Recap: Jessica Lessin’s Fireside Chat with Whalar’s Neil Waller

As the creator economy rises, so do the products and agencies that serve content creators. One such agency is Whalar, one of the fastest-growing creator agencies.

As part of the recent Creator Economy Summit, Jessica Lessin, founder and CEO of The Information, sat down for a fireside chat with Neil Waller, co-founder of Whalar, to discuss creators as entrepreneurs, how they can diversify revenue, and the importance of creating content for seemingly niche markets that are surprisingly valuable.

From Creators to Entrepreneurs

Lessin started off the conversation by saying how impressed she was with the way Whalar is constantly reinventing itself, expanding into new divisions and offerings. She then asked Waller about the evolution of the agency.

Waller said, “The statistic I love to share is that when we started Whalar eight years ago, less than 10% of the creators that we’d work with were full-time creators. It was a side hustle. Fast-forward eight years, and 95% of the creators we work with are full time. Seventy percent of the creators we work with have managers or agents. That stat was 50% this time last year.” The transformation has been incredible, as creators have swiftly become entrepreneurs, he said. Agencies like Whalar have evolved and grown with them.

Niche Goes Big Time

Niche communities have become a big business. Waller said that’s what’s really driving the growth of the creator economy. “The power is in niche communities. It doesn’t have to be a massive community to be really powerful.” He contended that while the best-known creators have huge businesses, niche creators who cover everything from cooking to parenthood to fitness are giving them a run for their money.

Waller talked about how advertisers are finally recognizing that smaller communities can make a big impact. “The story eight years ago was that all the dollars were for the creators with the biggest followers. Now people have understood the value in niche communities, who the community is, what that connection is. There’s a ton of money being made there, and it’s increasing all the time.”

Finding New Sources of Revenue

Creators are discovering that there’s more than one way to make money. Many of them are going cross-platform or selling courses in their field of expertise. As Waller said, “No longer is someone a YouTuber or an Instagrammer or a TikTok’er or a vlogger. They’re a multiplatform media company, and they’re diversifying their revenue streams. And that is bringing different opportunities and needs with it.”

Waller brought up the example of a finance-focused creator he recently met, and who recently added classes to boost her revenue. “She’s making $10 million a year. She has a hundred thousand followers on Instagram. Amazing.” And now there are tools and services that make it easier for creators like her to tap into additional revenue streams.

Going Pro

One of the hesitations advertisers have had about working with creators was their perceived lack of professionalism. The reality, Waller pointed out, is that many creators are young and they’re first-time entrepreneurs. But they are recognizing the need to button up.

“The creator economy used to be the Wild, Wild West,” said Waller. “But it has professionalized so much. In the past, creators didn’t understand that when a brand’s working with you, there are timelines, deadlines and media plans.” Nowadays, he said, “professionalization is actually the easiest part. Making the business model work, gaining an audience and building a connection with that audience is the tough part.”

That’s one of the reasons Whalar exists. “The funding’s coming, the business model will get sorted out, but the timing is right for creators becoming entrepreneurs at scale. That’s why we’ve built up the business that we have. We recognize that, serve it and help it along.”

The Creator Economy Is Here to Stay

What’s next for creators? As they grow into professional entrepreneurs, and as more brands recognize the opportunity to connect with new audiences, creators’ businesses will grow, he said. Niche creators will become mainstream as they go cross-platform and realize new revenue sources. New niche communities will jump in to take their place. And innovative agencies like Whalar are ready to serve them and, as Whalar’s mission states, to “liberate the creative voice.”