The creative industries are booming. The latest development is in creator-focused businesses, such as influencer marketplaces, merchandise stores, and fundraising platforms. These help creators make money across multiple platforms.
About 50 million people describe themselves as creative. These include freelance content creators, bloggers, influencers, streamers, and video creators. The total volume of creative industries is estimated at just over US$100 billion today.
The rapid growth of digital creative industries would not be possible without the development of the Internet. Over the past 30 years, the web has evolved from static sites to decentralized blockchain-based platforms. Static pages and the “read-only” Internet-defined Web 1.0. Web 2.0 was a spectacular leap – it changed the way users create and consume content. Between 2000 and 2010, a new world of content platforms such as Facebook, MySpace, Flickr and YouTube opened up to authors.
With the increasing diffusion of smartphones, the speeds of mobile communications (3G/4G/5G) have also improved. The services and experience provided by these apps have also improved. 2021 saw the Creative industries are boosted by renewed interest in blockchain and cryptocurrencies. In addition, the general public has been familiarized with the concept of NFTs.
Web 3 – The Game Changer for Creative Industries
Decentralized blockchain-based platforms are a real “game changer” for authors. Now they can manage their relationship with their audience and reward fans for their engagement.
The pandemic has catapulted the creative industries into a new era. More and more people are turning their passions into money to earn a living. Many creatives saw double-digit traffic growth on social media and their own blogs. This represents an average 67.7% increase in likes and a 50% increase in comments.
For this reason decided Collective intelligence laboratoriescompare the situation of the creative industries before and after the pandemic. People were spending more time online during the pandemic and the number of new influencers exploded. Increased interest and focus in the areas of health, nutrition, beauty, fashion and gaming has led to a sudden increase in influencer profiles.
Explosion of creative industries – what could the future of Web 3 look like?
According to some estimates, the influencer market has grown four to five times. The development during the holidays was particularly impressive. According to another study put 78% of marketers in 2020 on influencer marketing. About 13% have explored influencer marketing for the first time in the past year. According to data from the Influencer Marketing Hub, the industry has since October 2020 with only 31 US$800 million influencer startups grown up. What’s next for the creative industries?
Several trends will continue. Here are three:
Since the beginning of 2021, there has been a boom in the world of NFTs.
With the increase in transactions, the NFT market has now reached the multi-billion dollar range. The most expensive NFT artwork sold for a total of US$69 million.
In the roughly 18 months since the emergence of the DeFi sector, approximately $80 billion of capital has been invested in DeFi protocols.
At the beginning of 2020, the total capitalization of decentralized finance projects was $1.5 billion, in October 2021 it reached $148 billion. In principle, DeFi is a new source of fair revenue for creators and well suited for transferring value within the creative industries.
The emergence of specialized creation protocols allows creators to convert and monetize their content and digital assets into NFT tokens.
However, global disasters or economic crises will continue to affect the creative industries. However, the rejection of classical structures will increase. People will spend more and more time online and artists and creators will have more opportunities to express themselves.
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