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Despite increased pressure to ban social media apps like TikTok, the creator economy thrived in 2022 and is expected to continue doing so in the new year.
According to data from the Influencer Marketing Hub, the creator economy’s valuation grew 19% from 2021.
But is this trend sustainable in the near future? According to experts, the answer is a resounding yes.
Creators have become a marketing team’s dream in recent years, giving companies the ability to partner with influencers and promote their brand in a manner that feels authentic.
“This has translated to [audiences’] desire, or even really their demand, for the talent and creators themselves to pull back the curtain on their own life and show a level of raw authenticity that’s previously been unprecedented,” said Stephanie Smith, head of talent strategy at UTA IQ, the research arm of United Talent Agency.
Smith believes that in 2023, true authenticity will no longer be a perk from the audience’s perspective — it will be a necessity to create meaningful connection between a company and potential young consumers.
In addition to helping companies build trust between a brand and their target audience, the creator economy can open the door in addressing niche needs, something that will become a foundational element of future marketing strategies.
Historically, appealing to a mass audience has been the immediate goal for businesses, but micro creators have narrowed down their viewers, thus boosting engagement rates. Nuance will be crucial in 2023.
“That rise of the niche community and subcultures is one of the biggest things we’re gonna see continue to grow and is most important,” said Smith. “With so much out there, it’s not enough to appeal to everyone anymore. You have to appeal to a specific audience in order to move the needle.”
