May 28, 2024
Creator Economy Market

North America Creator Economy Market is Estimated To Witness High Growth Owing To The Rising Popularity Of Social Media Influencers

The North America Creator Economy Market is estimated to be valued at US$ 17.79 Bn in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The creator economy is a digital marketplace where individuals can earn income through the content, goods or services they create and sell online through various platforms. It provides opportunities for people to monetize their skills, hobbies or expertise into a steady stream of work and income. This allows individuals to leverage their unique skills, interests and talents to earn money directly from their audience.

Market key trends:
The rising popularity of social media influencers has been a major driver of growth in the North America creator economy market. Influencers promote brands and products to their large follower bases on platforms like YouTube, Instagram and TikTok in exchange for payment. This has opened up a lucrative new source of income for individuals who have gained substantial online followings. Many young content creators are now able to earn a living directly from fans through platforms that facilitate subscriptions, memberships, tips and donations. The ability to monetize digital content and connect directly with customers without traditional corporate structures has positively impacted the creator economy market in North America. Moreover, the growing demand for personalized online content across industries like education, music and fashion has also fueled opportunities for creators.

Porter’s Analysis

Threat of new entrants: The North America creator economy market is moderately difficult to enter. New entrants require substantial capital investment to build infrastructure and gain market presence.

Bargaining power of buyers: Buyers in the North America creator economy market have moderate bargaining power due to the significant number of companies offering similar creator services and content.

Bargaining power of suppliers: Individual creators have low bargaining power compared to established creator platforms due to lack of scale and brand recognition.

Threat of new substitutes: Alternatives such as social media and freelancing websites pose potential threats of substitution.

Competitive rivalry: Companies compete on the basis of platform features, service quality, and pricing.

SWOT Analysis

Strengths: Established platforms like Meta and Etsy have robust user bases and brand recognition. Creators have opportunities for direct monetization and control over content.

Weaknesses: Young startups face challenges in attracting users and competing with deep-pocketed incumbents. Creators risk overreliance on single platforms.

Opportunities: Growing popularity of remote work and freelancing is increasing the demand for creator services. Emerging technologies can potentially enhance content experiences.

Threats: Stricter privacy policies and regulations may impact data collection abilities. Substitute models like subscriptions pose competitive threats.

Key Takeaways

North America Creator Economy Market Size is expected to witness high growth, exhibiting CAGR of 34.7% over the forecast period, due to increasing demand for online content and services amid widespread digitalization. The region dominated the creator economy market in 2023, accounting for over 35% of the total market share.

Regional analysis: The US creator economy market accounted for majority of the North American market share in 2023 and is expected to continue leading over the forecast period due to high smartphone and internet penetration rates and widespread adoption of creator platforms. Canada and Mexico are anticipated to lucrative growth opportunities owing to booming digital infrastructure and young demographics.

Key players: Key players operating in the North America creator economy market are Meta Platforms Inc., Bytedance Ltd., Etsy Inc., Fiverr International Ltd., Upwork Inc., Patreon Inc., OnlyFans, Teespring, Squarespace Inc., Bandcamp, Substack, Pinterest, Alphabet Inc., Amazon.com Inc., Apple Inc., Snap Inc., Twitter Inc., Microsoft Corporation, Spotify Technology S.A., Shopify Inc. These companies compete based on their unique value propositions including social features, payment processing abilities, and specialized services for influencers and independent artists.

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