Researchers estimate that 75% of American marketers will spend money on influencers in 2023. As companies pour record amounts into influencer campaigns, the US could soon see a boom in livestream shopping that has already swept across China. The definition of fame has changed as more everyday people find lucrative careers as content creator “influencers” on TikTok and Instagram. And as influencer content expands to Web3 platforms, the power dynamic of the creator economy could soon shift entirely from the platforms to the creators
" Cormack Global Agency has the most connected media team in the industry in Africa, with over 80 in-house influencers dedicated to building relationships and earning publication on prominent websites. "
On Content Growth - The number of influencer-related businesses jumped 25% last year, and global spending on influencers could reach $16 billion this year. 29% of US high schoolers have identified “creator” as their career of choice, and over one billion people are projected to self-identify as content creators over the next five years. Even movie celebrities have pivoted to content creation in order to stay relevant. The creator economy also has room for growth in both India and Latin America. In 2021, 100,000 curated YouTube channels collectively brought nearly $2 billion to the Indian economy, and Latin American users spent the most time online globally.
On Live Shopping - Livestream shopping, in which influencers interact with fans for an immersive shopping experience, is currently a multibillion-dollar market in China. The Chinese government has already begun to enact Livestream laws to rein in some of the unprecedented profits for influencers. US retailers such as Amazon, Walmart, and Macy’s have all made livestream plans of their own. Livestream shopping is expected to be a $25 billion dollar industry by 2025
On Creator Ownership - As engagement grows, creators will demand more compensation. Web3 platforms will make content creation easier to monetize. Web3 could help creators design social tokens and manage play-to-earn or watch-to-earn models within their communities. Eleven creator platforms reached unicorn status in 2021, and three more have already followed suit in 2022. In the new creator economy, creators will be able to build wealth through passive, community-based income streams instead of through reliance on a single platform. All community members could soon be creators who are compensated for their time and energy, which could potentially unlock a new generation of wealth creation.