MAINTAINING CREATIVE ALCHEMY: How Evolving Social Platforms Are Affecting the Creator Economy

For the first time since its inception, NVE Experience Agency's Inclusive Learning Lab, in collaboration with TheFutureParty, opened its programming to industry professionals at Soho House & Co Holloway in Los Angeles, CA.

We explored the dynamic world of the creator economy, and co-moderators Earica Parrish, M.A. , Senior Strategist at NVE, and Boye Akolade (Fajinmi) , Founder of TheFutureParty , welcomed a panel of seasoned experts to lend thoughtful insight on the dynamics of the creator economy. Among them were Robin Johnson , Founder of Indie Creator Society; Amala N. , Manager of Client Strategy at ListenFirst Media; and Taylor Lorenz , Tech & Internet Culture Journalist.

The conversation started with a deep dive into the evolving algorithms and the looming threat of potential platform bans. These are just some of the challenges creators face in mastering various content types for diverse platforms. Despite these shifts in platform, creators must harness their creativity and innovation to prevail over formulaic approaches.

“You can’t be everything to everyone. You don’t need to serve every audience out there as a creator. Figure out what works best for your audience and dive into that,” says Nath.

The debate over whether everyone should pursue a creator path has been buzzing both online and in the industry. We've witnessed a surge of "traditional" corporate creatives and advertisers transitioning into content creation. Johnson advised against solely chasing monetary gains, emphasizing the importance of refining one's expertise. Additionally, we should find ways to lend our insight and resources to others who need them most, especially those who may lack access to mentors or equipment essential for sustaining a creative career. As it pertains to transparency, Johnson suggests that professionals strive to be open and transparent with creators regarding their worth, advocating for them, especially those who are often overlooked and underpaid.

Addressing transparency between creators and platforms, the panel recognized the challenges of navigating algorithm updates. Platforms' reluctance to be transparent can hinder creators’ success and longevity on a platform. Thus, it falls upon us as professionals in the marketing space to provide industry with the most vital information needed to stay abreast of these platform and cultural shifts within the creator economy.

“It’s our collective responsibility to be transparent with one another. Access to information is the greatest equalizer,” says Johnson

Monetization strategies took center stage, with Nath sharing how social platforms have evolved to enhance shoppable experiences for consumers, spotlighting the evolving e-commerce landscape. Johnson cautioned creators against relying solely on transient creator funds, urging diversification of revenue streams for long-term sustainability. Lorenz, with her keen insights on internet culture, underscored the significance of understanding one's strengths and objectives on each platform, and identifying which platforms you are most successful on based on your industry or area of expertise.

“Figure out the right format to build your expertise - not just where there’s momentum, but figuring out who you’re trying to reach and what their consumption patterns are,” says Lorenz.

In closing, the panelists reflected on the resources available to creators and the transformative impact of the creator economy on traditional media and journalism. With optimism, they highlighted the myriad opportunities the creator economy offers for storytelling and engagement in the digital age across various industries–from music to health to fintech.