Deloitte's Creator Economy Predictions 👀

Creators are optimistic about the future and Deloitte's data proves there's good reason for it.

Author

Phillip DeRenzo
October 31, 2022

HAPPY HALLOWEEN! 🎃👻💀

It's the beginning of a new (hopefully productive) week!

Before you start creating, we gotta talk about what you've missed over the weekend!

Let's dive right in! 👇

Deloitte's Creator Economy Predictions 👀

What happened? Deloitte surveyed 400 content creators in order to learn more about their work and the challenges they face in growing their business.

The findings. There's a lot of data to dive into from this survey, but we'll discuss the most interesting. Feel free to check out the entire report here.

  • 58% of creators make less than $50K a year

  • 75% of creators believe they will be making more than $50K within the next year

  • Over 50% of creator income comes from brand partnerships

  • 83% of creators would like more than one revenue stream

  • Over 66% of creators prioritize brand-audience-fit when considering brand partnerships

  • When considering a platform to distribute their content 75% of creators prioritize the ones that help them grow their business

  • Only 27% of creators see the metaverse as relevant to their business in the next year

Key takeaways. Content creators seem to be increasingly optimistic about the future of the creator economy. Brands do as well, seeming to be more open and willing to work with creators as a means of marketing their products and services.

Diversifying revenue streams is becoming more important for creators as competition increases on social media platforms. Relying less on 1 income stream allows for more freedom of time to focus on creating better content.

What It Takes To Become A Full-Time Creator 🎥

By the numbers. According to YouTuber Roberto Blake, becoming a full-time YouTube creator requires:

  • 15 - 25 hours a week of time freedom

  • 1 - 3 video uploads per week

  • 500 hours of required training

  • A $3,000 - $5,000 upfront investment

Let's dive into each.

15 - 25 hours a week of time freedom. Roberto claims that for most people, Research and scripting a decent 6 - 12 minute video will take 2 - 6 hours. Filming will likely take 1 - 3 hours. Editing will add on another 4-10 hours. Optimizing thumbnails, titles, and descriptions can take another 1 - 2 hours. AND this process needs to be repeated 1 - 3 times per week.

1 - 3 video uploads per week. This is a common upload schedule that we see from popular YouTubers and it's often recommended for beginners. It's difficult to find a balance between quantity and quality, especially before taking on content creation full-time. More quality often times means less quantity and vice versa.

To help you with this, our recommendation is first focus on quantity, gather feedback and analyze the data to see what your audience is liking, and then focus on quality content that fits that criteria.

500 hours of required training. Roberto's "500 hours" framework can be broken down into:

  • 100 hours of video editing practice

  • 100 hours testing content strategies to find what works

  • 100 hours of graphic design practice

  • 100 hours of YouTube analytics and tools practice

  • 100 hours learning cameras, lighting, and audio

A $3,000 - $5,000 upfront investment. Roberto claims that a creator will likely need $3,000 - $5,000 worth of capital for equipment and software that will allow them to create competitive production value content. This capital would go toward cameras, lights, microphones, a computer, and software.

Quick Clicks 💻

Creator Advice of the Day 📝

In today's "Creator Advice of the Day," we have a 3-part Q and A by Ali Abdaal. There was too much value to only have 1 piece of advice! 👇

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