June 19, 2024
Asia and Oceania Creator Economy Market

Asia and Oceania Creator Economy Market Poised to Witness Exponential Growth Due to Rapid Digitalization and Rising Social Media Influence

The Asia and Oceania Creator Economy Market is estimated to be valued at US$ 135.20 Bn in 2022 and is expected to exhibit a CAGR of 30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Asia and Oceania creator economy refers to individuals or groups that monetize their talents and passions through various online platforms. Creators in Asia generate income through activities such as live streaming, producing online videos and audios, publishing blogs and articles, selling merchandise, crowdfunding projects, and conducting online classes/tutorials. Key industries involved include music, arts and crafts, personal coaching/instruction, podcasts, gaming, fashion/style, food, and more. Creators utilize social media and online video/audio platforms to build communities and engage audiences and leverage tools provided by marketplaces and payment processors to monetize their efforts.

Market Dynamics:
Rapid digitalization across Asia and Oceania has enabled the rise of the creator economy in the region. The penetration of affordable smartphones and mobile internet has provided opportunities for billions to access online content and participate in the digital economy. Social media platforms have seen explosive user growth over the past decade, fueling the influence of online personalities across diverse categories. For example, short-form video platforms like TikTok and Kuaishou have hundreds of millions of users in Asia creating and sharing bite-sized videos.

Secondly, the COVID-19 pandemic accelerated the trend of online content consumption globally as people spent more time at home. Lockdowns and restrictions on outdoor activities drove millions to interact with creators on social media, live streaming platforms, and video/audio streaming sites.

Segment Analysis:
The Asia and Oceania creator economy market is dominated by the social media influencer segment. This segment accounts for more than 40% share of the total market revenue. The social media influencer segment is dominating as it allows creators to connect directly with their audience and monetize through sponsorships, paid partnerships, affiliate marketing etc.

PEST Analysis:
Political: The market is witnessing new regulations around data privacy and content monetization across various countries in the region. However, some countries still have limited regulations providing growth opportunities.
Economic: High internet and smartphone penetration coupled with rising digital payments in the region is fueling the market growth. Young demographics with increasing disposable income is another major economic driver.
Social: Increasing influencer culture and appetite for engaging online content is driving more individuals to become creators. Digital natives are embracing new forms of content.
Technological: Advancements in technologies like AR/VR, video/live streaming, 3D content creation are opening up new avenues for monetization. Blockchain/NFTs are also catalysing new business models.

Key Takeaways:
The Asia and Oceania Creator Economy Market Share is expected to witness high growth, exhibiting CAGR of 30% over the forecast period 2023-2030, driven by high internet penetration, young demographics embracing influencer culture and advancing technologies. The market size is projected to reach US$ 135.20 billion by 2023 from US$ US$ XX billion in 2020.

Regional analysis indicated Southeast Asian countries like Indonesia and Philippines are emerging as fastest growing regional markets attributed to burgeoning internet subscriber base and growing fandom for influencer culture. China continues to dominate the overall region accounting for over 35% market share led by presence of giant platforms like ByteDance, Kuaishou, Bilibili etc.

Key players operating in the Asia and Oceania creator economy market are ByteDance (TikTok, Douyin), Kuaishou, Bilibili, Tencent (WeChat, Tencent Video), Alibaba (Taobao, Weibo), Meta (Facebook,Instagram), YouTube, Twitch, OnlyFans, Patreon, Substack, Kickstarter, Indiegogo, Disco, Cameo. These players are investing heavily in tools, monetization products and platforms to better serve the growing creator community in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it