The North America Creator Economy Market is estimated to be valued at US$ 17.79 Bn or Mn in 2023 and is expected to exhibit a CAGR of 34.7% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
The North America creator economy market facilitates a variety of independent content creators and professionals such as writers, designers, developers, music artists, influencers etc. to reach audiences and generate income directly from fans and customers. Products and services associated with the market include creator platforms, tools, marketplaces and payment solutions that allow creators to build, scale and monetize their businesses. They help simplify tools for content creation, distribution, community building and monetization which is driving the need for such products and services.
Market key trends:
One of the key trends driving growth in the North America creator economy market is increasing focus by major tech giants like Meta Platforms (previously Facebook) on supporting and empowering creators. Meta has made significant investments to transform from being a social media platform to one focused on creators through initiatives like Facebook Reels, Instagram Reels and bonuses/grants for popular creators. This is enabling more professional creators to generate steady income streams and driving the overall market higher.
Threat of new entrants: The threat of new entrants is moderate as the North America creator economy market is dominated by well-established players and it requires huge capital investments to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high as buyers can easily switch between various creator platforms.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are large number of content creators and influencers in this market.
Threat of new substitutes: The threat of substitutes is high as there are various social media platforms which can be used as an alternative for monetization by content creators.
Competitive rivalry: High due to presence of tech giants like Meta, Bytedance, Amazon etc.
North America Creator Economy Market Size is expected to witness high growth, exhibiting CAGR of 34.7% over the forecast period, due to increasing popularity of social media influencers and content creators. The market size is projected to reach US$ 17.79 Bn in 2023.
Regional analysis indicates that the United States dominates the North America creator economy market with a share of more than 70% in 2023. This is owing to rising trend of content creation as a profession and increasing use of platforms like Instagram, YouTube, Twitch etc. by creators in the country.
Key players operating in the North America creator economy are Meta Platforms Inc., Bytedance Ltd., Etsy Inc., Fiverr International Ltd., Upwork Inc., Patreon Inc., OnlyFans, Teespring, Squarespace Inc., Bandcamp, Substack, Pinterest, Alphabet Inc., Amazon.com Inc., Apple Inc., Snap Inc., Twitter Inc., Microsoft Corporation, Spotify Technology S.A., Shopify Inc. These players are focusing on new product launches and innovations to cater to the evolving needs of content creators.