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The most important changes noted as the creator economy exceeds $100 billion are that the system is no longer dominated by entertainers, education and knowledge sharing are the new leaders, and a new breed of creators, the “Creatorpreneurs” ” was born.
A recent in-depth report reveals the details of this change and what to expect in 2024, which is now valued at over $100 billion and involves around 300 million people worldwide . Key takeaways from that survey include:
1. The rise of creatorpreneurs
The creator economy, once dominated by entertainers, is now witnessing a major shift towards education and knowledge sharing, giving rise to a new breed of creators, the ‘creatorpreneurs’. Nearly twice as many creators now establish themselves as sustainable business owners, with creativity showing the highest year-over-year growth, rather than chasing celebrity influencer status with a book or podcast I hope you do.
Sectors such as self-development, health and fitness, and personal finance are experiencing significant growth, demonstrating strong demand for creator-led educational content.
2. Growth
The e-learning industry is predicted to be worth over $460 billion by 2026, creating a huge opportunity for creators in the education space.
3. Migration from social media to other digital learning products
Fearful of the unpredictability of ad revenue and seasonal brand deals on social media, creators are turning to entrepreneurship to diversify their income sources and build sustainable revenue through digital learning products. Masu. 77% of creators said algorithm changes had a moderate to significant impact on audience engagement. Furthermore, 25% of creators estimated that the algorithm change caused them to lose between $1,000 and $9,999 in revenue, and 24% estimated that they lost between $10,000 and $49,999.
4. In 2023, the rise of finfluencers
The rise of the creator economy coincides with the growing financial awareness of retail investors. The number of investor accounts surged from 3.93 billion in December 2019 to 13.23 billion by the end of October 2023.
In line with these trends, financial and investment education is an emerging category across platforms. We teach courses for varying levels of expertise and interests, from basic financial literacy to advanced investment strategies.
5. Upskilling for professional growth
Creator-led courses are gaining traction as an alternative to the traditional education system. Its appeal lies in its flexibility and accessibility, allowing individuals to upskill at their own pace, from anywhere, at an affordable cost. With tremendous growth in coding, digital marketing, and personality development, the demand for creator-led online courses is skyrocketing.
Our experts also provide one-on-one coaching and consultation with leaders from leading technology companies.
6. Growing interest in health and well-being
About 94 percent of Indians are concerned about their own health and that of their families, and feel that lifestyle changes such as exercise, yoga, and diet can benefit their health and overall well-being. People are spending more on things like gym memberships, yoga classes, and well-curated diet plans.
The study was conducted by Classplus, a B2B edtech startup that helps creators turn their skills into profitable online businesses through content monetization. This research study was conducted on the performance and behavior of 1L+ creators.
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