More and more people are ditching the traditional workforce to use their creative talents to earn a living. This is primarily due to the rise of the Internet and social media, which have made it easier for creators to reach a global audience. The demand for these creative talents is massive, and whether someone is in business promoting their brand or creating content that will help another brand thrive, there is a lot of money to be made.
What does a job in the creative economy look like?
The freelancer (creator) economy refers to the growing trend of people making a living by creating content, whether that's through blogging, vlogging, podcasting, online courses or webinars. It's a broad term that can also include those who work in more traditional creative industries, such as music, art, and fashion.
Most people working in these industries can provide their services with minimal equipment. They need their home studio or a laptop and phone that they can use to work on.
The reasons we are looking at a longstanding Freelancer economy.
There are a few key reasons why the freelancer economy is on the rise and attracting so many people. First, traditional jobs are becoming increasingly scarce. Many companies are automating their workforces or outsourcing to cheaper labor markets, leaving fewer opportunities for people in developed countries. In a recent report, McKinsey Global Institute predicted that 45 million Americans would lose their jobs to automation by 2030.
Secondly, the Great Resignation has proven that a large swath of the workforce is re-evaluating what it means to be employed. According to a recent ADP Research Institute report, 64% of the total workforce said that if their employer insisted they return to the office full time, they would consider looking for a new job. As such, those that don’t lose their jobs to automation might just leave their jobs anyway. ADP’s findings are based on a survey of 32,000 workers in 17 countries, including the U.S., India and the Netherlands.
Thirdly, the internet has made it easier for people to start their businesses and reach a global audience. With a few clicks, anyone can create a website or social media account and start promoting their brand.
And finally, the barriers to entry for many creative businesses are lowered thanks to new technologies. For example, someone with a new smartphone and some editing skills can now start a successful YouTube channel, whereas, in the past, they would have needed expensive equipment and a studio. There are also countless courses online that can teach creative talents the basics of editing, coding, music production, and more.
The survey showed creators remain motivated to continue their work
Fifty-one percent of creative talents working online started their business to be their own boss while 43% said they wanted to control their work schedule, and 42% of the people surveyed wanted to work at home. With a better work/life balance, it's no wonder that so many people are choosing to become their own boss in the creator economy.
Around 37% of creators said they started their business to explore a new career path. This is an excellent option for those looking for a change or trying something new.
The data shows that people are motivated to work in the creator economy for various reasons. Whether it's for the flexible hours, the ability to be their own boss, or the chance to explore a new career, there are plenty of reasons to join the creator economy.
The platforms that creators are building content for.
As the creator economy proliferates, so does the content demand. The popularity of user-generated content (UGC) has led to an increase in the number of platforms on which creators can build their business.
The creators' most popular social media platform is Facebook, with 87% of respondents saying they use it to promote their business. Instagram is a close second at 86%, followed by YouTube and LinkedIn, which are tied at 61%. TikTok was the least popular platform, selected by only 21% of creators.
This shows that while many creators have yet to embrace TikTok, it is still a viable option for those looking to build their business in the creator economy.
Creators have the Credentials
With the increase in opportunities and lowering barriers to entry, it's no surprise that more people are turning to the creator economy. Kajabi’s survey found that 38% of creators making $1 million or more graduated from college while one in four creators who completed 12th grade or less are making over six figures. This trend is here to stay. The reason is simple: the ability to create content and programs that people and businesses want (and need) are the only credentials creators need.
In a world where content is king, companies are willing to pay top dollar for high-quality content that will help them promote their brand and reach new customers. Similarly, in an effort to learn new skills, people are willing to pay course creators good money for their knowledge, even if the course or program isn’t affiliated with an accredited college or university. Experts like Dominique Broadway are using their experience and talent to make a great living.
Monetizing knowledge as a creator:
One of the most significant barriers many creators face is leveraging a way to easily and efficiently monetize their knowledge online. Kajabi is a great example of a platform that helps creators do just that.
Kajabi CEO Ahad Khan says the platform allows knowledge entrepreneurs and creators to share and market their skills, talents, and more.
“Kajabi is an all-in-one marketplace with great features that make it simple to develop, market, and sell knowledge items such as online courses, live coaching, goods, newsletters, membership sites, and communities,” Khan said. “It's now the most popular website for dynamic solopreneurs, teams, and companies with over 55 million users.”
According to Khan, the platform's goal is to continue expanding to create seamless experiences for creators and their clients. The projected earnings of all Kajabi users in 2022 are expected to be just under $2 billion.
As the world becomes more globalized and technology advances, the freelancer economy will likely continue to grow. This is good news for people with creative talents, as there are more opportunities than ever to make a living online. With platforms like Kajabi, creators can make a successful and sustainable career in the creator economy.