The rise of social media has led to the emergence of a multi-billion dollar “creator economy” that makes it possible for anyone to earn a living by creating and sharing content with their fans. While it’s almost impossible to know how much money the creator economy is worth, one estimate suggests that creators could generate as much as $20 billion globally.
That’s a lot of money, but not all of it ends up in the pockets of the creators themselves. While today’s social media sites are the ones that have given rise to a new generation of influencers, they’re also heavily criticized for leeching off many of the contemporary artists that use their platforms. The likes of YouTube, TikTok and Instagram rely heavily on creators to grow their user base and drive engagement, and yet those influencers tend to receive but a fraction of the revenue they generate.
It’s for this reason that many creators see the rise of Web3 as an opportunity to break their reliance on the traditional, highly centralized platforms that first propelled them to fame. With Web3, blockchain and decentralization, creators can regain full ownership of the content they create and take back control of the way it’s disseminated and monetized across platforms.
The Limitations Of Centralized Social Media
Some creators may not believe there’s any real reason to switch from tried-and-tested platforms like YouTube or Instagram. Indeed, some of the most popular creators on YouTube reportedly rake in millions of dollars a year from their endeavors. Take Logan Paul for example, who began his YouTube channel back in 2015 and quickly saw his subscriber base explode. As of January 2022, his YouTube channel had more than 23.2 million subscribers and over 5.8 billion views. While his exact earnings aren’t clear, Forbes reported in 2018 that he made $14.5 million in revenue the previous year.
Continue reading: https://smallbiztrends.com/2022/06/web3-and-the-creator-economy.html
That’s a lot of money, but not all of it ends up in the pockets of the creators themselves. While today’s social media sites are the ones that have given rise to a new generation of influencers, they’re also heavily criticized for leeching off many of the contemporary artists that use their platforms. The likes of YouTube, TikTok and Instagram rely heavily on creators to grow their user base and drive engagement, and yet those influencers tend to receive but a fraction of the revenue they generate.
It’s for this reason that many creators see the rise of Web3 as an opportunity to break their reliance on the traditional, highly centralized platforms that first propelled them to fame. With Web3, blockchain and decentralization, creators can regain full ownership of the content they create and take back control of the way it’s disseminated and monetized across platforms.
The Limitations Of Centralized Social Media
Some creators may not believe there’s any real reason to switch from tried-and-tested platforms like YouTube or Instagram. Indeed, some of the most popular creators on YouTube reportedly rake in millions of dollars a year from their endeavors. Take Logan Paul for example, who began his YouTube channel back in 2015 and quickly saw his subscriber base explode. As of January 2022, his YouTube channel had more than 23.2 million subscribers and over 5.8 billion views. While his exact earnings aren’t clear, Forbes reported in 2018 that he made $14.5 million in revenue the previous year.
Continue reading: https://smallbiztrends.com/2022/06/web3-and-the-creator-economy.html
