|Like it or not, the “creator economy” is here to stay.
Plenty of jokes are made about aspiring social-media stars, but there’s nothing funny about the money. Goldman Sachs analysts estimated the creator economy was a $250 billion industry and could nearly double to $480 billion by 2027.
Business Insider’s Amanda Perelli, our resident creator-economy expert, explains why the business built around influencers isn’t going anywhere. The story is part of Business Insider’s “5 Trends to Bet Your Career On” series.
Creating and posting content online has been going on for nearly two decades, but the industry really took off over the past few years.
A key turning point, Amanda told me, was money pouring in from companies’ advertising and marketing departments looking to meet potential customers who migrated off traditional media channels in favor of TikTok, YouTube, and Instagram.
And it’s not just the creators benefiting. More money means more resources for creators to hire people to help with their content. Traditional industries have also adapted by building teams to interface with this new group.
To be sure, it’s not as if everyone in the industry is getting filthy rich. For every MrBeast or Alix Earle, more people are just making a modest living as a creator, Amanda pointed out.
But that could be a sign of the industry’s maturation. Instead of people chasing fame and fortune, many young workers entering the space are just interested in a lifelong career.