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Creatorpreneurs' Prioritise Sustainable Businesses Over Fame in Booming Creator Economy: Report

Creator Trends 2023 report observes that due to the changes in social media algorithms 77 per cent of total creators have reported a moderate-to-significant decline in audience engagement

Creatorpreneurs' Prioritise Sustainable Businesses Over Fame in Booming Creator Economy: Report
POSTED ON December 27, 2023 2:54 PM

Nearly 2X as many creators prefer to establish themselves as sustainable business owners rather than chase celebrity influencer status, A report by B2B edtech start-up Classplus has highlighted. The report is based on 1 lakh creators on its platform. 
 
It further adds that one big way creators are looking to build sustainable revenue is through digital learning products, which, along with books and podcasts, have seen the biggest year-over-year growth in creation.  

The report, titled ‘Creator Trends 2023 - Creatorpreneurs and Tier II+ cities lead as creator economy surpasses $100 Billion’ observed that 70 per cent of the audience accessing courses on its platform are from Tier II+ cities.  

The report highlights a surge in the number of "creatorpreneurs." Traditionally dominated by entertainers, the creator economy is now witnessing a new breed of creators who prioritise sustainable business ownership over celebrity influencer status. The sectors experiencing significant growth include personal development, health and fitness, and personal finance, indicating a rising demand for creator-led educational content. 

It notes that the algorithm changes on social media platforms have had a significant impact, with 77 per cent of creators reporting a moderate-to-significant decline in audience engagement. 

The educational sector is poised for substantial growth, with the e-learning industry projected to surpass $460 billion by 2026. On Classplus, the earnings of non-academic creators have skyrocketed by 2.5X in 2023 compared to the previous year. The platform has witnessed a staggering 300 per cent increase in the number of creators since 2021, the edtech claimed. 

Creators are diversifying their income streams and embracing entrepreneurship to build sustainable revenue, driven by concerns over the unpredictability of ad revenue and seasonal brand deals on social media. Algorithm changes on social media platforms have had a significant impact, with 77 per cent of creators reporting a moderate-to-significant decline in audience engagement, the report added. 

As per the report, the creator economy has witnessed the rise of "fin-fluencers" as financial awareness among retail investors has surged. Finance and investment education have emerged as popular categories across platforms, catering to varying levels of expertise and interest.  

The demand for online creator-led courses is soaring, with coding, digital marketing, and personality development experiencing remarkable growth. Professionals are engaging with industry leaders for personalized mentorship and consultations, the report observed.

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