The North America Creator Economy Market is estimated to be valued at US$ 17.79 Bn in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The North America creator economy refers to independent professionals who earn income through platforms that enable new forms of work, like creating and selling digital content, designing websites or apps, online tutoring, coding, and more. It encompasses digital creators, influencers, programmers, online content developers, freelancers, and entrepreneurs who monetize their interests, skills, and expertise online independently.
Market Dynamics:
The North America creator economy market is driven by the rise in freelancing and growing demand for digital content creators. According to a study, 21 million Americans engaged in some form of freelance work in 2021, representing an increase of more than 50% since 2014. The proliferation of e-commerce and social commerce has prompted demand for freelance services such as website development, content creation, social media management, digital marketing, and online tutoring. Additionally, platforms offering subscription and crowdfunding models have enabled digital creators to monetize their passions and expertise, thereby fueling the market growth. While established platforms continue to innovate their monetization features to attract creators, new platforms are emerging to accommodate evolving creator needs and payment preferences. This expanding ecosystem of intermediary platforms facilitates connections between creators and their audiences at a massive scale.
SWOT Analysis
Strength: North America creator economy market has a large and growing consumer base. Creators have more opportunities and platforms to monetize their skills and talents. Established infrastructure and high internet penetration makes it easy for creators to launch and grow their businesses.
Weakness: Dependence on few large platforms for revenues makes individual creators vulnerable. Piracy and copyright issues pose challenges. Finding a sustainable business model is difficult for many creators initially. Maintaining quality and consistency of content is another hurdle.
Opportunity: Emerging technologies like AR/VR and blockchain offer new creative avenues. Demand is growing for niches and localized content. Corporates and brands are collaborating with influencers through sponsorships. Government support through tax incentives can accelerate market growth.
Threats: Stricter data privacy laws may affect user tracking and ad revenues. Economic slowdowns impact creator incomes and spending on premium content. Larger tech firms can easily replicate niche platforms through acquisitions or own developments.
Key Takeaways
North America Creator Economy Market Size is expected to witness high growth, exhibiting CAGR of 34.7% over the forecast period, due to increasing popularity of social media influencers and content creators. The United States dominates the regional market currently, accounting for over 80% share due to high internet penetration and widespread adoption of new technologies at an early phase.
Regional analysis:
The United States holds the major share in the North America creator economy market owing to high levels of digitalization and social media influence. Creators in the country are increasingly launching online businesses and subscription models. California, New York and Texas represent major hubs for influencers and creators due to concentrated consumer base and business opportunities. Canada and Mexico are also witnessing a rapid increase in creator-led startups and founders across genres like education, gaming, and lifestyle niches.
Key players:
Key players operating in the North America creator economy market are Meta Platforms Inc., Bytedance Ltd., Etsy Inc., Fiverr International Ltd., Upwork Inc., Patreon Inc., OnlyFans, Teespring, Squarespace Inc., Bandcamp, Substack, Pinterest, Alphabet Inc., Amazon.com Inc., Apple Inc., Snap Inc., Twitter Inc., Microsoft Corporation, Spotify Technology S.A., Shopify Inc. Large technology giants are now focused on supporting creators through dedicated tools, monetization features, and analytics insights.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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