The Growing $19 Billion Creator Market.
The demand for creator content has resulted in an ecosystem of brands, agencies, creators and platforms coming together to create ripple effects across the growing digital economy. The global creator market was estimated to be around US$13.8 billion in 2021, according to Statista.
As a platform that facilitates the creator economy, TikTok aims to open up new career paths for content creators. One of its strategies focuses on partnering businesses that build networks that can aggregate the power of content creators to help brands engage with consumers.
Creators are drawn to TikTok because the platform makes it easy for them to tell authentic stories in entertaining ways. This opens up opportunities for them to work with brands in the process.
The participatory nature of online platforms has created a new way for brands to engage with creators and connect with diverse communities. For instance, Southeast Asian fashion brand Pomelo used the TikTok Creator Marketplace to collaborate with four creators to drive awareness of its Chinese New Year campaign. Pomelo garnered nearly 5.3 million video views across the four videos that were created.
A TikTok study found that its users are one-and-half times more likely to immediately buy something they discovered on the platform compared to users on other platforms. It is reshaping the purchase path, thanks in part to users’ willingness to upload unboxing, how-to and tutorial videos after buying a product. This is, in essence, an updated form of word-of-mouth marketing.
Connected consumers have access to an increasingly wide variety of content across an equally diverse range of platforms – from streaming services to social media and multi-channel networks. As the world opens up, the importance of platforms that allow people to feel that sense of connection and belonging will remain the same.
Check out the full article on Channel News Asia HERE.