Many content creators are increasingly looking to monthly subscription platforms like Substack and Patreon for consistency in their monthly income.
The creator economy peaked in September 2021, according to research published this month by the Bank of America Institute.
Social media creators are turning to monthly subscription services to generate revenue directly from their followers in an attempt to find a stable source of income in an increasingly competitive and volatile market.published this month by the Bank of America Institute. While the average monthly income for content creators has increased over the past three years, a typical, full-time U.S. employee makes five times as much in monthly income on average.
Substack and Patreon have emerged as attractive options because they enable creators to charge their followers directly for their content. Creators can offer their followers different tiers of subscriptions for monthly fees, with each tier including different perks. Since its launch in 2013, Patreon has paid creators over $8 billion, while Substack claims to host more than 4 million paid subscribers.
While nearly half of creators work full time, most rely heavily on brand deals for income, with more than two-thirds having brand partnerships as their primary revenue source, according toby influencer marketing agency NeoReach. The study found that more than 48% of creators earn $15,000 or less annually, even as the global influencer market reached $21 billion in 2023.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Patreon introduces subscription gifting and discountsCreator platform Patreon is finally adding the ability to gift memberships. Both creators and fans will be able to give away subscriptions as gifts.
Read more »
EXCLUSIVE: Anti Social Social Club Celebrates 10th Anniversary With International ExpansionStreetwear brand Anti Social Social Club is celebrating its 10th anniversary with international expansion to the U.K. and South Korea. See exclusive details here.
Read more »
Substack says it could be profitable — but it still isn’tSubstack still isn’t profitable, despite a large subscriber base and a pivot to fill a political void left by big social media companies, but it says it could be if it wanted to.
Read more »
Some of Substack’s Biggest Newsletters Rely On AI Writing ToolsA new analysis of Substack’s top newsletters estimated that around 10 percent publish AI-generated or AI-assisted content.
Read more »
Here’s Why Trump’s Campaign Is Posting About a Dead SquirrelPeanut was a mainstay on social media — and his euthanization sparked a backlash on social media.
Read more »
House approves bill to bolster Social Security benefits for millions of public service workersJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
Read more »