Creator Economy Market size is projected to surpass USD 600 billion by the end of 2036, growing at a CAGR of 23% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the creator economy was approximately USD 200 billion. This growth is poised to be encouraged by growing cases of COVID-19. Around the world coronavirus (COVID-19) cases were close to 767 million as of June 13, 2023. Unexpectedly, the COVID-19 pandemic enabled the creator economy to flourish faster. With the collapse of traditional employment, many turned to creative enterprise. Lockdowns increased the amount of information consumed as people spent more time entertaining at home.
Moreover, media companies, record labels, and studios were among the gatekeepers that the creative industries used to erect high hurdles to participation. It took resources and industry access to produce and distribute content. Individual producers now have fewer obstacles to overcome because of user-friendly creation tools, direct fan connection channels, and openly participatory content platforms. Therefore, the market revenue for the creator economy is poised to grow.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
23% |
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Base Year Market Size |
USD 200 Billion |
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Forecast Year Market Size |
USD 600 Billion |
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Regional Scope |
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Platform Type (Video Streaming, Live Streaming, Blogging Platform, eCommerce Platform, Podcasting Platform)
In terms of platform type, the video streaming segment is predicted to account for 30% share of the global creator economy market from 2024-2036. The demand from consumers for higher-quality content is driving growth in the video streaming market. The usage of OTT services is changing the way people watch TV traditionally.
Moreover, the growth of original content is one of the major factors influencing the video streaming market. Streaming services have been actively investing in creating original series and films to stand out from rivals and draw in new users.
An increasing number of individuals are opting to stream their preferred television series and films on the internet thanks to the growth of services like Netflix, Hulu, and Amazon Prime Video. For instance, with an impressive global subscriber base of over 259 million, Netflix is without a doubt the industry leader in streaming services. This figure shows a notable about 4% increase from the previous quarter and a gain of about 12% from the previous year.
Creative Service (Arts & Crafts, Digital Content Creator, Writing Content, Video Production, Photography, Music Production)
Based on creative service, the digital content creator segment in the creator economy market is expected to gain a share of 30% during the forecast timeframe. The demand for digital content creation is being driven by factors including the increased use of cloud computing, investments in IT, and the growth in the acceptance of AI.
Text, music, video, graphics, and images are just a few of the formats in which digital content may be supplied, making it a high-value addition service for all markets, including the global market for digital content creators. Additional drivers of this growing trend in digital content creation and development are its many benefits, which include low operational costs, a high return on investment, and simplicity in assessment and modification.
Our in-depth analysis of the global market includes the following segments:
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Platform Type |
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Creative Service |
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Revenue Channel |
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End-User |
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North American Market Forecast
The North American creator economy market is set to capture the highest revenue share of about 33% over the forecast period. Influencers and independent creators' early embrace of creative platforms and tools are influencing the market's expansion in North America. A common method used by creators in this region to interact with their audiences in real time and make money is live streaming.
Streaming from phones is possible using TikTok LIVE, Instagram Live, and YouTube Live. Live authenticity is rewarded by fans with tips, donations, and devotion. Direct fan relationships are made possible through streaming events like concerts, seminars, cuisine, gaming, and more. Furthermore, live streaming of video games was pioneered by Twitch. Twitch has the largest user base in the US, accounting for almost 19% of the viewing. In the US, Twitch is expected to have over 43 million users, a rise above the number of users from the previous year.
European Market Analysis
The creator economy market in the Europe region is projected to have notable growth worth 27% in the industry over the predicted period. There are more options for people interested in content creation as a career in Europe owing to growing disposable incomes among the continent's burgeoning middle class.
Customers are more equipped to pay for digital content and to financially support creators through subscriptions, contributions, and online sales as they have more discretionary income. More people can devote more time to artistic endeavors when they have higher wages.
Author Credits: Abhishek Verma, Hetal Singh
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