The new rules of the “creator economy”

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New platforms like Substack, Twitch and Roblox are disrupting the way online content is monetised. This is shifting the power from social-media sites to creators

The pseudonymous Ms Solesis, a personable 26-year-old Floridian, reinvented herself as an online “foot goddess” last March after covid-19 did for her restaurant job. “My mom’s just always told me I had pretty feet,” she says. So “I was just like, well, let’s see if the internet thinks I have pretty feet.” It did. On Instagram she gained 20,000 followers. Some offered money for personalised photos and videos. A few months later she joined OnlyFans, a London-based subscription platform.

The upstarts are forcing incumbents such as Facebook to compensate users for the unpaid work they may not have realised they were doing. And they are helping professional creators, who once relied on middlemen, reach their audience directly. Twitter was in danger of becoming a promotional tool for Substack writers and Clubhouse broadcasters. It is now trying to beat both at their own game. In January it bought Revue, a newsletter firm, and cut its commission to 5%, half Substack’s. On May 3rd it added Spaces, a Clubhouse-like audio feature; soon it will let users sell tickets to chats they host.

Newer types of media are joining in. Douyu and Huya, China’s largest game-streaming platforms, each paid out 7.1bn yuan to streamers last year, 31% more than in 2019. Spotify and Apple, the two biggest podcast platforms, are wooing amateur broadcasters. Last month Apple announced that it would let podcasters charge subscription fees, of which it would take a 30% cut for the first year, then dropping to 15%; days later Spotify followed suit—but said creators could keep the lot .

The trend towards subscriptions, and other models of monetisation, is changing that, bringing with it the possibility of a creator middle class. Consider Craig Morgan. The sports journalist was laid off last year by the, an online publication, after the pandemic put live sport on hold. A friend suggested he try writing a newsletter.Coyotes Insider was launched on Substack in July.

 

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A very good plan created by 'interested parties' to get access for free to ideas and content offered by 'wannabes' on social media platforms.

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Maybe if there was a service that would deliver highly researched, unbiased news that presents multiple points of view in a pithy manner, I'll be happy to pay for it.

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This great but The Fairy Contract by Lauren Liu is still needed for creators on and offline.

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