☮️Building a Web-3.0 Creator Economy
Creator economy is shooting past the moon and back:
There are at least 40M influencers among ~3.5B active social network users. Most of them are in it for the money, and rightly so — the gain can be huge. But competition is fierce so it is a full-time job for only a few.
With one in a hundred being a professional creator there is still a lot of controversy around whether or not it should be considered an occupation. And although the latest influencer marketing spend increased to $15B, just one third of brands pay actual cash, so only 1.7-2.0% micro-influencers (up to 50k followers) can live on their social media income alone.
Industry incumbents hold all the power over users by single-handedly controlling content formats and platform mechanics:
Economic Interests of the biggest digital platforms are concentrated and often poorly aligned with their most valuable contributors, their users. Platforms have all the resources and a closed infrastructure to make vital decisions behind closed doors, virtually dictating millions of users how their existence on the platform will be shaped further. Creators are therefore always at their mercy at every next upgrade.
Media hegemons see all users as cash cows stripping their full collaborative potential:
Traditional Web-2.0 content platforms disregard content creators as a vital part of a platform appeal for the users they monetize on, nor do platforms acknowledge their value as collaborators and, in a sense, co-owners of the space.
On the platform giants like Instagram, YouTube or TikTok creators can earn only by including random ads in their content and selling collaborations or merch to the buyers directly. And while Instagram or YouTube earn billions through targeted content placements maximizing ad revenue, content creators receive none of that!
A total of +50M creators from #India on these media behemoths could have earned +$600M just over the last year alone.
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