developers to make smart decisions when choosing technical solutions for creating graphics and uploading content. And it is even more important for SaaS companies to offer high-quality solutions at a reasonable cost. That is why start-ups and industry newcomers will be in high demand in the coming year.