Original article: Insider Intelligence
Creators have never been hotter: The social platforms want them, and marketers want to work with them. But creators also have more ways than ever to monetize, many of which bypass brands and social media.
How are creators generating income today?
Brand partnerships are still the No. 1 revenue stream for most creators, but a growing number are also earning money through alternative means like affiliate marketing, sales of physical or digital products, and ads. New(er) creator economy platforms and tools, like tipping or subscriptions, provide more options for creators to directly monetize their communities.
How and why are the social platforms helping creators monetize?
Creators are major drivers of engagement, so keeping them happy (and making money) is paramount for the social platforms. YouTube, Instagram, and TikTok are the platforms of choice for most creators, but Facebook, Snapchat, Twitter, and even LinkedIn have also rolled out new tools to woo them.
How will the diversification of creators’ revenue streams impact brand-influencer partnerships?
The new monetization options are likely to be supplemental, rather than primary income sources, for most creators. There are few other revenue streams that generate as much money as a brand sponsorship without requiring a heavy lift. Plus, creators say sponsorships help deepen audience engagement in a way that is difficult to replicate through other monetization techniques.
How should brands engage creators today?
Creators are becoming brands in their own right, and marketers should treat them as such. Think of creators as publishers: Focus on finding relevant audiences and building relationships.
WHAT’S IN THIS REPORT? This report explores how the growth of the creator economy will affect brand-influencer partnerships, and how marketers should adapt their strategies to attract creators as their revenue streams diversify.