The creator economy is alive and well… and growing!
So how can you make money in the creator economy and even build wealth using the creator economy infrastructure?
What can you do to cash in on this & is it fad or is it here to stay?
Can you really build a long-term sustainable business around the creator economy ecosystem?
I’m going to cover all this and more in today’s article.
What is the Creator Economy?
I’m not sure where the term “creator economy” came from but it’s a term that has many meanings to different people.
So let’s take a moment to define it.
Creator Economy Definition:
As I see it, the creator economy refers to the ecosystem that has grown around content creators who are trying to monetize and get paid off of their content.
It’s that simple.
If you create content online and get paid for it (or are trying to figure out how to get paid from it), then you are a creator and when you earn your first dollar… you’ll be part of the creator economy.
History Of the Creator Economy
One could argue that the creator economy was always there… it just changed and progressed with the rest of the world as technology did.
The same as every other industry.
Video creators, animators, musicians, and artists have always been paid for their work one way or another.
Either they worked for a large studio or company, or they got a record label, or they did art shows.
In fact, creators have been moonlighting and doing side hustles for years.
Writers have written songs for others to perform for years as well as ghost writers who sell their work to be published under somebody else who has a bigger platform.
So the creator economy has always been around, it’s just been quietly bubbling beneath the surface.
What makes the new creator economy exciting right now is that creators are finding ways to build their audience independently of labels and traditional companies.
This allows them to pocket a larger percentage of the income they generate from their audience.
Companies such as YouTube, MediaVine, TikTok, Instagram, Facebook, and a ton of other platforms (such as podcasting and Anchor) are beginning to experiment with ways to help creators earn more.
Presumably because it will attract creators to their platform (which will also attract the audience of that creator to their platform).
At the end of the day, most platforms cannot exist without content.
So the more creators that companies have creating good, quality content on their platform… the better chance they have of attracting the masses.
How Big is the Creator Economy?
According to Wikipedia, the creator economy is worth close to $100 billion dollars.
In fact, YouTube alone paid creators more than $ 15 billion dollars last year (1).
Forbes estimates the total revenue from this sector will surge past $100 billion and hit $104 billion this year (2).
What that means for you and me (and anybody else with some big dreams) is that there’s plenty to go around.
And we are in the early stages.
Now is the time to carve out a piece of the market share for yourself.
If you understand this it’s very powerful because you can earn substantial money doing this.
For example, let’s suppose you flip houses and want to make videos about it.
In the old days, you would have had to get a television network to bring you on and make your show for you.
They would offer you a dollar amount and you would either say “yes” or “no”.
Then they would run ads, sell merchandise, license the brand, etc. in an effort to make as much money as they could while at the same time paying you only what you agreed to.
If you were lucky, you would get another contract next season.
Now though, you can launch the show yourself on Youtube.
YouTube will run the ads and give you a percentage of the revenue (regardless of how large or popular your channel gets).
You can sell merchandise, license your brand, sell consulting services, get directly paid by fans, create affiliate offers, and the list goes on and on.
If you play your cards right and understand what you’re doing, you can create massive income and not have to worry about getting cancelled by a network.
Plus, your fans can interact with you on a more personal level.
This is the essence of the creator economy.
How do People Make Money in the Creator Economy?
As I mentioned before, people make money by figuring out how to monetize their content.
I’ve found that there are a few really good ways to do this.
The ways below are the easiest ways to make money in the creator economy and a good place to start if you’re just starting to create content.
Share in Ad Revenue
If you’re just getting started, the best thing you can do to set yourself up for success is to pick a platform that will run ads on your content and share the ad revenue with you.
There is always a chance that some of your content will blow up and go viral.
If it does and it’s on a platform that doesn’t pay you or you have no real way to monetize it, then how does it help you?
As of writing this, I recommend YouTube and/or launching a podcast on Anchor.
Both those platforms allow you to put ads in your content and get paid for those ads.
It’s a great way to build recurring revenue as you’re first starting.
Sell Consulting Services
This option is something I just started experimenting with.
The reason it’s so powerful is because even though you’re trading your time for dollars, it’s an easy way to put big money in your pocket early on when you don’t have too many viewers.
For example, let’s suppose you have a background as a real estate investor and that’s what your content is about.
Maybe you sell 1 hour one-on-one brainstorming sessions or deal reviews for $499.
Just 2 of these a month would net you an extra $1,000 each month and it only takes 2 customers.
If you develop a 6-12 month program where you meet with people monthly you could charge a monthly fee and create recurring revenue.
It’s not scalable in the sense that other sources of income is, but it can put good money in your pocket fast.
Cash in on Affiliate Marketing
In it’s simplest form, affiliate marketing is when you link to a product and if somebody clicks it and buys, you get a commission.
I use 3 forms of affiliate marketing with my online content to generate revenue.
Amazon Partner Program
The 1st is the Amazon partner program.
It doesn’t pay much (3-5% commission), but people are predisposed to order from Amazon if it’s a product they want because most people are used to shopping online at Amazon.
So I usually only link to products over $50, which usually gets me at least $1 in commission.
That doesn’t seem like much but multiply it by hundreds or thousands of sales and it can definitely be a supplemental source of real income.
High Ticket Affiliate Marketing
The 2nd is connected to my land flipping business.
I easily made over $100,000 flipping land and sometimes people learn what I’ve done and they want to try the same thing.
Here’s a video about my experience doing that.
I can’t possibly teach everybody how to do this from start to finish, nor do I want to.
But I can point them to the program that I learned to do it from and they can learn as well.
That program is expensive but worth it.
They also have an affiliate program, so I became an affiliate for them and though the sales are way less in numbers than my Amazon sales, the commission is usually as good or better.
So consider doing high ticket affiliate marketing as part of your strategy.
The last type of affiliate marketing is my favorite and has one of the highest earning potentials so it gets it’s own section…
Stacked Affiliate Marketing
Stacked affiliate marketing is just like affiliate marketing, except if you find other people who want to do it with your company, you can also get a kickback from their sales.
The reason I like this option so much is because if you pick the right company with the right products, you can make a significant amount of recurring revenue.
For example, the company represent offers a significantly higher commission than Amazon and all of their products are high end top shelf products.
We typically make $15-25 per sale depending on the item people order and sometimes we make more than that.
The products are also consumable.
That means if a customer finds a product they really like and re-order every month, we get a commission every single month.
Amazon does NOT do that!
If you’d like to learn more about how we do that, you can learn all the details here.
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Jason and Daniele
New to all of this? Consider building a stacked affiliate business and letting us walk you through it.