🔎 Cracking the TikTok code

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Business of Creators
October 11, 2023

Business of Creators 💬

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🌎 Earth Alliance, co-founded by Laurene Powell Jobs and Leonardo DiCaprio, introduces a pioneering Creator Fund, offering $2,000 grants to digital creators producing climate-friendly content to inspire optimism and engage audiences with science-backed climate information through initiatives like bite-sized "Delicious Nuggets" and organic calls-to-action. (Apply Now)

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⏰ Top Stories…

  • 💋 Meta prioritizes paying users

  • 🖐️ Creator economy soars (stats)

  • 🔎 Cracking the TikTok code

  • 🛍 TikTok virality can put sellers in a pickle

Meta experiments with comment filter to prioritize verified users

An emerging shift within the social media sphere is effective class division in social platform discussions, with those paying for access to apps getting higher priority and exposure for their contributions, over those who are not.

Which is designed to drive more take-up of subscription packages. Both X Premium and Snapchat+ now offer varying levels of priority display within their benefits, and now, it looks like Meta could also be set to jump onto the same, with a new filter in testing that would enable users to prioritize Meta Verified replies on posts. (Read more)

Charting the meteoric rise of the creator economy

The Rising Influence: Influencer marketing spend in the US is predicted to reach $5.89 billion in the next year, constituting 82.7% of marketers engaging in influencer marketing. This growth outpaces the social ad spend, showcasing the unique appeal of creators in generating authentic and community-focused content. While 82% of creators still earn from sponsored content, alternative revenue streams like paid subscriptions (16%) and merchandise (15%) are gaining traction. Creators are evolving into standalone media channels with communities spanning multiple platforms, newsletters, and Discord channels.

Platform Dynamics: Major platforms like Instagram, TikTok, YouTube, Facebook, and Snapchat are witnessing significant growth in influencer marketing spend, outpacing traditional paid social ads. Instagram, in particular, dominates the influencer marketing landscape, with 97.6% of US marketers using the platform, emphasizing the need for a multi-platform approach. Marketers are anticipated to spend over $2 billion on influencer marketing on Instagram next year, with TikTok, YouTube, and Facebook each surpassing $1 billion. Despite reduced user-generated content, marketers are finding success in stories, in-feed posts, and smaller community groups for influencer collaboration. (Discover more)

Cracking the TikTok code

In the latest installment of the Vogue Business and GRIN master class series, Jessica Colucci, director of PR and influencer marketing at Grande Cosmetics, delves into the strategies for navigating TikTok in the creator economy. Emphasizing the uniqueness of TikTok's landscape, Colucci stresses the importance of personality-driven content and a rapid, experimental approach to trends. Unlike traditional metrics, success on TikTok is measured through engagement, making views and comments more pivotal than follower count for effective brand endurance in this dynamic platform. (Watch the video)

TikTok virality can put sellers in a pickle

TikTok Shop, thrives on short-term virality, with sellers relying on the popularity of their videos to drive sales. Sellers experience quick surges in revenue after viral videos, but the unpredictable nature of virality poses challenges in managing order fulfillment and meeting TikTok's strict three-day shipping window.

Blessing and curse for sellers: Viral videos on TikTok Shop provide sellers with a temporary boost in fame and revenue, but sustaining income remains uncertain. The pressure to fulfill orders within a tight timeframe, coupled with the unpredictability of product virality, creates a balancing act for small-business owners navigating TikTok's unique e-commerce landscape. (Read more)

Platform roadmap

Here we give you the latest run-down on updates and new features introduced across digital platforms. Leverage these to help you get ahead of the game…

📲TikTok Updates

📲Meta Platforms Updates:

  • Instagram is considering the revival of cash bonuses for creators, a move hoped to rekindle the enthusiasm of content producers on the platform. The bonus programme, initially introduced in 2021 and discontinued in the US in March, left creators disappointed.

  • Threads looks to add trending topics, GIFs, voice posts and more.

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📲YouTube Updates:

📲X (Twitter) Updates:

📚Recommended

  • How this 'AI whisperer' made $500,000 in 11 months selling courses and memberships using unicorn startup Kajabi. (Business Insider)

  • Adobe Firefly can now generate more realistic images. (TechCrunch)

  • The creator economy grows up: How Jellysmack helps talent gain scale. (Variety)