When creators don’t know where their next paycheck will come from, they’re often willing to do anything that will make them money. This creates a destructive cycle in which creators sell for less, companies pay less for skilled services, and creators have to work longer to make ends meet.
PUTTING THE POWER IN THE HANDS OF CREATORS
But perhaps the shift, in terms of transparent pricing terms and monetization models, happens when brands realize the power of creators in connecting with consumers. A study by Nielsen and Rakuten published in September found that 89% of social media users in Asia follow influencers, with China, the Philippines and India recording the highest percentages.
Of these followers, four in five say they are more likely to buy products recommended by influencers, with product reviews being the most engaging type of content, except in China, where users prefer product demos. Traders should take note that consumers will actively seek out the voice of creators when making purchasing decisions.
Even governments are jumping on the bandwagon use influencers to promote programs and policies. Indonesian government departments, for example, spent US$6.3 million (S$8.87 million) on influencer marketing from 2017 to 2020, with the Ministry of Tourism and Creative Economy spending the most. .
Singapore’s Infocomm Media Development Authority (IMDA) went a step further and in November last year announced a training program for local creators to learn skills in content marketing, audience engagement and in data analytics for monetization and overseas expansion.
As the industry continues to develop, the regulatory landscape will also mature, demanding accountability from brands and creators while providing more consumer protection. Over time, creators will have a bigger toolbox for growthand perhaps the belated recognition that they have a real job.
Rohith Murthy is Band CEO of Creatory by Hyphen Groupa mark and platform for creators.