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Valued at just over $100 billion, today’s creator economy consists of innovators who make a living off platforms such as TikTok, YouTube and Instagram. By the end of 2021, YouTube alone had paid out $30 billion to creators over the past three years.
The question becomes, why is such an attachment to social media so profitable?
The shift from office to work-from-home allowed aspiring creators and entrepreneurs to find a balance between what they were passionate about and what they thought could serve as an alternative source of income. This led to a transformation from the “attention” economy, which depended upon algorithms and attention spans to the “creator” economy, which focuses on framing a brand in such a light that attracts more intimate engagement with a community.
As the creator economy…