You may not have heard of the creator economy yet, but I bet you have likely encountered it if you’re someone who uses the internet.
From social media influencers who monetize their content to live-streaming gamers, fashion bloggers, podcast hosts, course creators, and other content creators, a lot of people are making money from the creator economy.
Believe it or not, the creator economy is expected to grow to be worth a little more than $100 billion this year. It has recorded $1.3 billion in investments in 2021 alone, according to CB Insights research.
Creators are the new rockstars of the creator economy. Rather than relying on a single source of income from a 9-5 job or other traditional means, they are generating revenue from multiple sources by creating content that captivates and entertains their audiences.
Most creators work not just as artists but also as entrepreneurs who are building successful creative endeavors around their skills and passions.
To make the most of the opportunities in the creator economy, it's important for creators to have a powerful media kit that showcases what makes them unique and what they can do for brands.
In this article, I’ll help you understand what the creator economy is all about, what a media kit does for creators, how to make more money, and some tips to help you get started on your path as a creator.
You'll also learn how platforms like MediaKits can make it easy for creators to showcase their skills and expertise in the best light.
Let’s find out.
Table of Contents
What is the Creator Economy?
The creator economy is an online marketplace where creators and creator-focused companies are making money by selling their creations to consumers. This can be anything from music, art, video games, or even blog posts.
While most creators rely on social media giants like YouTube and Instagram to release content that they hope will go viral, the creator economy is not limited to social media platforms.
Live streaming platforms, influencer agencies, creator platforms, media companies, advertising revenue channels, and other platforms promoting individual creators are all part of the creator economy.
How Can Creators Make Money Online?
Many creators don’t understand how they can make money online, especially on social media. They see other people making great content but are unsure of the best ways to turn their skills and passions into revenue streams.
For starters, there is no one-size-fits-all formula for creator monetization in the creator economy because people are creating and consuming many different kinds of content.
Some of the most common ways creators earn money online include:
Creators depend on brands to support them with sponsorships, endorsements, product placements, and other forms of financial backing.
Sponsorships are one way that brands can directly support creators. The brand pays the creator to mention or use their product in a piece of content.
The famous influencer, Kim Kardashian partnered with kids’ toy store, Hobbytron to promote their holiday toys collection.
In some cases, brands will also ask the creator to produce branded content, which is a piece of content that is made and shared by the creator but features the product or logo of the brand.
Similar to endorsements, product placements are when a creator includes a product in their video or other content as part of the story they’re telling.
Creators can also make money by selling third-party products on their creator website or social media profiles.
Basically, you will need to include an affiliate link or promo code to direct consumers to buy a brand's product. If someone buys something through that link or code, you will get a commission for it.
A lot of creators focus on generating passive affiliate income by partnering with brands like Daniel Wellington. They share custom discount codes with their audiences and earn a commission for every sale they drive.
Selling Products or Services Directly to Consumers
As a creator, you can also sell products that you create or services that you offer. This includes physical goods, digital downloads, and subscriptions to your creator product offerings.
Kylie Jenner launched her own product line, Kylie Cosmetics, to make money. She also promotes products from her brand on her personal social media accounts.
Creating and Selling Digital Courses
Many creators are creating and selling courses to directly educate people about skills and topics they are good at.
Creators like Tai Lopez have made a fortune by selling online courses on topics like business, entrepreneurship, personal finance, and self-improvement.
Some platforms that make it easy for creators to sell digital courses include Teachable and Thinkific.
Licensing Intellectual Property (IP)
Some creators can also make money by licensing their content to other companies, which means they give a third party the right to use their creative work for a fee.
Photographer and visual artist, Dan Cretu makes extra money from licensing photos he shoots of high-profile events like fashion week and music festivals.
There are several ways to earn income as a creator. However, you need to stand out from the creator crowd to get lucrative brand deals and ad revenue.
And, that's where a media kit comes into the picture.
It can help you showcase your expertise and skills in the best light to attract relevant brands and advertisers for collaboration.
And the best part?
Creating a media kit has become super easy.
You no longer need to hire professional designers or developers to create your media kit. Many digital platforms are allowing creators to create and customize their own media kit with little to no design or development skills.
One such platform is MediaKits, which allows influencers, bloggers, and musicians to create a custom media kit online with real-time data and analytics.
Here's a template of how their creator media kit looks like:
Still wondering if creating a media kit is worth it?
What Role Does a Media Kit Play in Helping Creators Make Money Online?
A media kit is a creator’s most powerful tool for marketing themselves and their content. It is a document or online presentation that showcases what the creator does, who their target audience is, what kind of content they create, and how it can benefit brands.
When done right, a creator’s media kit can help them attract brands and advertisers who are looking to collaborate with influencers, audio creators, and other top creators.
The creator's media kit is going to be the first thing an advertiser will look at when they want someone for brand collaboration or sponsorship deals.
It serves as a reference point that helps both the creator and brand understand if they are a good match.
Even as a brand strategist and digital marketing consultant, I use a media kit to help brands and entrepreneurs learn about my services and expertise.
Here's a glimpse of what my media kit looks like:
It clearly defines what my brand stands for and the services I offer. Additionally, it also highlights my accomplishments, features, and important statistics such as website traffic and social media followers.
What are the Benefits of Having a Media Kit as a Creator?
Having an impressive creator media kit will help you:
- Create and land brand deals with top brands and companies in the creator economy.
- Increase your audience engagement, which means more people see your content on social platforms like Instagram or YouTube.
- Attract new subscribers and followers, as well as create buzz around your brand or creative endeavor.
- Generate leads for potential sponsorships and revenue opportunities.
- Get paid to speak at events about what you do as a creator.
How to Create an Impressive Media Kit
To create an impressive creator media kit, you need to focus on the following:
- Target audience: Your overall brand image as a creator and how it aligns with a particular target market or creator-focused company.
- Creator collaboration benefits: How brands can benefit from working with your creator business and what makes you stand out from the competition.
- Creator content style: The different creator content styles you offer to brands and how they can be integrated into their marketing strategies.
- Creator expertise: The areas where you are an expert and how you can help brands achieve their marketing goals.
- Important statistics and analytics: Your social media presence on various platforms, social media following, website traffic, email subscribers, audience demographics (location, age, gender), etc.
- Collaborations: Past collaborations with brands or creator-focused companies and the results you helped those companies generate.
- Contact information: Your name, website address, social media handles, phone number, and email address.
You should gather all of this information in one place and plan how to showcase your achievements, numbers, and offerings in the best way.
Once you have everything in place, you can either hire a designer to create a PDF version of your media kit or use platforms such as MediaKits to do it on your own using built-in templates.
Tips to Make Money as a Creator
Now that you understand the basics of the creator economy, let's take a look at some tips creators can use to make more money.
- Create quality content that is interesting and relevant to your target audience.
- Be consistent with the frequency and type of content you produce.
- Engage with your followers and fans on social media platforms.
- Participate in online and offline creator communities.
The Must-Have Creator Tools for 2022
Doing everything on your own can be tedious and exhausting. What you need to succeed as a creator are the right tools that can make your life easy and help you get more done in less time.
Every creator's toolkit should have a few research tools, content creation tools, and monetization tools such as:
- Grammarly and other content writing tools
- Teachable, Thinkific, and other course platforms
1. How big is the creator economy?
The creator economy is growing rapidly, especially after the outbreak of COVID-19. That’s because the pandemic gave people more time to spend online and consume more content.
The pandemic has also highlighted that there is a strong demand, good money, and sustainability in the creator economy.
The creator economy saw a record of $1.3 billion in funding in 2021 alone. It is expected to continue to capture a market cap of billions of dollars.
2. When did the creator economy start?
The creator economy started to boom in 2013 when social media platforms like YouTube and Instagram became more popular. That's when creators started to see the potential of making money online through brand collaborations, advertisement deals, and sponsorships.
Since then, the creator economy has continued to grow as more people shift their attention online to consume content.
Today, the creator economy is estimated to be worth billions of dollars and is only expected to continue growing.
3. Who coined the term “creator economy”?
The term “creator economy” was coined by Shane Dawson, who is one of the biggest YouTubers today. He's also a creator who has successfully made money through brand deals and sponsorships.
He started his YouTube channel in 2008 to create videos for people interested in pop-culture news and internet trends. Soon after he became popular on social media, he started his own company and began to make money through brand deals.
4. What is a passion economy?
The creator economy is sometimes referred to as the “passion economy.” It focuses on how creators make money online and why people come together as a community (and spend their time) consuming content.
A passion economy, however, goes beyond that by focusing more on what motivates people in general and what makes them happy or fulfilled with life.
In other words, a passion economy is more about the motivations and drivers of people to do what they love (even if it doesn't pay well). This could be anything from starting your own business to being a creator on social media.
5. What are the benefits of having a media kit?
A media kit is an essential tool for any creator who wants to make money online. It's a document that contains all the information a brand or company would need to work with you.
Some of the information a media kit should include is:
- Contact details: Your name, website URL, social media handles, email address, phone number
- Collaboration benefits: How brands can benefit from working with your creator business and what makes you stand out from the competition.
- Creator content style: Photos or videos of your past work, as well as a description of your style and the types of content you produce.
- Statistics and analytics: Your social media following, website traffic, email subscribers, audience demographics (location, age, gender), etc.
- Collaborations: Past collaborations with brands or creator-focused companies.
Ready to Earn Money From the Creator Economy?
The creator economy offers several opportunities to creators who are willing to put in the work.
It's a creator-focused economy that provides all kinds of perks from collaboration benefits, brand deals, and sponsorships, to selling products online through your creator website or other ecommerce platforms.
I hope this guide has helped you understand the creator mindset and how to make money online from your skills and passions.
Now is the time for you to identify your niche and become a creator whom companies can trust and collaborate with.
Start by creating your own media kit today to attract small and big brands alike. It will help you ditch the traditional employment market and earn income from the passive economy.
Do you need help becoming one of the top influencers or content creators in your niche?
Reach out to my team of marketing and branding experts to establish yourself as a YouTube star, influential blogger, or top creator with a large following on social media.