Business of Creators 💬

Stay ahead of the curve in the creator economy...

Hello everybody! Happy New Year! I hope you’re feeling refreshed, galvanized and ready to take charge of your year 💪

We’ve got a pretty big year ahead of us at Business of Creators, one that will take your content creator experience to new heights with our insights and resources, so we hope you’re ready for the ride 🫶

YouTube reigns supreme as leading platform for all, especially teens

In a world of platforms-galore YouTube reigns supreme, at least that’s what Pew Research Center’s recent insights unveil, heralding a journey of dominance in 2024. 

The recent study which surveyed over 1.4k 13 to 17 year-olds unveiled that 93% of teens are entwined with YouTube, with a staggering 71% engaging daily and 16% visiting ‘almost constantly’. While other platforms command attention, none match YouTube's allure, with TikTok, Snapchat, and Instagram trailing by significant margins.

But it’s not just the lil’ ones, YouTube boasts 2.7 billion monthly active users and it’s en route for some transformative dominance within this year. Legacy pricing is ending, shifting to a $13.99 premium user model and Google Podcasts is heading to the graveyard, making YouTube Music as the singular podcast hub. AI is at the forefront of innovation, too, with tools that can clone the voices of famous singers. It seems with its dominance, embracing YouTube in 2024 will open a gateway of opportunities for creators, inviting them into a realm where their stories and talents can resonate. 

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How a 28 year-old travel enthusiast turned content creator earned 6 figures from 7 income streams

Gabby Beckford discovered a passion for travel after a solo trip to Iceland at 17. The rest was history. 

Her travel blog, Packslight, and subsequent social media presence across Instagram, TikTok, and YouTube have since garnered her a significant following of almost 500,000. In 2023, Beckford's entrepreneurial efforts totaled an income of $291,085, derived from seven distinct income streams.

Brand partnerships amass her primary income source, which has involved collaboration with big name such as Delta Air Lines, Marriott and Tinder. Her income streams expanded through ad revenue sharing programs, grants, memberships, in-person events, digital product sales, and affiliate link payouts. 

Despite her success, Beckford remains vigilant about her partnerships, prioritizing brands that champion diversity and inclusion. Her recent foray into memberships, offering exclusive content and engagement opportunities for followers, demonstrates her adaptability in leveraging changing social media trends to generate income. Through a multi-faceted approach to content creation and monetization, Beckford's journey exemplifies the resilience and strategic business acumen of modern-day creators in the digital landscape.

Creator economy expert predicts 2024

With AI advancing at a crazy speed and 2024 gearing up to be the biggest election year in history, creators will be at the eye of the storm. Creator economy expert, Kaya Yurieff, forecasts 5 key predictions for creators this year. 

1. Expect numerous creator-focused startups to either shut down or be acquired due to financial strains and reduced acquisition prospects.

2. Creators will play pivotal roles in the U.S. presidential election, not just as campaign influencers but also in advocating for political issues.

3. TikTok's e-commerce venture, TikTok Shop, is poised for success, especially in offering unique, affordable items, although it won't replace major platforms like Amazon.

4. Creators are likely to increasingly integrate artificial intelligence tools into their content creation workflows, contingent upon advancements in these AI-based tools.

5. There's a possibility of X rebranding back to Twitter, considering the resonance and familiarity of the term "tweeting" over "posting" and Elon Musk's propensity for unexpected decisions.

Platform round-up

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

What’s new on YouTube? 

• YouTube has shared its top ads of 2023, along with tips to help tap into key engagement trends

What’s new for TikTok?

• TikTok is working on desktop-based creator tools, which includes a new Creator Center UI that provides more analytics insights and update discovery tools, utilizing conversational AI. 

What’s new for X?

• Headlines are returning to link previews 

• A new grid display format is being rolled out, so you get a better view of the various video and image uploads of a user 

More reads

• AI is coming for the influencers (INTELLIGENCER)

• MrBeast to Elon: X is not a good video platform for creators (The Verge)

• Wrapped 2023: what you’ve been doing in every app, analyzed (The Verge)