Quick Product Notes is just going to be a smaller stream of consciousness than usual, but an idea that inspires current/future product leaders as the world of tech continues to merge and evolve with new markets, economies, and more.
This week, let’s talk about the Creator Economy. According to CB Insights, there has been $1.3B in funding in 2021 alone for the creator economy, which as roughly 125+ recorded companies serving this massive market, which consists of upwards of 50 Million Content Creators. This consists of creators that are looking to use software to up their game to interact with the audience, distribute their curations/content, optimize content, and more.
As this market expands, it could be interesting to see software start to pivot to working with creators and offer new ways to capture this audience with specific product features. For example, if you’re managing a social product - how can you give a new spin by studying what’s in the creator economy? How can you potentially build tools that will allow both creators and consumers to benefit from using your resource?
Not every B2C product needs to be optimized for the creator economy. But I will say it’s important to keep track of this growing market if you’re working in the consumer, and something for product managers to study in terms of rapid growth and the opportunity to utilize the current influx of interest.
Here are a few resources I find interesting for studying the Creator Economy:
https://www.cbinsights.com/research/report/what-is-the-creator-economy/
https://www.voguebusiness.com/companies/navigating-the-creator-economy-gold-rush#:~:text=The%20creator%20economy%20%E2%80%94%20the%20industry,by%20venture%20capital%20firm%20SignalFire.
https://www.forbes.com/sites/mattklein/2020/09/23/50m-join-the-creator-economy-as-new-platforms-emerge-to-help-anyone-produce-content--money/
https://www.newyorker.com/culture/infinite-scroll/what-the-creator-economy-promises-and-what-it-actually-does
https://www.project-disco.org/innovation/060619-sizing-up-the-creator-economy/