The creator economy peaked in September 2021, with many content creators now relying on monthly subscription platforms like Substack and Patreon for a steady income. Despite the growth of the global influencer market, many creators struggle to achieve financial stability, leading them to diversify their revenue streams.
According to research published by the Bank of America Institute, the creator economy experienced its peak in September 2021. Many content creators are turning to monthly subscription platforms like Substack and Patreon to ensure a steady monthly income. A study by NeoReach found that 48% of creators earn $15,000 or less annually, despite the global influencer market reaching $21 billion in 2023.
Social media creators are now exploring monthly subscription services directly from their followers to achieve a stable income in a highly competitive and volatile market. Despite an increase in the average monthly income for content creators over the last three years, a typical U.S. full-time employee still earns five times as much on average. The research indicates that achieving a full-time wage or wealth through content creation is uncommon. Analysts attribute this to the slowdown in paid partnerships, increased market competition, a decrease in online viewership since the pandemic, and a concentration of partnerships among top creators. Content creators are focusing on diversifying their revenue streams, with monthly subscription platforms becoming increasingly popular
Creator Economy Content Creators Monthly Subscriptions Substack Patreon Economic Stability
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