During The Information’s Creator Economy Summit on October 28th, we hosted a masterclass session on “Fueling the Creator Middle Class,” in partnership with Accenture.
The Creator Economy, much like the global economy, has a concentrated minority at the top and very few creators have financial security.
In this masterclass, we brought together Aya Kanai, Head of Content & Creator Partnerships, Pinterest, Shiquita Hyman, Creator, The Unconventional Southern Belle and Laura McCracken, Managing Director, Global eCommerce & Payments, Accenture to talk about how the creator ecosystem can support the next-generation of creators.
Content ownership is a critical question for creators, according to Hyman. There is also a shifting mindset when it comes to monetization. Hyman is moving away from immediate transactional payments with brands, and is now requesting stock or stakes in the companies she partners with.
In order to maintain ownership, McCracken references “The Power of 1,000.” If creators have at least 1,000 fans engaged on any given platform, who are willing to spend $10 per week, creators can make a living. While at the same time providing the authentic connection with the community that brands are clamoring for.
Shoppable media and ecommerce is an increasing component of the creator and platform relationship. Pinterest saw a “350% increase in catalog uploads from brands," according to Kanai. Pinterest also tracks impulse buying vs intentional buying, saying that shoppers spend 50% more when they take a week to make a decision. Creators like Hyman find the shoppable features to be a nice revenue boost while also helping brands and platforms.
Many of these trends have already played out in China. According to McCracken, 30% of social media users in China are creators compared to 1% in the United States.
Ultimately, there is a sense that the creator ecosystem is in a period of rapid evolution from the early days of free content. Between platforms and creators the sentiment seems to be that “the pie is just getting bigger and bigger,” said McCracken.
