Creators hold more power than ever—and companies are taking stock. Here, how TikTok, Meta, and more plan to woo these budding entrepreneurs to their platforms.
| | The Competition for Creators |
In a world where YouTube paid more than $30 billion to creators, artists, and media companies over three years, Meta (formerly known as Facebook) plans to invest over $1 billion in creators through 2022, and TikTok aims to grow its Creator Fund to more than $1 billion in the U.S. alone through 2023, companies that want to attract and sustain creators on their platforms are left with one choice: go big or go bigger.
"We're in a creator arms race where every platform regards itself as being in competition with all of the other platforms for creator attention," says Li Jin, co-founder and general partner of Variant Fund, who has been dubbed "the investor guru for online creators." "If these platforms want to maintain usage and grow in their user bases, they need to hold on to that creator attention and creator investment in that platform."
Gone are the days when creators—once widely known as influencers—were a small segment of the online community. Today, anyone can be a creator (around 50 million people worldwide consider themselves creators within a creator economy that's worth an estimated $100 billion); some are just making six figures from it. This growth in independent content creators has propelled platforms to reimagine how they interact with their users, and for creators to demand more from platforms, like improved monetization tools and equitable algorithms. As a venture capitalist who's focused on cryptocurrency and Web3, Jin believes creators will eventually leverage crypto-based tools like NFTs and social tokens in order to find new business models and engage with fans in ways that weren't possible before. |
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