Greg Smith is the founder and CEO of Thinkific , a leading platform for creating and selling online courses .
When you think of the creative economy, do you imagine Mr. Monster or Miss Excel? In fact, despite their very different approaches (entertainment vs. education) and different types of audiences, they are both very successful creators in the $100 trillion maker economy.
While the top exclusive creators get most of the headlines, many creators make less than $100,000 a year. In recent years, we've seen the emergence of a new class of creators, many of whom are turning to the content creation professions to reach out and educate. local community. These purpose-driven creators are responding to the growing demand for informative content and online learning opportunities; They use different ways to monetize their work and forge a new path for their career.
I have worked with thousands of authors providing the front lines of this evolution. Here are three trends that will change the author economy in 2023 (and how motivated authors are using them to their advantage).
Ascension of the Creator-Master
So many people use content creation to share their experiences that it deserves a special title: creator-educator. This growing group has much in common with well-known producers who have gained large followings and profits through ad revenue and partnerships. But they differ in some important aspects.
Both groups use similar platforms and methods to reach unlimited online audiences, with teacher creators looking to share (and monetize) their unique passions, skills or knowledge. While aspiring actors may wow audiences with their incredible dance moves, stunts or acting skills, seasoned financial advisors in the clown industry will learn that they don't need a million dollar following to make a living. Instead, they get results by building a small, loyal audience and offering products and services tailored to their needs.
In 2023, these paths to success in the creative economy will be defined as they continue to influence others. Many educational creators will continue to strive to inform and entertain, creating globally recognized brands supported by millions of followers. Conversely, creative players will continue to use the demand for news content to expand their online empires.
Microlearning isn't going anywhere
Viewers have long turned to online tutorials to learn everything from bathroom renovations to creating the perfect smoky eye look. But until recently, many scoffed at the idea that social media would revolutionize education.
However, our company's research shows that two out of three people spend time each month studying or learning new things. For Gen Z and Millennials, the number was even higher. About two-thirds said they turned to social platforms such as YouTube, Instagram or TikTok. Some might call it a byproduct of our shrinking attention spans or being on the phone all the time, but there's a reason we love these micro-lessons.
It turns out that most people find it difficult to retain large amounts of information when they are bombarded with a flood of information. Researchers call this the "forgetting curve." Unless it serves an immediate practical purpose, our brains naturally reject most of the information we receive. Instead, the information presented in 3-5 minute lessons is much easier to absorb when you need it.
In 2023, manufacturers will meet the demand for microlearning by providing concise, informative and digestible content. And there will be many benefits for those who do. Free short lessons are a great calling card for more effective lesson or service offerings. Delivering content in small portions allows creators to easily update and revise their content based on audience feedback, ensuring that their content remains relevant and engaging.
That's not to say there isn't a market for larger courses, communities, memberships, and other learning products that take longer and change the learner more, but we'll also be increasing the use of microlearning moments in those products. breaking the big chunks of the larger transformation path into smaller, more manageable chunks.
Diversified and stable income is becoming the norm
In 2023, income diversification will become the norm or, in many cases, a requirement. This means that we will see the rise of middle-class creators who earn a decent and sustainable income from a variety of sources, including paid newsletters, advice, online courses, e-books, products, coaching calls, memberships, paid access to the community or through traditional addition . other sources of income such as advertising and sponsored content.
This trend is not new, but it is growing; From what I've seen in the industry and my own company data, more than 8 of the top 10 teacher-founders already offer a wide range of services and products.
And make no mistake, while mentor creators make a lot of money — and they do — many others are able to succeed with 1,000 loyal followers or less. This means the creative class will become more diverse as part-timers and new business owners learn that content creation can be a reliable way to use their skills to generate additional income. That's good news for more than 70% of our survey respondents, who said they are looking for additional sources of income to combat the recession and rampant inflation.
It cannot be denied that the coming year will be full of changes and challenges. But as economic conditions put pressure on personal and family budgets, and as many continue to reassess their position in the job market, more and more people from all walks of life will try to create content. They will do it to escape, to get away from the changing times or to put their passions in the corner section of their career.
In the long term, these trends will catalyze a new creative economy that is more inclusive and attractive to new types of audiences. The emergence of purposeful creator-teachers will be a boon for all.
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