The content creation economy just reached 250 billion USD

by nativetechdoctor
2 minutes read

Millions of people around the world have abandoned traditional career paths to work as online content creators.

According to the Washington Post, content creation is now a global industry worth $250 billion. In the US, YouTube estimates that in 2022 there will be about 390,000 full-time jobs for content creation on this platform. This number is four times the number of people employed by General Motors, America’s largest automobile manufacturer.

In early 2023, analysts at Goldman Sachs said there were now 50 million people working as content creators around the world. Analysts expect the industry’s total market to grow from $250 billion this year to $480 billion by 2027.

According to analysts at PwC in June, global revenue from video games is currently at about 227 billion USD, expected to increase to about 312 billion USD by 2027. YouTube’s report estimates these The platform’s creators are expected to contribute $35 billion to US gross domestic product by 2022. The figure ranks above furniture manufacturing, second only to rail transportation, according to data from the U.S. Department of Homeland Security. American economic analysis.

Last month, Twitch recorded users watching 53 million hours of video every day. But according to StreamElements, 74% of them belong to the top 10,000 streamers.

Since 2019, advertising payments to content creators in the US have more than doubled to $5 billion, according to estimates from market research firm Insider Intelligence. Megan Pollock, Panasonic brand director for North America, said the company currently spends about 10% of its marketing budget on creators and she expects to increase it amid a shift away from advertising campaigns. traditional.

That’s why many young people in America have chosen their career as an influencer, this answer is even higher than options like astronauts and professional athletes.

However, an important point is that the income of content creators is determined by technology and advertising companies. These corporations can change the rules at a moment’s notice, and one mistake can ruin their careers.

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