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New year, new-ly updated creator economy trend and predictions for 2023. From upcoming social media features to changes in content creator behaviors and mindsets, staying in the know in the creator economy industry is crucial.
So, content creators planning out your next year and eager to include emerging content trends or interested in what other creators may be focusing on this year - these 2023 creator economy predictions will keep you in the loop.
Brands and agencies eager to continue tapping into influencer marketing also have to forecast upcoming social media platform plans, influencers’ goals, content trends, and everything in between. That’s what these 2023 creator economy predictions are here for.
YouTube Shorts’ big focus in 2023 is monetizing the short-form video feature. In mid-January 2023, creators can become eligible to apply to YouTube’s Partner Program (YPP) by gaining 1,000 subscribers with 10M valid public Shorts views in the last 90 days. Once in the program, creators have access to all the features and benefits.
Starting February 1, 2023, creators in YouTube’s Partner Program will become eligible for revenue sharing on ads that are viewed between Shorts in the Shorts feed - opening up a new income stream for Shorts creators. YouTube explains, “Each month, revenue from these ads will be added together and used to reward Shorts creators and help cover costs of music licensing. From the overall amount allocated to creators, they will keep 45% of the revenue, no matter if they use music in their Shorts. This revenue will be distributed to creators based on the number of views their Shorts get in each country.” It’s important to note that the Shorts ads revenue sharing will replace the current YouTube Shorts Fund as YouTube expects creators to earn more with this new model.
Takeaway:
TikTok is just going to continue growing in popularity in 2023. By early 2023, the short-form video platform will have over 1B monthly active users! Reports show that TikTok users spend on average 95 minutes per day and 40% of its users turn to the platform for search inquiries (instead of Google).
TikTok will expand its search capabilities
As mentioned above, 40% of TikTok users use TikTok to search rather than Google - this is huge for brands as it is a major shift in product discovery. And, TikTok is keeping up with this trend by making it easier for users to search on the platform. The short-form video platform has been testing an update that will allow specific keywords within comments to become searchable buttons. For example, if someone leaves a comment mentioning a specific product, like ‘Prada Cleo’, it will become clickable and users can select it and watch more videos according to their search interest. Brands, SEO keywords will become even more crucial - jot it down.
Creator ads
You’ve probably noticed that there are two different types of ads appearing on your TikTok feed - one that is highly produced and looks like the typical ad you would see on TV and another type that does a better job at blending in because it usually features a well-known content creator. Honestly, it usually takes me an extra few seconds (and a quick glance down at the caption) to actually realize that it is an ad.
This second type of ad will become even more prevalent in 2023 - which is ideal for both TikTok creators and brands. Just like with brand sponsorships, brands and creators must work together to create a natural, seamless advertisement that fits in with the rest of the feed and sparks the viewer's interest. So, while users will skip over the ‘typical’ ads, the fact that it will be harder to tell that the content is actually an ad will cause viewers to stick around longer on the ad.
It will become harder to reach a million followers
While it is predicted that 2023 is the year of the micro-influencer, it will quickly become much harder for TikTokers to reach the 1M follower feat. Reports have shown that creators will have to rely on different methods in order to boost their exposure and following on the app. For example, many users believe that TikTok will reward creators who utilize the various features available on the app
Twitter definitely knows how to end 2022 with a bang - however, Elon Musk is eager to get 2023 started and implement his Twitter 2.0 plans. The new CEO of Twitter has outlined quite the roadmap, but a few aspects stuck out.
Creator monetization program
In late-2022, Elon Musk hinted that he wanted Twitter to compete against YouTube, tweeting “Let’s see what happens when Twitter offers good video with higher compensation for creators…”. YouTube’s most followed creator, MrBeast, replied that it will be hard for Twitter to compete against YouTube as the video-sharing platform enables creators to earn a sizable amount of ad revenue from YouTube videos.
Well, it doesn’t look like Elon Musk is backing down
Elon Musk also stated that he hopes to transform Twitter into an ‘Everything App’ - inspired by WeChat, a social media platform that enables users to do, well, everything - from getting the latest news and ordering a taxi to food delivery. In terms of the creator economy, this may hint at an all-in-one platform for influencer marketing.
When brands think of social media advertising, they probably consider YouTube, TikTok and of course, Instagram. However, it looks like Snapchat may be making that list in 2023. According to reports, Snapchatters have $4.4 trillion in global spending power and there are over 347M active users on the platform. Not to mention that currently, Snapchat reaches 75% of Millenials and GenZers. In order to attract more brands to the social platform, Snapchat offers a wide range of option for ad customization
However, when it comes to creators, it doesn’t look like Snapchat will suddenly become a top priority for them. Although throughout 2022, Snapchat has increased its support for influencers such as introducing revenue programs and masterclasses, it still hasn’t convinced content creators to use this platform as the main income stream.
Just like on pretty much every other social media platform, short-form content will become even more popular and crucial for Instagram users. Although there was quite a bit of drama in 2022 around Instagram becoming too much like TikTok, overall statistics prove that videos on Instagram perform better than photos. And, the photo-sharing platform will continue pushing new features that will make it easier for users to turn their photos into Reels, such as turning stories into Reels.
Instagram suggests when creating Reels to make sure you jump on trends - whether that is a certain trending song, trending dance, or trending topic. Keep in mind, in 2023, authenticity will become even more popular. Reports show that there is much more engagement on Reels that aren’t heavily edited or scripted - natural is key. The photo-sharing platform even suggests getting family involved as a way to seem even more authentic - it’s an easy way to show a more personal side (this is especially relevant for influencers and celebrities).
That’s right, live streaming will grow tremendously in 2023 (and not just in the gaming field). Livestreaming is the optimal way for creators to connect with their fans in a more authentic, direct way while earning revenue. More and more social platforms have introduced live streaming features and creators that integrate this type of content creation, along with what they are currently focusing on, will see an increase in success.
In late 2022, MrBeast announced that he would be teaching an online course all about YouTube content creation and the creator space in a nutshell. And, it seems like this is just the beginning. Up until now, successful creators on social platforms have pretty much depended on trial and error. While we aren’t predicting that a fool-proof guide to succeeding as an influencer will suddenly appear in 2023, it seems like there will be a rise in creator education and mentorship from creators in the online space.
Content creators have quickly come to the understanding that while social platforms are a great way to go viral overnight, it is extremely difficult to keep up with the ever-changing algorithms. Don’t worry, your favorite content creators aren’t planning on leaving their social platforms but we will definitely see an influx in creators focusing on building out ownable platforms in order to reduce their dependency on social platforms. As the CEO of LG Consulting Group puts it, “The longevity of the creator business is how they can use the platform to create other revenue streams beyond sponsored content and your typical ‘influencer’ offering.”
In case you missed it, LinkTree recently announced a new feature - Payment Lock - which will allow creators to put a paywall in front of certain content. Creators can charge up to $150 for each piece of content. This initiative proves that gated content is going to become a monetization facet that creators will turn to in 2023.
According to a recent report from Insider, it is predicted that more creators will lean on a more dependable income stream - making money directly from loyal followers rather than relying on brands/platform algorithms. The report predicts that “Throughout 2023, we are going to see more content, like bonus podcasts and videos, behind paywall - especially if advertising budgets decline. Expect more creators interacting with their super fans this way through offering extra content in locked communities.”
It’s safe to say that 2023 will be quite the year for the entire creator economy as a whole! You can also expect a handful of exciting features and updates from ThoughtLeaders. So, welcome to 2023!
