Mention the creator economy and many will immediately think of China. The wave of new money in that market has given rise to aspirations for a more affluent lifestyle, spurring entrepreneurism and driving a boom in the creator economy market.
Unlike in the West, where the creator economy has only recently taken off, Chinese consumers were early adopters of social commerce, advancing alongside platforms like Tmall, WeChat, and Douyin. Commerce and social media came together to form a tightly knit ecosystem, with many users realising the opportunities in monetising their creative talents. Indeed, China now has the largest and most sophisticated creator economy in the world. According to the National Bureau of Statistics of China, the size of this market will reach US $1,035 billion by 2025.
What’s the driving force behind this phenomenon that will soon be worth more than US $1 trillion? Let’s start with what it means to be a creator. In this context, essentially anyone who uploads a piece of content can be a creator. According to Accenture, there are three types of players in the creator economy.
Influencer: Someone who harnesses their status as an opinion leader to motivate their followers to take action, including making a purchase. Their power is in developing a network of followers and creating a personal brand that attracts and engages an audience.
Creator: A person who produces content, such as how-to’s, sketches, songs, dance, and art, generating original ideas that entertain, influence, and educate. They are increasingly looking to monetise their talents, including selling products.
Reseller: Individual entrepreneurs who curate goods and services to sell on their networks. They know what their followers like and use these insights to curate items accordingly or use their personal relationships to share listings and generate sales.
Li Jin, a thought-leader and investor in online creator communities, describes the evolution of the creator economy in a few distinct stages. The first was the rise of creators on the internet, which provided the canvas and freedom for anyone to become a creator. Next came the advertising and brand sponsorships, as creators built their influence in social media, while brands saw the commercial opportunity in leveraging them. Then creators became independent businesses, fashioning direct transactions with fans. This is the stage where China is at today, with creators becoming mainstream. Major platforms have been quick to create initiatives to groom and celebrate creators, sustaining the growth in the creator economy and keeping the creator-driven transactions within their ecosystem.
Read more at: https://www.campaignasia.com/article/how-chinas-creator-economy-is-evolving/484316
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