The Creator Economy 2023 Report was conducted by The Influencer Marketing Factory, an influencer marketing agency that aims to help brands from across the world work with a striking array of talented content creators. This organization mainly focuses on the power of TikTok, Instagram, and YouTube, making it a prime asset for businesses looking to tap into lucrative Millennial and Gen Z markets.
This report aims to showcase the intricacies of the Creator Economy from the perspective of both influencers and viewers. As such, The Influencer Marketing Factory based its findings on a qualitative survey of over 1600 candidates.
Three Key Takeaways
The Creator Economy 2023 Report works to give an extensive overview of sector, allowing us to better explore the benefits associated with it. Described below are just three key findings from this report.
- Over 40% of users tip their favorite content creator around $5-$10 on social media.
- TikTok and YouTube have similar rates of earning with 26% of creators saying they earn the most on these platforms.
- Nearly 15% of influencers believe that there biggest struggle is finding brand deals.
What Does This Mean for Influencer Marketing?
The first finding within this report looks at how influencers earn money through social media and shines a light on how viewers are inspired to offer them a monetary incentive for their work. With an average tip of $5-$10, we can assume that influencers are no longer setting their sights on ad revenue or similar creator funds. Instead, creators are looking toward membership tiers such as the ones found on Twitch and YouTube. It seems that influencers are eager to build a stronger relationship with their audience as a way to potentially increase their earnings.
With over a quarter of influencers stating that they make the most money on either TikTok or YouTube, we can begin to assess the overall competitiveness of this industry and deepen our understanding of how these platforms continue to retain high levels of talent. This finding also suggests that influencers are favoring platforms that allow them to fully express their creative potential as well as support the success of their latest brand deal.
The third finding within this report explores the struggles that many influencers face as they continue to navigate their careers. 14.6% of creators state that they find it difficult to secure brand deals, whereas a further 13.8% of candidates believe that price negotiation is the most difficult part of being an influencer. These statistics help us to understand the gaps in our knowledge and lead us to believe that many influencers still require the resources needed to assess their market value as well as seek out potential brands to work with.
Link to the Report
The Creator Economy 2023 Report can be found on The Influencer Marketing Factory’s website alongside case studies of their most recent campaigns.