A new study sheds new light on how influencers make money and how the creator economy will change in 2024. The report, titled “The State of Creators,” examines the business strategies of 2,000 creators who earn more than $100,000 annually by posting on social media.
The survey was conducted by Kajabi, a platform that helps creators monetize digital content such as courses and podcasts, although the company did not say whether it asked any of its creator clients to complete the survey. . But the findings support the idea that digital content is one of the surest ways for creators to make money. We've compiled the rest of the most interesting findings.
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Diversifying your income is the fastest way to make $100,000
Among creators surveyed, 75% of respondents said they need multiple sources of income to be financially successful. This means they are not solely relying on payments from social media platforms to survive. When asked what digital product has made them the most money over the past year, the top answers were online courses, digital downloads, subscriptions or memberships, and online consulting or coaching.
95% of 6-figure creators have less than 1 million followers
For high-income creators, having more followers doesn't necessarily mean more income. Only 5% have more than 1 million followers and 25% have less than 10,000 followers.
These findings suggest that properly monetizing diverse income streams means you don't have to become a social media star to make money on social media.
46% of high-income creators are unionized
Unions could be especially helpful in protecting the livelihoods of high-income creators. They say their top two concerns for 2024 are inflation and the impact of platform instability. Creators are vulnerable to algorithm changes and account suspensions that can upend entire business models, and Creators Guilds can help members negotiate fair compensation, platform policies, content rights, and more. There is sex.
Kajabi also reports that creators with six-figure incomes are more likely than lower-income creators to seek employment standards and protections that unions can provide.
High-income creators use AI twice as often as other creators
Artificial intelligence is a generative tool, so it's no surprise that 29 percent of creators say they use it daily, and a further 43 percent say they use it weekly. This technology has huge benefits for content creators, with 73% of them believing it will save them more than 26 hours a week by 2024. Also, 56% believe that AI tools will be one of the best ways to reduce burnout in 2024.
