Study Notes from International Journal of Research in Marketing - Editorial: The Creator Economy

International Journal of Research in Marketing - Editorial: The Creator Economy

Authors

  • Renana Peres - Hebrew University of Jerusalem, Jerusalem, Israel

  • Martin Schreier - WU Vienna University of Economics and Business, Vienna, Austria

  • David A. Schweidel - Goizuetta Business School, Emory University, Atlanta, USA

  • Alina Sorescu - Mays Business School, Texas A&M University, College Station, USA

Corresponding Authors

  • E-mail addresses:

    • renana.peres@mail.huji.ac.il (R. Peres)

    • Martin.Schreier@wu.ac.at (M. Schreier)

    • dschweidel@emory.edu (D.A. Schweidel)

    • asorescu@tamu.edu (A. Sorescu)

Article Information

  • Received: 10 July 2024

  • Available Online: 23 July 2024

Keywords

  • Creator economy

  • Content creators

  • User-generated content

  • Monetization

  • Digital platforms

  • Artificial intelligence

  • Marketing

Introduction

  • Creators (bloggers, streamers, artists, etc.) aim to monetize their talents through digital content.

  • The creator economy includes a diverse ecosystem of economic activity estimated to be worth over $100 billion and is rapidly growing.

  • The editorial explores the creator economy from a marketing perspective by addressing key questions:

    • How can creators optimize content, establish brands, build content composition, and expand audience?

    • How do platforms curate content and their creators?

    • What are the challenges and opportunities for traditional firms?

Definitions and Terminology

  • Creator Economy: An economic, social, and professional ecosystem engaged in by creators utilizing digital platforms and tools to generate and monetize content.

    • Espoused by Paul Saffo in 1997, it evolved significantly post the 2008 economic downturn when consumer behavior shifted towards value creation through activities.

Characteristics of Creators

  • Creators are often categorized as:

    • Artists (e.g., Webtoon authors)

    • Artisans (e.g., Etsy sellers)

    • Performers (e.g., TikTok comedians)

    • Influencers (e.g., Instagram brand promoters)

  • Unlike traditional firms, creators operate independently to generate revenue and build their brand identity.

Evolution of Creator Economy

  • Recent technological advancements in AI and digital tools have reduced entry barriers and facilitated engagement.

  • Notable statistics indicate:

    • 50 million individuals identify as content creators (Forbes)

    • Other counts suggest as many as 200 million creators (Drenik, 2022; Santiago, 2023)

  • Failures in academic research fail to catch up with the creator economy's growth.

Stakeholders in the Creator Economy

1. Creators
Characteristics of Creators

  • Creators vary significantly based on activities, targeting, and engagement strategies. The focus is usually on:

    • Establishing personal brands and credibility

    • Building and grinding out their unique value propositions

Psychology of Content Creators

  • This area studies motivation, identity challenges, and mental health issues related to platform pressures.

Strategies for Success

  • Insights needed on how creators should choose platforms and deploy content effectively. The audience's size impacts content strategies significantly.

2. Consumers

  • The creator economy changes consumer engagement paradigms, creating trust issues in transactions and navigating content relevance. Research required includes:

    • How do consumers build trust in creators?

    • Psychological outcomes from diverse content types and influencer interactions.

3. Platforms

  • Social media platforms play a pivotal role through:

    • Connecting consumers and creators

    • Supporting content creation and management

    • Monetization facilitation

  • Balancing creator freedom with safety protocols is essential.

4. Marketers and Firms

  • Marketers face the challenge of adapting promotional strategies due to increased digital noise. Key considerations include:

    • Assessing the effectiveness of influencer strategies versus traditional channels

    • Identifying optimal collaboration and vetting processes with creators to maintain authenticity.

Research Questions

Type of Stakeholder

Examples of Research Questions

Relevant Literature

Creators

  • What types of creators exist? How do they reach customers?

  • How can creators appropriate value effectively, and what revenue models best fit their content? |
    Consumer-brand literature, entrepreneurship insight |
    | Consumers |

  • What types of content engage consumers?

  • How do relationship marketing principles apply to creators? |
    Literature on consumer trust and engagement |
    | Platforms |

  • What should revenue-sharing models look like?

  • How to ensure platform creator safety? |
    Organizational design literature, social platform management insight |
    | Marketers and Firms |

  • How should firms incorporate influencers into their strategies?

  • Which types of influencers yield the best brand engagement? |
    Brand management, influencer marketing literature |

Conclusion

  • The creator economy presents diverse opportunities and threats to traditional firms. As small individual creators gain the potential to disrupt established markets, further scholarly exploration is warranted to understand this evolving landscape and its implications on stakeholders.