Business of Creators 💬

So SXSW just wrapped up and we’ve been busy synthesizing all of the conversations into some key themes. It’s worth a read, alongside some of the huge amounts of developments happening across social media platforms that will really enhance your content strategies. 

Industry news

🤳TikTok is reportedly developing a photo app that will rival Instagram 

👀Elon Musk's advocacy for "free speech" takes another contradictory turn after canceling former TV personality Don Lemon’s media deal to bring his talk show exclusively to X

💸In a bid to win support against the legislative banning of TikTok, the platform has been hard at working campaigning why it should stay. The main reason? It contributed $24.2 billion to the US economy in 2023. 

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Key Creator Economy talking points at SXSW

SXSW just recently wrapped. The Creator Economy track featured a global community of thought-leaders covering AI, self-produced content, diversity, monetization and much more. Here’s a snapshot low-down: 

👉Authenticity is still a talking point 

I mean this clearly must mean that some brands and creators are still not getting this right. Community is only built through trust and being real, especially with Gen Z audiences who can smell bullshit a mile away. 

👉Agencies are hiring closer to home 

There’s a growing trend of agencies and brands hiring creators and influencers for their in-house creative teams. It makes sense right? You tend to get better storytelling, formats and innovation. And in-return, these teams can help develop creators’ ‘operational’ skills such as pitching or storyboarding. 

👉AI was the biggest talking point, but little was actually said

Speakers dodged hard hitting questions that addressed concerns of AI making many jobs obsolete or eroding creativity and audiences booed a video where industry experts talked about its pros. 

👉Self-produced content is easier with tech 

Many tech start-ups featured as bespoke solutions for creators to the tediousness involved in self-produced content and in managing business and finance to streamline and enhance your day-to-day. Some stand-outs included Opus Clip, OverSubscribe, Electrify Video and Karat Financial. 

👉”My desert, my Arrakis, my Dune”

Creators are building some serious empires out there, expanding beyond individual content to fully-fledged media companies as their next venture. 

👉Switching up revenue options 

Monetization is obvs the end game for creators. Lots of conversations took place on creative strategies that focused more on community, exclusive content, membership subscriptions and also partnerships with talent management pro’s who are looking to bag you that next big deal. 

👉The TikTok ban discourse is boring af 

No TikTok employee or creator was interested in talking about it. They’ve ridden this rodeo before of ban threats leaving many desensitized to the urgency.  

Platform round-up

Leverage the latest updates and features across digital platforms to help you get ahead of the game…

💱”Selling on TikTok is easier than ever” - the platform has announced global availability for Video Shopping Ads, introducing new features to simplify ad creation, a new ad placement in the Shop tab to showcase products and enabling brands to automatically populate their product catalog into formats like Carousel and Product Tiles.

🤑TikTok has officially launched its Creator Rewards Program, offering creators an in-app dashboard to track performance and payouts. Creators can earn money for uploading longer, high-quality videos, with payouts based on metrics like originality, play duration, audience engagement, and search value.

🧪Instagram is working on longer Reels videos - some users can now upload videos up to 3 minutes in length. They’re also considering longer uploads of 10 minutes in the future. Quite the jump from the current 90 second limit. 

🤖In attempts to expand its disclosures around AI generated content, YouTube creators will be required to disclose if content is “altered, synthetic or seems real”

🛍️Instagram has launched its global "Ads with Promo Codes" feature, allowing brands to include promo codes in captions to drive sales and track purchases directly on the platform.

🔎Google has now added a new section within its business listings in Search, which displays recent social media posts from your connected profiles.

🔢Some Instagram users are now able to add up to 15 images to their IG carousel uploads.

📈TikTok is introducing a new analytics tool called "Creator Search Insights", which will show creators what users are searching for on the app, helping them tailor their content to match audience interests and perform better.