Business of Creators 💬

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

Hi there 👋 In today’s edition, we explore some more positive beats to AI conjecture in the creator economy, showcase some stellar success stories from travel creators that can be a source of inspiration for all and highlight some unsung heroes fighting for better pay-equity.

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Interview

AI in the creator economy, from the eyes VidCon’s CEO

Jim Louderback is a prominent figure at the intersection of publishing, media and technology. He has built and sold multiple creator economy start-ups to media companies such as WB Discovery and Paramount, wrote and edited tech magazines through the 90s and dot.com era and is now CEO of VidCon. I think it’s pretty fair to call him a media mogul. Speaking at the VidCon Web Summit in Lisbon, Portugal with Dean Takahashi - he had some interesting things to say about how AI will disrupt slash evolve the creator economy:

👉 AI has the potential to act as a tool that can create some serious enhancement to creators’ creativity, where they can level up to a ‘superhero’ stature, whilst also providing mid-level creators more opportunities to build sustainable careers. Louderback mentions advertising as one example, where AI will be able to allow brands to insert content into popular videos long after editing. 

👉Whilst discussion of AI aviators, that do not emulate the image or likeness of the creator themselves, dominate discourse on the future of what creators will look like. Louderback talks with less concern when focusing on the concept of ‘VTubers’ - a more human-centric potential where creators can put on a motion capture suit and turn themselves into whatever they want, such as an anime star (his words, not mine).

👉 Whilst discussing the generation aspects of the creator economy, age demographics of gaming audiences and creators will continue to pose challenges for those who do not adapt as they age. With the evolving landscape of journalism, traditional media is giving way to creators who stay authentic whilst delivering up-to-date and engaging content. 

Success stories

From travel influencer to travel agent 

"I don't think enough creators realize how much money there is to be made," says Tia Cooper. "These days, people want travel experts they trust to book their trips, and as creators, we naturally build that trust because of the content we post."

Tia Cooper is a physical education teacher in Abu Dhabi who loves to travel and document some awe-inspiring footage wherever she goes. She’s gained years of experience sifting through mediums like TikTok and Instagram to find out what can make extraordinary travels that last a lifetime without breaking the bank. Doing it for so long made her realize the sheer knowledge she has built which made her apply for a role at a travel advisor company. Eight months in and she has sold over $100,000 worth of trips to clients, earning a commission that ranges from $200 to $600 per person. 

Creators are leveraging their knowledge beyond just the creation process, but using the skills developed to build some serious money-making side hustles. It’s a lesson all creators can apply, irrespective of craft or industry. And there are plenty of companies and brands recognising the value of such figures in their business, bringing them on board and also creating brand partnerships. It’s a domino effect of opportunities that come their way. 

Nabila Ismail, a travel creator and pharmacist, organizes trips through her own company, Dose of Travel. In 2021, she quit her six-figure job in 2021 to build the business full-time. "People told me they loved seeing the representation I bring as a Pakistani-American woman because the solo travel industry isn't very diverse," she said. "It's what inspired me to start a business that prioritizes taking people of color to countries I've been to before." By recognizing her impact in creating travel communities, Ismail realized it’s a perfect avenue to tap into, helping her make the jump into pursuing Dose of Travel as a full time business. 

Insights

How brands can improve pay equity for creators of color 

Creator and former Meta exec Antonia Alakija and Ogilvy influencer strategist Yasmin Koo have been hard at work educating brands and empowering creators of color to take charge in closing the pay gap. They recently shared three key recommendations…  

1️⃣Track creator pay:

• Marketers and agencies should track influencer pay across campaigns and conduct regular audits

• Documenting pay disparities, using resources like MSL Group's study or ANA's guide.

• Tracking helps raise awareness and convinces superiors of the importance of addressing pay disparities.

2️⃣Limit exclusivity clauses:

• Exclusive contracts impact creators of color negatively.

• Limit exclusivity clauses or shorten timeframes, ensuring fair compensation. Creators of color, often with less negotiating experience, may agree to stricter exclusivity terms.

3️⃣Address lowballing and educate creators:

• Some BIPOC creators undervalue their worth; marketers should educate them on their true value.

• Brands have a responsibility to ensure fair pay for creators of color and to acknowledge their unique contribution to engaging audiences.

These steps aim to create a more equitable environment in the influencer marketing space, acknowledging the unique challenges faced by creators of color and emphasizing the importance of fair compensation.

Platform round-up

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

TikTok

👉 TikTok’s ad team has shared new insights into how marketers can create content for the Summer Olympics in Paris. 

X

👉 X is no longer supporting NFT profile pictures 

👉 The ‘everything app’ has announced an extended partnership with Shopify, which will provide more opportunity for Shopify merchants to promote their products in the app.