November 17, 2023 • 6 min read |
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Pete Ryan for Business Insider |
Like it or not, the "creator economy" is here to stay. Plenty of jokes are made about aspiring social-media stars, but there's nothing funny about the money. Goldman Sachs analysts estimated the creator economy was a $250 billion industry and could nearly double to $480 billion by 2027. Business Insider's Amanda Perelli, our resident creator-economy expert, explains why the business built around influencers isn't going anywhere. The story is part of Business Insider's "5 Trends to Bet Your Career On" series. Creating and posting content online has been going on for nearly two decades, but the industry really took off over the past few years. A key turning point, Amanda told me, was money pouring in from companies' advertising and marketing departments looking to meet potential customers who migrated off traditional media channels in favor of TikTok, YouTube, and Instagram. And it's not just the creators benefiting. More money means more resources for creators to hire people to help with their content. Traditional industries have also adapted by building teams to interface with this new group. To be sure, it's not as if everyone in the industry is getting filthy rich. For every MrBeast or Alix Earle, more people are just making a modest living as a creator, Amanda pointed out. But that could be a sign of the industry's maturation. Instead of people chasing fame and fortune, many young workers entering the space are just interested in a lifelong career. |
Arantza Pena Popo/Insider |
The rise of the creator economy is also taking place as the traditional entertainment industry undergoes a massive reset. Two Hollywood strikes this year further complicated what started as a pullback on content spend in 2022. From May to October, the entertainment industry shed 44,000 jobs. Business Insider's Lucia Moses and Alison Brower have a full breakdown of the recent cuts. That turmoil means more opportunities for creators. The knock-on effect of the strikes will mean a drought of content in the coming months, Amanda said, accelerating the growing trend of people turning to social media for their daily dose of entertainment. Of course, that's not to say the creator economy won't face turmoil. Most notable is how creators will leverage AI, Amanda told me.
The tools, which have attracted interest from investors, help creators churn out more content, among other things. But influencers are also grappling with the ethical dilemma of using something that could ultimately lower their value as a creator.
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Markets 🔔 Before the opening bell: US stock futures rise early Friday, ahead of data releases on housing starts and building permits for October. |
Diego Donamaria/CNBC/Getty Images |
1. A billionaire beef. Tech founder Michael Dell took a shot at old foe Carl Icahn, who has had multiple run-ins with Dell over his PC company. "During the last 10 years, Icahn Enterprises stock was down 80.7%, S&P 500 was up 155.9%," Dell posted on X. 2. So long, "death cross." We hardly knew you. The bearish signal — when the Dow's 50-day moving average crosses below its 200-day moving average — flashed Monday but was short-lived. The market reversed course thanks to a big rally, showing the bullish "golden cross" instead. 3. Nearly a dozen experts on the chances we'll see a recession. The industry remains pretty split on whether we'll face one. Here's a roundup of 10 market experts' thoughts on where things are headed. |
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1. The fridge of the future. It has way thinner walls and more shelf space — all thanks to a new insulation material, announced by Whirlpool. It cuts the wall thickness by as much as 66%. 2. Inside the second annual Cerebral Valley AI Summit. AI startups are struggling to not become OpenAI's "roadkill." They also can't compete with the massive compensation that OpenAI and Anthropic can pay. 3. EV startup Lucid just revealed its first SUV. Gravity features a futuristic dashboard and boasts more range than any Tesla. The three-row vehicle is expected to go on sale later this year and will start at $80,000. |
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1. Biden and Xi sought to pull away from deepening conflict. They failed. Despite some progress, deep differences remain. The Chinese leader even tried wooing US business leaders amid a moment of rare weakness for the Chinese economy. 2. Walmart and Target both warn that consumer spending is slowing. Households have been pretty resilient among high inflation, low savings, and other financial stressors this year. So, the slowdown in October sales was unexpected. 3. Market experts share when they think inflation will get back to normal. Experts think it could still take one or two years to return to normal. Although inflation is cooling, prices of things like energy bills and groceries will likely remain high. |
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- "The Hunger Games" prequel hits theaters today. "The Hunger Games: The Ballad of Songbirds & Snakes" is the fifth movie in the franchise.
- Dolly Parton is releasing a new album. "Rockstar" will feature nine original songs along with 21 rock anthems.
- Happy birthday, RuPaul. Rachel McAdams, Danny DeVito, and Martin Scorsese were also born on this day.
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Test your knowledge of the week's top stories with Insider's news quiz |
- From Monday: The CEO of this tech company is traveling the US in a van to meet his company's top users.
- From Tuesday: This billionaire investor suggested VCs could be replaced by "an automated system."
- From Wednesday: Leaked documents reveal this tech giant is blocking promotions of employees who don't comply with its RTO policy.
- From Thursday: The CEO of this British sandwich franchise was promoted 10 times on his way to the top role.
- From Friday: This company is using a new insulation material to make its refrigerators roomier.
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Check Saturday's edition of Insider Today for the answers. |
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