July 16, 2024
Creator Economy Market
Ict

North America Creator Economy Market is Estimated To Witness High Growth Owing To Democratization Of Content Creation

The North America Creator Economy Market is estimated to be valued at US$ 127.65 Bn 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 market refers to individuals who monetize their work through online platforms. This includes content creators, influencers, online media personalities, designers, freelancers and more. These individuals leverage online tools and platforms to gain an audience, showcase their work and generate income. The creator economy provides opportunities for economic participation through digital platforms, skills, and talents.

Market key trends:
One of the key trends driving growth in the Creator Economy market is the rise of social media influencing. As social media platforms have grown significantly in reach and usage over the past decade, a whole new profession of social media influencing has emerged. Influencers leverage platforms like Instagram, TikTok, YouTube and Snapchat to build large followings by creating and sharing content. Both individuals and brands partner with influencers for marketing and advertising campaigns. This has made influencing a lucrative full-time career option for many.

Segment Analysis

The creator economy market is dominated by the social media influencer segment. This segment accounts for over 35% of the total market share due to the growing popularity of influencer marketing among brands. Influencers have emerged as new micro-celebrities who have built a strong follower base on social media platforms like Instagram, YouTube, TikTok etc. Brands leverage influencers’ authentic voice and ability to engage with their audience to promote products and services on these platforms. The music streaming segment is another fast growing segment in the creator economy market driven by the increasing preference of listeners for paid music subscriptions.

Key Takeaways

The North America Creator Economy Market Demand is expected to witness high growth, exhibiting a CAGR of 22.5% over the forecast period, due to increasing demand for digital creator tools and platforms that help individuals monetize their skills, knowledge, audiences and intellectual property.

By 2030, the global creator economy market size is projected to reach US$ 4.73 trillion. North America currently dominates the market, accounting for over 35% share due to the strong presence of leading platforms and tools in the US that support digital creators. However, the Asia Pacific region is expected to witness the fastest growth due to rising internet and smartphone penetration in countries like India and China.

Key players operating in the creator economy market include Bytedance, Amazon.com Inc., Meta Platforms Inc., Alphabet Inc., Spotify AB, Netflix Inc., Snap Inc., Twitter Inc., Pinterest, Etsy, Shopify, Patreon, OnlyFans, Teespring, Twitch Interactive, Discord, Cameo, TikTok, YouTube, Instagram. Leading platforms like YouTube, Instagram and TikTok have launched several monetization tools and features in recent years to better support creators and help them earn income from their followers. Companies like Patreon and Substack have also emerged as popular platforms for creators to launch paid subscriptions and newsletter services.

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