Is It Time To Stop Inviting Influencers And Start Collaborating With Creators?

Last week The Washington Post released an exciting tech piece that took a close look at the current state of what we all casually refer to as “influencers” and the world has collectively dubbed “The Creator Economy.” Over the last 25 years this once passion project and side hustle culture has grown to a global industry valued at $250 billion “with tens of millions of workers, hundreds of millions of customers and its own trade association and work-credentialing programs.” Yet for an industry of its size and force of its magnitude, the way advertisers think about creators is still in its infancy and the impact of creators hasn’t been fully unlocked. While the full article is well worth the read, we are sharing a few key stats and takeaways that we’re keeping top of mind:

• “In the United States, the video giant YouTube estimated that roughly 390,000 full-time jobs last year were supported by its creators’ work — four times the number of people employed by General Motors, America’s biggest automaker.”?
• “More than 70 percent of Americans between the ages of 18 and 29 said they follow an influencer on social media, Pew Research found last year. This spring, analysts at Goldman Sachs said that 50 million people now work as creators around the world.”?
• “YouTube’s report estimated that its creators contributed $35 billion to the country’s gross domestic product last year, a figure that would rank the group’s combined output ahead of U.S. furniture manufacturing but behind rail transportation, according to industry data from the U.S. Bureau of Economic Analysis.”
• “Payments from advertisers to creators in the United States have more than doubled since 2019, to $5 billion, estimates from the market research firm Insider Intelligence show.”
• New speciality roles are emerging to support creators as they scale from a solo side hustle to a “content machine”with support. This includes specialists ranging from managers, writers, and editors to newer, niche positions like channel managers and thumbnail artists.?

What does this tell us? There’s a more meaningful and lucrative relationship to be had for both advertisers and creators. As we continue to move through this vibrant and crowded Broadway season, we’re excited to think about influencers not just as an endorsement for our shows but true multi-hyphenate partners with a creative voice all their own who can be inspired by our shows.?

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