The global Europe Creator Economy Market is estimated to be valued at US$ 10.35 Bn or Mn in 2022 and is expected to exhibit a CAGR of 21.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Europe creator economy market consists of content creators and influencers who monetize their work through platforms such as Patreon, OnlyFans, and YouTube. These platforms provide various monetization tools and features that help creators earn a living from their creative works. Growth in social media consumption and increasing internet penetration in Europe has fueled the rise of micro-influencers and content creators over the past few years. Content creators leverage platforms to engage with their audience, collaborate with brands, and generate recurring revenue streams through memberships, subscriptions, tips, and ads. The flexibility and ability to pursue creative passions as a career has made the creator economy an attractive income option.
Market key trends:
The creator economy market in Europe is growing at a rapid pace driven by rising popularity of creator economy platforms. Some of the key trends include:
- Emergence of new creator platforms focused on niche genres such as podcasting, comedy, writingetc. For example, platforms like Buy me a Coffee, Transistor and Podchaser are gaining popularity among podcast and writing creators.
- Increasing collaboration between creators and brands - As the creator influencer marketing becomes mainstream, established brands are partnering with micro-influencers to promote their products and services authentically.
- Live streaming proliferation on platforms like Twitch - Live streaming platforms are witnessing strong growth in Europe with more creators leveraging interactivity to build audience and monetization through subscribers and tips.
- Regional Social platforms attracting talent - Facebook, Instagram, Twitch and YouTube are witnessing increased participation of local language creators and regional audiences are being served better.
Porter’s Analysis
Threat of new entrants: The Europe creator economy market is moderately difficult to enter due to high initial setup costs and regulatory barriers. However, the availability of online tools and platforms has lowered the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many platforms for buyers to choose from. Buyers can switch between platforms easily if they are not satisfied with the offerings.
Bargaining power of suppliers: The bargaining power of individual suppliers is weak due to the presence of many existing and new suppliers. However, highly popular and successful creators hold some bargaining power.
Threat of new substitutes: The threat of substitutes is moderate as there are several alternative platforms that buyers and creators can switch to. However, switching costs are relatively low.
Competitive rivalry: The competition in the market is intense with the presence of many global and local players fighting for market share.
Key Takeaways
Europe Creator Economy Market Size was valued at US$ 10.35 billion in 2023. The market is expected to grow substantially at a CAGR of 21.8% during the forecast period owing to the rising popularity of freelance work and gig economy.
Regional analysis: The UK dominates the Europe creator economy, accounting for over 30% share of the market in 2023. This is attributed to the large base of digital creators in the UK. Other major regions include Germany, France and Spain. The creator economy is growing fastest in Central and Eastern Europe where annual growth rates are forecasted to exceed 30% driven by the increasing youth population.
Key players: Patreon, OnlyFans and Thinkific are some of the leading platforms operating in the Europe creator economy market. Patreon is one of the largest membership platforms with over 250,000 creators. OnlyFans, mainly known for adult content, has grown rapidly during the pandemic. Thinkific provides tools and services for creators to build and run online courses. Other notable players include Facebook, Twitter, Snapchat and YouTube that offer monetization options for creators.
Read More- https://www.ukwebwire.com/creator-economy-market-future-prospects-and-growth-analysis/
Comments
0 comment