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Social and technological advances in the past few decades have led to the creation of the creator economy. In this new marketplace, people make money by creating and monetizing content.
Singers, songwriters, comedians, yoga teachers, and people from all walks of life find it easier to follow their passions and monetize their talents while doing serious banking.
This era of social media has helped increase online success for professionals from different industries. In addition to supporting traditional creative professions, new professions such as podcasting and vlogging have emerged in the creator economy.
GOBankingRates has explored some viable ways you can make money in this thriving online economy. But first, take a closer look at what this content-driven marketplace is all about.
What is the Creator Economy?
The creation of content drives the creation economy. Whether you’re blogging, taking pictures, or rotating videos, creating content that is read and viewed is key. Think of it this way: Content creation in the creator economy is what the production of goods means for the industrial economy.
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The range of content in the creator economy is huge. If you have inspiring, informative or entertaining content to offer and can package it digitally, then that is qualified.
Interestingly, the creative economy has managed to accommodate both traditional and modern professions. Jamie Oliver, for example, is a well-known chef who rose to phenomenal success after he started sharing his cooking skills on YouTube.
While people like Jamie Oliver have just shifted their commerce to content sharing platforms, there are a number of developers who exist exclusively on those platforms – TikTok stars are just one example.
There are dozens of content sharing platforms out there these days, which are essentially social networks. TikTok, YouTube, Medium, Facebook and even the former king of social media Myspace are just a few examples.
How To Make Money In The Creator Economy
If you can create fresh and exciting content on a regular basis, then you can make money online. Content sharing platforms offer creatives a public stage to display their content, for example for donations or brand recommendations, sponsorship and more.
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Here are six ways you can make money as a content creator.
1. Become a fitness trainer
As a fitness trainer, you can create content and make money online by building a brand and selling goods. First, create a gym and various fitness plans and products. You can then market this content through an app or through video sharing sites like YouTube. Provide links within the sharing platform through which your followers can buy the products or fitness plans.
You can go even further and have bespoke plans or live sessions in your app for a premium. To increase your money making opportunities, you need to gain credibility and build trust with your customers. You can do this by earning certifications in personal training and fitness.
2. Start a podcast
Podcasting involves creating and sharing fun, engaging, or informative digital recordings. It has become so popular that even Barack Obama and Hillary Clinton are doing it. However, you don’t have to be a past US President or Senator to become a successful podcaster.
For entrepreneurs with an entrepreneurial mindset, podcasts are a platform for sponsorship, affiliate sales, crowdfunding, and much more. As long as you have engaging content that attracts a significant following, you can keep track of product recommendations from companies. You can also ask your fans to support your show with donations.
3. Become a writer
If you are a good writer, you can earn decent pay by posting content on premium content platforms like Substack or Medium. These platforms require readers to access premium content and you can get a cut for the post. Most writing platforms rank content creators based on experience and the quality of the work they submit.
Readers usually vote on the quality of the content they can find on these platforms. If you get enough upvotes, you’ll move up the ranks as your odds per article read gradually increase.
4. Start live streaming
As a blogger or journalist, you can make money by joining the YouTube affiliate program and streaming your content live. YouTube offers a variety of ways to earn money. For example, with the platform’s “SuperChat & Super Sticker” feature, your fans pay for their comments to be highlighted in chat streams, and you receive a portion of the revenue generated.
Other ways to make money from live streaming are donations, endorsements, and sponsorships. While there are many live streaming platforms out there, YouTube is a better deal because of the live streaming revenue.
5. Become a musician
Are you a talented musician? If the answer is yes, then there are tons of ways to monetize your skills. Some include:
- Upload content to streaming services like Amazon Music Unlimited and Apple Music
- Record and sell voice overs
- Offer singing lessons
Content platforms like SoundCloud are great for generating streaming revenue. Upwork and Fiverr are great for selling voiceovers and jingles, while Udemy and other educational websites come in handy if you want to offer singing lessons.
YouTube is an equally great place to find sponsorships, donations, and promotional items. A great example is Justin Johnson, who managed to sell his custom guitars but whose journey began by building a large and enthusiastic YouTube following.
6. Become an influencer
Influencers are people who have acquired social trust in order to influence consumer purchasing decisions. Companies use influencers to shape consumer perception of their brands. There are several ways to earn as an influencer, but nothing beats working with an influencer network.
Influencer networks are marketing agencies that screen influencers and search for advertisers on their behalf. If you are one of them, joining networks like Upfluence, Grin or CreatorIQ will help you get closer to business recruits faster.
Good to know
As an influencer, you can go it alone by creating a following on a suitable platform and starting looking for recommendations. The only challenge on this trail might be the time it takes to build a fan base and attract business promotions.
Frequently asked questions about the Creator Economy
Here are the answers to some of the most frequently asked questions about making money in the creator economy.
- Does YouTube pay for the number of views?
- YouTube doesn’t just pay for the number of views or likes your video gets. It also takes into account ad quality, video length, and the number of clicks to determine how much you’re making.
- Is it legal for kids to monetize content?
- In most countries, there are no legal restrictions preventing children from monetizing content. However, the rules differ between platforms and some do not allow minors to create unattended accounts. Instagram, for example, doesn’t allow children under the age of 13 to create accounts.
- Is it worth creating content?
- The creator economy can be lucrative if you have the right content ideas and strategy. You can search “How to Make Money Online” for more ideas on researching the creator economy.
- Which content is suitable for the creator economy?
- Any content that can be digitized qualifies for online revenue generation. But to keep your fans loyal to you, focus on creating content that revolves around something that you are good at.
- What are the rules for creating good content?
- The world of content creation is pretty laissez-faire. However, pay attention to originality and platform-specific age appropriateness. Failure to comply with these rules can lead to a violation of the platform guidelines and to the blocking of your profile.
- What’s the best platform to monetize your content?
- YouTube is the best video content earning platform because of its established reward structure. TikTok reportedly has higher rates, despite not officially announcing its rewards program. Substack’s top writers make hundreds of thousands of dollars annually for written content.
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About the author
Hope Mutie is a freelance writer with several years of experience helping business-to-consumer and business-to-business companies with their content needs. She enjoys creating content in multiple niches, especially in finance and marketing. Their mantra is that all new content should be fresh, relevant, and insightful.
