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A new report from Meta explores the potential of the creator economy, which is estimated to encompass 300m people globally.
The creator economy is forecasted by some exploratory studies to have reached more than $100bn, according to a new report commissioned by Meta.
The report was written independently by US researcher and author Richard Florida, an urban studies theorist with an interest in social and economic theory who has written extensively about the creator economy.
Florida’s report explored the opportunities presented by this ‘creative class’. He defines someone who participates in the creator economy as a person who uses digital technology “to make and publish unique creative content audiences can access and respond to”.
According to the report, the creator economy now includes people from all backgrounds – such as scientists, tech workers, artists, designers, performers and professional knowledge workers from fields as diverse as law and healthcare.
According to data and studies reviewed by the report, creators number between 30m and 85m Americans. Estimates put the figure at around 300m creators globally.
There is such diversity in the growing creator economy that Florida believes there is potential for the rise of a creator middle class.
While he noted that most creators are motivated mainly by their passion for their field rather than financial gain, a significant number of these creators earn enough money from their content to support themselves and contribute to the economy.
Meta’s release of the report comes as the social media company has been upping its efforts to support creators.
At the beginning of this year it introduced Facebook Reels aimed at creators, while Instagram trialled subscriptions to help creators in the US monetise their content.
Elsewhere, TikTok and YouTube have been rolling out ways to share ad revenue with creators on their platforms.
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