Creator Economy Market

North America Creator Economy Market is Estimated To Witness High Growth Owing To Rising Popularity of Social Media Platforms

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The North America Creator Economy Market is estimated to be valued at US$ 127.65 billion or billion in 2022 and is expected to exhibit a CAGR of 22.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The creator economy refers to the goods and services provided by content creators, influencers and entrepreneurs through digital platforms and marketplaces. Content creators on social media platforms produce content in varied forms like photos, videos, blogs, podcasts and generate revenue through sponsorships, partnerships, sales of merchandise and subscriptions. The creator economy market enables individuals to monetize their talents, skills and unique abilities.

Market key trends:
One of the key trends driving the growth of the creator economy market is the rising popularity of social media platforms and online content consumption. Individuals are spending more time on social platforms like YouTube, Instagram, Facebook, TikTok for entertainment and information. Content creators are capitalizing on this trend by producing engaging content across different genres and formats on these platforms. As the platforms continue to evolve and introduce new features, it is empowering more individuals to become content creators and build careers in the online world. Features like subscriptions, live streaming, e-commerce integrations are enhancing the monetization opportunities for creators and fueling the expansion of the creator economy market.

Porter’s Analysis:
– Threat of new entrants: Low economies of scale and capital requirements pose low threat of new entrants in the creator economy market. Large players have established brand recognition and access to funding which limits threat.
– Bargaining power of buyers: Individual creators have high bargaining power due to availability of multiple creator platforms with different monetization models and policies to choose from.
– Bargaining power of suppliers: Large creator platforms like YouTube have high bargaining power over individual creators due to strong network effects and switching costs for creators.
– Threat of new substitutes: Alternative monetization models like direct patronage and live video/audio streaming pose some threat of substitution.
– Competitive rivalry: Intense competition among major players for user attention and engagement fuels constant innovation in products, features and revenue models.

SWOT Analysis:
Strengths: Growing network effects of social creator platforms. Digital nature allows global reach at low cost.
Weaknesses: Fragmented content discovery. Over-reliance on few dominant platforms. Creators lack ownership of audiences.
Opportunities: Expanding to new geographies and creator categories. Monetizing creator audiences through e-commerce and other services. Integrating Web3.0 features.
Threats: Stricter privacy regulations. Dependency on fickle audience attention spans. Piracy and copyright issues. Competition from mainstream entertainment and jobs market.

Key Takeaways:
The North America Creator Economy Market Demand is expected to witness high growth, exhibiting CAGR of 22.5% over the forecast period, due to increasing demand for engaging personalized content and adoption of creator monetization models by social platforms. North America currently dominates the market owing to high-speed internet penetration, growing number of influencers, and supportive government policies. However, Asia Pacific is expected to be the fastest growing region during the forecast period, led by countries such as China, India and Indonesia due to growing internet and social media adoption at scale.

Key regional analysis- Asia Pacific region is expected to witness the highest growth in creator economy market during the forecast period attributable to growing internet penetration, rapid adoption of short video and social commerce in countries like China and India and presence of popular short video and live streaming platforms. The region also has large population of digitally engaged young demographics driving increased content consumption on social platforms.

Key players operating in the creator economy market are Bytedance, Amazon.com Inc., Meta Platforms Inc., Alphabet Inc., Spotify AB, Netflix Inc., Snap Inc., Twitter, Pinterest, Etsy, Shopify, Patreon, OnlyFans, Teespring, Twitch Interactive, Discord, Cameo, TikTok, YouTube, Instagram. These players are focusing on acquiring new creators as well as expanding into new geographies and verticals to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it