Creatorpreneurs 2024: Upcoming Trends In The Creator Economy Space A recent in-depth report reveals the details of this shift and what we can expect in 2024, with it being currently valued at over $100 billion and involving around 300 million people worldwide.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
With the creator economy surpassing $100 Billion, the most significant shift which has been noticed is that the system is no longer dominated by entertainers, with education and knowledge sharing being the new leaders, giving rise to a new breed of creators- 'creatorpreneurs'.
A recent in-depth report reveals the details of this shift and what we can expect in 2024, with it being currently valued at over $100 billion and involving around 300 million people worldwide. Here are key points from its findings:
1. Rise of Creatorpreneurs
The creator economy, once dominated by entertainers, is now witnessing a significant shift towards education and knowledge sharing, giving rise to a new breed of creators- "creatorpreneurs". Today, nearly 2X as many creators prefer to establish themselves as sustainable business owners rather than chase celebrity influencer status with books and podcasts witnessing the biggest y-o-y growth in creation.
Sectors such as personal development, health and fitness, personal finance, etc., have seen significant growth, indicating a strong demand for creator-led educational content.
2. Growth
The e-learning industry is projected to exceed $460 billion by 2026, representing a vast opportunity for creators in the educational space.
3. Shift From Social Media to Other Digital Learning Products
Fearing the unpredictability of ad revenue and seasonal brand deals on social media, creators are diversifying their income streams and turning to entrepreneurship to build sustainable revenue through digital learning products. 77% of creators said algorithm changes had a moderate-to-significant impact on their audience engagement. Additionally, 25% of creators estimated they've lost $1,000-$9,999 in revenue due to algorithmic changes, and 24% estimated $10,000-$49,999 in losses.
4. 2023 Saw The Rise of Fin-fluencers
The rise of the creator economy has coincided with an increase in financial awareness among retail investors. The number of investor accounts has surged from 3.93 crore in December 2019 to 13.23 crore by the end of October 2023.
In line with these trends, finance and investment education is an emerging category across platforms. They are teaching courses ranging from basic financial literacy to advanced investment strategies, catering to various levels of expertise and interest.
5. Upskilling For Professional Growth
Creator-led courses are gaining traction as alternatives to the traditional education system. The appeal lies in its flexibility and accessibility, allowing individuals to upskill at their own pace from anywhere at an affordable cost. The demand for online creator-led courses is soaring with coding, digital marketing, and personality development witnessing remarkable growth.
Professionals are also engaging with leaders from major tech companies for 1-on-1 mentorship and consultations.
6. Increasing focus on health and well-being
Around 94 per cent of Indians are worried about their own and their family's health and feel that lifestyle changes like exercising, yoga and dieting will benefit their health and overall wellbeing. People are spending more on gym memberships, yoga classes, and curated diet plans.
The survey was conducted by Classplus, the B2B edtech startup that helps creators turn their skills into profitable online businesses through content monetization. The research study was done on the performance and behaviour of 1L+ creators.
