The creator economy is going through a shakeout.

Tech companies focused on creators are laying off workers, shelving products and curbing perks such as cash advances for online influencers. Funding for U.S. creator startups in the third quarter sank 53% from the year-ago period, the third straight quarter of annual decline.

But it’s not all doom and gloom. TikTok’s rise has forced Instagram and YouTube to compete more fiercely for internet celebrities. YouTube last month said it would start paying creators of its short-form videos a slice of ad revenue. And Instagram’s chief, Adam Mosseri, has pushed staff at the Meta Platforms–owned app to do more to court creators, whom management sees as key to attracting younger users.