Study Identifies the Needs of Modern Content Creation Entrepreneurs
SAN FRANCISCO–(BUSINESS WIRE)–Oxygen, a modern financial platform designed for the 21st century economy, today released its State of the Creator Economy Report, which takes a look at the booming creator economy, the people behind the content, their goals and challenges, and the technologies that are quickly changing the industry.
“The creator economy today includes more than 50 million people globally, with a total market size well over $100 billion,” says Oxygen CEO Hussein Ahmed. “Oxygen wanted to get a better sense of this dynamic and quickly growing industry. The results were eye-opening and have given us a unique lens as we continue to build products that address the needs of modern entrepreneurs.”
The State of the Creator Economy
The research, conducted in partnership with Reputation Leaders, surveyed 500+ U.S. individuals who self-identify as creators and make a substantial income ($1,000/month) from their activities. The study found that while creators today are motivated by financial success (41%), they are driven more by a passion for creative expression (57%) rather than simply seeking fame or fortune. Contrary to what many believe, it’s not just the mega-creators who are doing well, as more than a quarter (29%) of respondents had just 1,000-9,999 followers across all their social channels and reported significant monetization opportunities.
The study also found content creation is not just a Gen Z game – 18-24-year-olds make up only one in seven creators. People in their late twenties and early thirties make up over one-third of creators.
Over half of creators publish their content on five or more platforms to achieve greater reach, diversification and security. Out of all social media platforms, YouTube is the most popular, followed by Instagram.
While there is much to be optimistic about, there remain some challenges. Losing followers was a creator’s #1 fear in 2022. Additional concerns include:
- Becoming the target of cancel culture (30%)
- Platform censorship of creative content (33%)
Many of these concerns seemed to be alleviated by the greater creative license promised by web3; a majority (63%) were excited about the near-term potential the decentralized internet technology assures. Data privacy and engagement were also common themes, as our survey found creators think web3 will mean better data privacy and cybersecurity (40%) while also bringing about better opportunities for follower engagement (37%) and monetization (43%).
While clearly excited about web3’s prospects for their creative future, the study revealed many remain concerned that web3 will not effectively address misinformation, potentially an area for the community to address.
The full report, available today, sheds light on a diverse segment that is redefining entrepreneurship and shaping the 21st century economy. It can be downloaded here.
Oxygen is a modern financial platform designed for the 21st century economy – providing digital natives, creators and entrepreneurs pushing everyday boundaries a seamless user experience to spend, send and save across both their personal and business lives in an easy-to-use application. Available on iOS and Android, Oxygen users enjoy early direct deposit, simple transfers, cashback rewards and robust savings options in addition to everyday retail and travel benefits. Businesses can start and scale their operations with simple, integrated solutions like nationwide LLC incorporation and custom invoicing that are elegant, simple and secure. Reject ordinary. Banking for the Extraordinary.
Oxygen is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, Member FDIC. Based in San Francisco, Oxygen is backed by Runa Capital, Y Combinator and other leading fintech investors.