1-2-1: $65 Billion, AI, & Creators
Brendan Gahan
CEO/Co-Founder Of Creator Authority (LinkedIn Influencer Marketing Agency)
Welcome to another 1-2-1!
Enjoy and shoot me an email with any feedback you’ve got!
1 - Insight
Creator Economy Soars to $65 Billion, Advertising Still Dominates
According to a recent report from Citi, the market for the Creator Economy is approximately $65 billion this year. Notably, nearly half the market is still being driven by advertising.
According to the study? (which is well worth a read):
"The market for the creator economy is currently around $60 billion per year and should grow around 9% through 2024, when it should approach $75 billion. The largest segment of the creator economy is ad-based video. Some segments of the market —podcasts, education, mobile games, Metaverse and publishing — are poised to grow 20% or more per year."
2 - Interesting Links/Shares
Content, Cash, and Creators: GPT-4's Promise for a Thriving Creator Economy
OpenAI released GPT-4, yesterday.
It's a more powerful image- and text-understanding AI model, available to paying users via ChatGPT Plus and API waitlist.
According to OpenAI's announcement GPT-4 accepts image and text inputs, outperforming predecessor GPT-3.5 with "human level" performance on various benchmarks.
But what are the practical applications for the creator economy? Beyond the obvious help with content ideation and script development?
Entrepreneur/Investor Benjamin Grubbs had some great insights he shared to Linkedin yesterday .?
He highlighted how companies he's talked to are using AI to empower creators:
"? YouTube made some recent news about its ability to enable creators to host videos with multiple language tracks on the same channel. I'm told the cost to dub content ranges from $20-60 per minute for YouTube, to millions for a top series on Netflix.
A founder with experience in AI recently showed me his new product that produces a full language track of a YouTube video within minutes, and the language can get down to specific dialects of Spanish or Chinese. The cost with AI: 20 to 40 cents per minute.
? Top YouTube creators used to edit their own videos, but grew teams to handle this workload, or paired up with third parties who hired the editing staff to repurpose content from YouTube to other video platforms like Facebook and Snapchat.
I recently reviewed a startup that uses AI to edit videos. Free cash flow is so strong that they will reach unicorn status before year-end based on a cash multiple.
领英推荐
? Creators on YouTube and influencers on Instagram have been selling T-shirts and sweatshirts for years. One challenge for both creators/influencers and the merch companies they work with is what to sell, how to price, and who can convert at what rate so you're not sitting on unsold inventory.
I recently reviewed a startup that uses AI to pull a library of SKUs, and dynamically changes what is merchandised to consumers per visit to the creator's landing page. A relatively small batch of creators is driving $10 million a month in GMV, and producing insights that inform the creators and their business partners on what O&O items to produce and sell."
Ageless Attraction: YouTube Captivates Us All
No doubt one of YouTube's biggest competitive advantages is its generation's wide adoption.
Who doesn't use it?
It's even got a clutch on kids - arguably the only app that parent's consistently let their children use.
They’re watching gaming on YouTube instead of Twitch.
They’re watching Shorts instead of TikToks.
Then there's the fact that YouTube is the second largest search engine.
Everyone loves 'how to' content on YouTube.
Watching and listening is often much easier than reading instructions.
Text search results have largely gotten out of control.
Want to find a recipe?
Good luck pouring through pages of SEO'd text just to find the actual info needed.
It's a joke.
Going as far back as 2011, Techcrunch described Google's approach to prioritizing SEO over substantive recipe content as feeling, "robotic rather than thoughtful."
In short YouTube has seamlessly sewn itself into the fabric of our lives, captivating children, empowering adults, and satisfying the insatiable search for knowledge.
A media maestro, YouTube orchestrates an online symphony of information and entertainment, resonating with users young and old, far and wide.
(Data via ?The New Consumer )
1 - Question
What AI tools are you using/should I know about?
Ideally creator or advertising related. I'll share my favorites in next week's post!
Building Match Bear
1 年Great coverage. Thanks! The video editing highlight is particularly interesting to me as I've built a marketplace to connect creators with compatible video editors.... The USCO has recently released their position on copyright eligibility where AI/AGI source content is involved, where they've stated the content is ineligible for protection. Many AI editing services have been around for years already. And besides using AI to cut, stitch, reformat, and repurpose content for multi-platform publishing, while considering the intangibility of taste/quality preference– do you think that the video AI-to-publishing pipeline for content creators is a real sustainable use case? Especially considering how busy top creators are, and how valuable their content libraries' media licensing rights are becoming.
Blue Chip DJ - Licensed Therapist - Keynote Speaker. “The leading voice in music and mental health.” - CNN
1 年Randy Scott Slavin
Leader & consultant in global Brand Marketing & Strategic Talent Partnerships | Speaker | Creator Economy Expert | AI Consultant | Ex Meta & Instagram | Ex MediaCom | Ex SaaS | #100MostInfluential | #InfluencerTop50
1 年I personally still have an obsession with YouTube when it comes to Creator work!
10M Fans on Social | Co-Founder at Final Boss Sour
1 年$65B and I still can't make $7.00