By Julie Cramer, Adomni
Synopsis: Let’s gear up for Advertising Week by taking a deep dive into the future of the creator economy.
Advertising Week returns Monday, October 17th, gathering forward-thinkers, visionaries, media techs, and creators from around the world to discuss the future of marketing, advertising, culture, and technology. The 4-day hybrid event has a heavily stacked program featuring an all-star lineup and unlimited entertainment in the heart of Manhattan’s lower east side. The buzzing topic of AdWeek is how the creator economy is redefining advertising and what Web3, the next stage of innovation for the Internet, means for digital innovators. Let’s gear up for the most exciting fall event by taking a deep dive into the future of creator-powered advertising, as well as what it means to be a savvy advertiser in 2022.
Advertising has increasingly adapted over the years, becoming more hyper-targeted and personalized. The rise of the Internet has dramatically transformed the fundamental nature of global communication and how we do business, not to mention the scale of creativity and content. An entirely new type of marketplace, known as the creator economy, emerged. Creators, curators, and bloggers are becoming micro-celebrities - or even A-list celebrities - making a living off their 'specialties' cultivated from a niche audience. The creator economy is estimated to be worth more than $100 billion, with 50 million worldwide considering themselves creators.
The catch for these creators is that they don’t exist without online platforms. Yet, these platforms have generated billions of dollars from the billions of hours of content their creators make, where only a small portion goes back to the creator. This is where Web3 comes in.
The Web3 upgrade focuses on data privacy and giving 100% ownership back to digital creators by cutting out third-party platforms or "middlemen." Web3 evangelists see this as an opportunity for genuine creativity. A decentralized web is becoming less of a pipe dream and more of a reality with the help of cryptocurrencies, NFTs, and the Metaverse. But like any revolutionary concept, there are still critics like Moxie Marlinspike, creator of Signal and cofounder of Signal Technology Foundation, that are apprehensive of a decentralized Internet. Whatever side you are on, Web3 will be slow-moving to widely adopt, with considerable hurdles to blockchain tech, i.e., costly, scalability, accessibility, and user experience.
Think Outside The Online Box
Although Web3 has a lot of promise for both online creators and advertisers, another major change in the creator industry has taken a foothold this year. Digital entrepreneurs and creators now have a chance to expand beyond the internet and make their mark on the physical world as well. Digital out of home advertising has become available more easily and affordably for creators to expand their brands and reach. One of the leading innovators in this space is Jonathan Gudai, CEO of Shoutable and Adomni,"the creator economy is now extending beyond social media to encompass the physical world.” It can be difficult for creators to maintain community and improve discoverability through huge aggregator platforms like YouTube, Twitch, and TikTok. They must constantly find new ways of staying relevant as consumer habits change. Gudai further stated, “Through new platforms like Shoutable.me, creators can easily place their custom content on large screens such as digital billboards and then share real-world photos and videos to all of their social media platforms. The result is higher social media engagement - likes, shares, and comments and a fun experience along the way.” Breaking the traditional social norms and finding ways to set your brand apart from others can ultimately become a full-time content creator.
As we look to the future, creators are armed with tools and different pathways to explore that can transform their brand. If you take anything from this article, it is that the world is constantly evolving, and it is best to be ready. Brands, agencies, and content creators must stay ahead of the curve and transform their perspectives to be prepared for consumers’ shifting behaviors - anytime, anywhere. Global President and CRO of Adomni, Mike Cooper, explained what it means to be successful in the 21st century, "As an industry, we have to reach outside of our comfort zone, acknowledge our strengths and weaknesses and then challenge how we deal with both of these things, in order to address what is a completely different world. Doing things the same is actually not safe at all; doing things radically different is scary, but bravery isn't about being fearless, it's about doing the scary things in spite of fear."