The creator economy, which refers to the independent businesses and side hustles started by individuals who profit from their expertise, connections, or following, has grown rapidly and is predicted to experience exponential expansion in the years to come.
Once dominated by entertainers, the creator economy is currently witnessing a significant shift towards education and knowledge sharing, giving rise to a new breed of creators: creatorpreneurs.
Classplus, India’s rising B2B edtech platform that aims to digitize education in India, recently released a report on the creator economy. The report highlights the emerging trends witnessed in 2023. Currently valued at over $100 billion and involving around 300 million people worldwide, the industry has shifted its gears this year.
Here are the key findings from the report:
Rise in the Creator Economy
The report reveals that nearly 2X as many creators currently prefer establishing themselves as sustainable business owners rather than chasing celebrity influencer status, with books and podcasts witnessing the biggest Y-O-Y growth in creation.
Sectors such as personal development, health and fitness, personal finance, and more have also seen significant growth, indicating a strong demand for creator-led educational content.
Market Growth Prediction
The report highlights that the e-learning industry is projected to exceed $460 billion by 2026, representing a vast opportunity for creators in the educational space.
On Classplus alone, the earnings of non-academic creators have soared by 2.5X in 2023 from the previous year. The number of creators using the platform has also grown by 300% from 2021.
Shift from Social Media to Other Digital Learning Products
In addition, the report discusses the shift from social media to other digital learning resources. It shows that creators are diversifying their sources of income and resorting to entrepreneurship to create digital learning products that will provide sustainable revenue since they fear the unpredictable nature of ad revenue and seasonal sponsor deals on social media. This trend helps women, particularly those from Tier II cities in India, start their ventures and make money.
Around 77% of creators said “algorithm changes had a moderate-to-significant impact on their audience engagement.” Additionally, 25% of creators estimated losing $1,000–$9,999 in revenue due to algorithmic changes, and 24% estimated $10,000–$49,999 in losses.
Rise of Finfluencers
Besides these, 2023 saw a rise of Finfluncers – influencers specializing in financial education and advice. These finfluencers leverage social media to share insights, trends, and tips, making financial knowledge more accessible and understandable to a broader audience. Their growing influence indicates the increasing demand for financial education in a rapidly evolving economic landscape.
Based on the report, the rise of the creator economy has coincided with an increase in financial awareness among retail investors. The number of investor accounts has surged from 3.93 crore in December 2019 to 13.23 crore by the end of October 2023.
In line with these trends, finance and investment education is an emerging platform category. They teach courses ranging from basic financial literacy to advanced investment strategies, catering to various levels of expertise and interest.
Upskilling for Professional Growth
Acquiring new skills, or what’s known as upskilling, is essential for career advancement. Upskilling improves career possibilities, bridges skill gaps, offers job stability, and keeps you abreast of industry changes. Additionally, upskilling promotes personal growth. It is a smart investment that prepares you for future chances and challenges in a fast-paced job environment.
As a result of professionals’ desire to advance their skills, creator-led courses are becoming increasingly popular as alternatives to the traditional educational system. The appeal lies in its flexibility and accessibility, allowing individuals to upskill at their own pace from anywhere at an affordable cost.
Also, the demand for online creator-led courses is soaring, with coding, digital marketing, and personality development witnessing remarkable growth. Professionals are also engaging with leaders from major tech companies for 1-on-1 mentorship and consultations. It is reported that every month, 15 million learners visit the powered apps of these creators to upskill themselves in digital marketing, coding, communication, and more.
Classplus is India’s leading B2B edtech startup that helps content creators launch and scale their online coaching businesses. Classplus has digitized creators across 3,000+ cities, serving 50 million+ students. Classplus creators have conducted 1.5 million live classes in the last 12 months and have multiplied their earnings 5-6X by reaching out to students beyond their local geographies.
On Classplus, they can launch their courses, live webinars, 1-on-1 consultations, books, and merchandise. Since its inception, Classplus has raised approximately $150+ million from global marquee investors like AWI, Tiger Global, RTP Global, Blume Ventures, Sequoia Capital India’s Surge, Spiral Ventures, Strive, Times Internet, and Abu Dhabi-based Chimera Ventures.