The Creator Economy Is Expected to Be Worth More than $500 Billion in Less Than Five Years
It’s no secret that the creator economy is booming, and Goldman Sachs put a number on the industry. By 2027, the creator world is expected to be worth half-a-trillion dollars.
The creator economy — which you’re likely familiar with by now — refers to the segment of the broader economy where individual creators monetize their content, skills, and personal brands. This often includes writers, vloggers, streamers, influencers, artists, and photographers.
Social platforms like YouTube, TikTok, Patreon, Substack, and Twitch are helping boost the popularity of this space, providing a platform for creators to get in front of their audiences. And with the rapidly-growing and constantly-evolving tech space, there’s still room for more platforms to enter the industry and serve as a resource for creators.
The creator economy was already labeled as a multi-billion dollar industry in 2021 and was expected to grow rapidly. Now, Goldman Sachs Research expects global creators — which amounts to nearly 50 million people — to grow at a 10-20 percent compound annual growth rate over the next five years. Brand deals will continue to be the main source of revenue for the creators, bringing in about 70 percent of their income, according to Goldman Sachs survey data.
The survey also found that only about 4 percent of global creators make more than $100,000 per year, but of course, that’s subject to change. The industry only continues to grow and explode as new creators enter the space and brands make an effort to connect with creators in a more authentic and natural way.
For creators who are looking to start their own brands, here’s what should come first, according to an expert.
If you’re not a creator but you’re eager to learn more about the creator economy, you can check out our list of terms you need to know to stay up-to-date on the space.
Interested in building your creator brand or working for one? Reach out to us to start the conversation.
Alexis Benveniste is a New York-based writer and editor whose work has been featured in The New York Times, Bloomberg, Vanity Fair, and other outlets.