Creator Economy Forecast for the Next Half of 2024
By
Amrapali Gan
Many think the creator economy peaked during the pandemic, but that couldn’t be further from reality. Currently in 2024, the creator economy is at an all-time high and reshaping how we connect and engage with each other, discover new places, friends, and digest news. Through my extensive experience in leading a global platform and within marketing for blue chip brands, I’ve witnessed firsthand the rapid evolution of this space. Last year, Goldman Sachs valued the creator economy at $250 billion, projected to grow to $480 billion by 2027. This year alone, U.S. creator startups raised $692.7 million in Q2, a 68% increase from last year. Globally, creator startups raised $767.9 million, up 49% year over year.
A Shift from Creator to Community Economy
The focus is shifting from individual creator followings to meaningful interactions and shared values within communities. Consumers are seeking engagement and a sense of belonging, driving creators and companies to architect niche communities. This is found through deeper social media engagement, events, and more. For example, CharliXCX’s Brat summer which has bonded her fans digitally and IRL through the use of a signature green color and sounds which represent the vibe of summer 2024!
More Authenticity
Perfection is out; empathy, humor, and imperfection are in. In the second half of 2024, authenticity is what reigns. Creators and communities will share genuine stories, including struggles, to connect on a deeper level. For instance, platforms like Communia provide a safe space for women to share their real-life experiences while seeking advice from their peers.
Connecting IRL
Creators are transitioning from digital to IRL and moving offline by hosting events to forge deeper connections with their followers, enhancing authenticity and community bonds. For example, influencer Tinx has launched a new career as a DJ and is regularly at events like the Nylon Magazine parties.
AI Assistance
AI has been one of the hottest topics for the past year. Creators are starting to leverage AI in content editing, reel creation, and more. With apps that are making it easier than ever to quickly edit and post content, this has allowed for more consistent and robust sharing from creators across all platforms.
According to a recent report by Epidemic Sound, a majority of creators (84%) leverage AI-powered tools and applications in their content creation process. For instance, ChatGPT helps with copy editing and apps like Temply have made editing more efficient.
Another study by Deloitte polled creators and found they use AI to assist in tasks like concepting, production management, content creation including caption generation, personalization and more.
Oversaturation
We are all oversaturated and overstimulated. Quality over quantity is key, by offering unique, info-tainment types of content. This also brings content creation back to the early Instagram days, when we were sharing unedited and unfiltered selfies, pics of food, scenery, and more. The trending “photo dumps” of galleries on IG have made it acceptable to share random yet meaningful personal photos that actually give insights to a trip, concert, special event, etc.
TikTok Uncertainty Looming
TikTok conversations continue but what does this actually mean? Yes, it could reshape the creator sector, but this is also a digitally savvy industry that quickly adapts. For instance, Vine’s shutdown led creators to YouTube and IG. New apps and platforms regularly pop up and I see these as an opportunity for creators to innovate and connect more deeply with their audiences.
Gen Z
With all of these points, you can’t reference the future of the creator economy without highlighting Gen Z. This generation doesn’t just consume content—they create, share, and amplify it like no other.
According to LinkedIn, 75% of Gen Z may feel isolated. Community development helps to shift this ever-growing problem. While Gen Z is rooted in connectivity, they are yearning for genuine, meaningful connections. Unlike previous generations, their social interactions often start online but are driven by a desire for real-world impact and community.
With society and technology evolving, no digital experience can compare to human connection. We’re just at the beginning of what the real creator and community economies can become.
Amrapali (Ami) Gan is an expert at making companies relevant within cultural zeitgeist conversations. She is Founder of HOXTON, a strategic advisory empowering forward-thinking businesses to expand their influence and achieve their goals, as well as former CEO of OnlyFans.
