Big tech and obvious competitors like
TikTok aren’t alone in their chase for Creators.
Snapchat, for example, is emerging as a dark horse in terms of innovation and content creator tools. Beyond its innovation in content tools and features — it pioneered AR lenses and Stories. Snap’s also beginning to dole out wads of cash to its creators.
After launching its own
TikTok competitor,
Spotlight, in November, it’s since been
paying $1M daily to its top video creators and has given out more than $110M in total. However, its rollout of monetization features has been comparatively slow.
Gaming platforms are emerging as serious competitors as well, pushing the boundaries of native content creation and engagement tools through their specific technical capabilities.
Roblox, for example, is investing in synthetic media and building out its vision of a full-fledged metaverse, opening up the door for Roblox-specific content creators to emerge.
Beyond incumbent consumer social or gaming companies, the broader expanse of Creator Economy companies has produced several contenders.
Patreon has raised
$412M in total at a $4B valuation, while
OnlyFans is reportedly seeking financing at a $1B valuation.
Substack, for example, was launched in 2017 and has captured much attention since, most recently
raising $65M at a $650M valuation.
Fundamentally, big tech’s shift into the Creator Economy boils down to one goal: To Retain Users.
The products and services that evolve out of Big Tech’s efforts will thus necessarily focus on their own platforms — to keep users engaged in the
Facebook or YouTube or Twitch ecosystem specifically.
These tech conglomerates will prove difficult competitors to best, given their sheer scale and the hordes of cash they’re able to deploy. Creators, however, are likely going to favor becoming platform agnostic and becoming independent brands to ensure less dependence on any one platform.
Where the rest of the Creator Economy startups may derive greater success is in rebundling these services beyond any one specific platform.
This can manifest in tools that help Creators make videos for Facebook, YouTube, and Twitch; analytics platforms that manage splintered revenue streams; or community management services that help Creators independently build and communicate with a social network of fans.
Source: The Creator Economy Explained: How Companies Are Transforming The Self-Monetization Boom | CB Insights
