We’re less than 1 month away from 2024.
Goldman Sachs predicts that the creator economy could approach $480 billion by 2027.
Here are 7 predictions for the creator economy in 2024.
1) Creators will expand outside of their primary niche.
2) Creators will be influential in the 2024 U.S. election.
3) Creator-led software-as-a-service companies will emerge.
4) B2B video creators will enter a Golden Age.
5) Platforms will expand creator monetization options.
6) Premium content > free content.
7) Creator operators will unlock 8- to 9-figure creator businesses.
Creators must go beyond their niche.
While your first posts may grab someone’s attention, your viewer may get bored of that niche after some time.
If you only talk about one thing, people might start thinking you can only talk about that one thing. This increases the risk that your content may not be relevant to that particular user. Plus it’s really hard to keep making great content about one thing forever.
Building authority in 1 or 2 other topics provides diversification and increases your potential reach.
Get ahead by:
⭐️ Be a T-shaped creator. ⭐️
↳ Build deep knowledge in your domain of expertise (the vertical part of the T)
↳ Make connections with related interests and creators (the horizontal part of the T)
Creators will play a major role in the 2024 U.S. election.
Social media was the real trump card (pun intended) for Donald Trump in his 2016 presidential election win.
Coordinated networks of creators can become powerful assets for political campaigns, PACs, and special interest groups. Those with more intimate followings are regarded as more trustworthy by their followers and better positioned to changed their behavior. In many cases, these smaller creators will be paid under the table presenting challenges for agencies and governments.
Which niches will likely capitalize on this?
Economy (e.g. Taxes, Finance, Investing, Making Money)
Tech, Crypto, and AI
Climate change & energy policy
Women’s reproductive rights
More creators will launch subscription-based software-as-a-service (SaaS) products.
It’s not only physical consumer products.
As creators expand into different income streams, they will gravitate towards businesses that are:
1) Easy to scale
2) High margins
3) Low operating costs
What checks all these boxes? Subscription-based SaaS businesses
In contrast to their venture-funded competitors, creators have built-in distribution through their audience.
And it’s becoming a lot easier to launch SaaS products with AI, freelancers, and no-code development tools.
B2B video creators will enter the Golden Age.
The demand for visual content will continue to rise. Video is a versatile medium that can effectively communicate messages, showcase products, and explain concepts. All are highly sought after in the B2B space.
B2B buyers are adopting the content consumption habits of their consumer counterparts. As a result, B2B businesses will allocate more marketing budget to creators for new user acquisition and customer engagement.
Social media platforms will continue to prioritize video content, and businesses want to leverage these platforms for B2B marketing. Video commands the highest ad rates of any medium.
Capitalize on this opportunity by:
Create how-to-guides and reviews of your favorite creator software tools.
Learn and invest in AI tools and visual design to make your content stand out.
Develop courses for common pain points faced by your audience.
Expanded monetization options for creators of all sizes.
The creator economy is worth $250B today, but only 4% of global creators make more than $100,000 per year.
While brand deals remain the top income source for creators, 2024 will present more product offerings and payout structures for creators to diversify their income streams, especially for video.
→ Incumbent platforms will capture most of the growth, as creators will prioritize stable platforms with large audiences.
→ Private messaging is the new social media. Meta will add new ad options and business tools to align with direct messaging on Instagram, Whatsapp, and Messenger. Telegram is the one to watch.
→ More platforms will launch subscriptions, in-app purchases, foreign currency, revenue share, and donations where paying users will get algorithmic priority for content publishing, distribution, and engagement.
→ TikTok will rival Amazon as an e-commerce platform, forcing major players to deploy native commerce integration or partner with e-commerce platforms like Shopify.
→ Short form video will see higher ad rates and become the most effective top-of-funnel for long-form content, products and services.
→ New companies like Typedream are building online stores specially designed for individual content creators. These "Shopify for creators" platforms help creators sell their own products and services to fans. With more creators offering merchandise, courses, and more across various social media channels, creators are looking for solutions help them manage and grow their businesses.
Paid content will see higher demand than free content.
With the rise of AI, there is too much garbage content.
People are getting tired of generic, repurposed content from cookie cutter AIs.
People want specific, deep perspectives from real, successful people.
Some creators are already doing this:
Be ahead of the curve:
→ Start a private messaging group for paid subscribers
→ Start a paid newsletter
→ Offer a digital course
Creator operators will unlock 8- to 9-figure revenue for creators.
In 2024, more creators will achieve than $3M+ in annual revenue. They have multiple income streams, and brands knocking on their door. However, most of these creators are still a one-person show.
To achieve $10M+ per year, these creators will need trusted operational partners. They may be full-time, part-time, a contractor, or an agency.
The most dominant tech companies have been led by a founder and their trusted operating partner.
🍏 Apple: Steve Jobs x Tim Cook
🔷 Facebook/Meta: Mark Zuckerberg x Sheryl Sandberg
🪟 Microsoft: Bill Gates x Steve Balmer
🔎 Google: Sergey Brin/Larry Page x Eric Schmidt
It’s a matter of time before creators will have billion-dollar valuations. Mr. Beast and Alex Hormozi are aiming for this milestone.
If you have extensive experience scaling high-growth startups with any of the following skills:
→ Go-to-market strategy and execution for digital products
→ Finance and revenue operations
→ Marketing strategy and operations
→ Business development and sales
→ Customer success systems
Be the shovel in the gold rush.
The creator economy shows no signs that it’s slowing down.
The creator economy is rapidly evolving, with exciting opportunities on the horizon in 2024. As creators continue expanding into new niches, experimenting with revenue models, and partnering with operational experts, they stand to see considerable growth. Platforms will continue expanding monetization features to empower this new class of digital entrepreneurs. For the individual creators, brands, and platforms, embracing these innovations will be key to unlocking the full potential of the booming creator economy in the years ahead.