This week, we look at how a generation of content creators are leveraging social media and their vast audiences to fit into existing businesses and create new ones.
🤳 How Asia’s creator economy is evolving
- Global appeal for creators & influencers - When social media giants saw user growth and content consumption surge during the pandemic, tech companies scrambled to engage and lure users. Globally, big tech is finally starting to expand its product suite to include creation and monetisation tools, so creators aren’t swayed to go elsewhere. [CB Insights]
- China’s social commerce beating global, rival brands - Contributing to the creator economy is livestream e-commerce, where influencers connect consumers with brands online. Following China’s lead, other countries and brands have seen the benefits in this new sales format (worth $60bn) and are eager to give it a try. [Forbes, Global Times]
- SE Asia challenges global influencer economy - In SE Asia, internet usage in the region continues to multiply and 40-60% of its users are using social media to research brands, making the region fertile ground to push the boundaries of the global influencer economy. Indonesia, for example, has spent at least US$6m on the influencer sector since 2017, and they’re attracting the attention of Chinese short-video titans Bytedance and Kuaishou. [KrAsia]
- The future of creators - Amid rising unemployment due to Covid-19, SE Asia’s content creators are cashing in on the rising demand for indoor entertainment. However, earning a living from content creation is still tough for the majority and platforms like TikTok and YouTube are trying to help creators earn more money directly and lower barriers of entry for new creators. [SCMP]
🔍 Dive deeper...
- What the US can learn from China on social commerce
- In-depth: Challenges and opportunities for the creator economy