For the first time since The Information launched its Creator Economy Database in mid-2021, we now have two straight years of funding for startups that serve online influencers. The numbers show both the exuberance that energized founders and investors—and some of the wariness that set in late last year.

First, the headline numbers: total funding for U.S. startups dropped 50% to $2.5 billion last year from 2021. In the fourth quarter, funding fell 79% from the year-earlier period, to $274 million, and marked the sixth sequential drop in quarterly funding.