The creator economy is less than a decade old, but it has grown into one of the fastest-growing economies in the world, with more than 50 million independent content creators fuelling this generation of micro-entrepreneurs currently valued at $104.2 billion.

But there’s a problem: earning money online as a creator is hard. Native monetization tools are not built into platforms, meaning creators are forced to monetize via middlemen and give up a major share of revenue. Creators also do not have ownership in the platforms they contribute to and the incentive to continue participating is low.

As a creator on TikTok you need 100,000 followers to generate just $200 per month. On Spotify, 90% of streaming royalties go to the top 1.4% creators on the platform. On Twitch, 1% of streamers earn more than half of all revenue. The podcast industry alone is expected to grow to $3billion in 2023, but only 1% of podcasters claim the majority of podcast ad revenue.

With a new generation of the internet brewing (did someone say #web3?), one that gives power back to creators, their content and our data, there are new ways for creators to make money online emerging: from fan-funding platforms, to NFTs and online courses.

So, where to next?

Moving From the “Attention Economy” to the “Ownership Economy”

From imbalanced creator economics to centralized control over communities — web 2.0’s flaws were on full display during the “attention economy”. This era was designed to reward those who could best attract (and hold) an audience’s attention. Initially, brands were the ones striving for people’s attention but with the quick rise of social media, these techniques were adopted by individual creators who were striving for the biggest audience possible. The more eyeballs they attracted, the more they could exchange for advertising revenue.

In the last decade, however, the economic interest of the biggest social and streaming platforms was not aligned with the best interest of their users. Most content creators own 0% of the services and platforms they contribute to. And this is a problem that web3.0 aims to solve, helping creators make the transition from user to owner, the so-calledownership economy.

We are starting to see three major trends for creators in web3, including:

• Creators moving their top fans off social networks and onto their own websites, apps, and monetization tools
• Creators becoming founders, building out teams, and assembling tools to help them start businesses while focusing on their art
• Creators gaining power in the media ecosystem as fans seek to connect with individual personalities rather than faceless publishers

A New Wave of Creator Monetization Platforms & Tools

One of the most popular creator monetization tools born in this new era are “fan funding” tools and “fan-subscription” features. Fan subscriptions are beneficial for both the creators and their fans. On one side, fans get the chance to access exclusive content and more intimate access to the creator. On the other hand, influencers with a loyal follower base get the chance to create and earn money with freedom and engage deeper with their fans.

Unlike the creator platforms of web2, like Patreon, Spotify and OnlyFans, who keep a major share of the creator’s earnings, and take up to 90 days to pay out their creators, there are new platforms breeding from web3, including Logcast — the social platform where audio creators can earn money directly from their listeners.

Creators can record audio updates in the Logcast app and charge their followers to listen to them with their new monetization tool called $UPERLOGS. Record a Log, set a price, and your audience can unlock it by paying you directly through the app using their credit or debit card. Creators receive payments instantly and can withdraw their earnings at any time.

Some examples of $UPERLOGS available to pay-to-stream on Logcast include celebrity news & announcements, sneak previews of unreleased music and tutorials and “how tos”.

Passive Income Tools & Platforms

Creating and selling online courses is a relatively new opportunity for influencers to create a good source of income. Undeniably, those with a trusted and big audience know that their most loyal followers will buy anything they produce, therefore, they have the freedom to create what they are most passionate about. Some of the most popular courses being created today are beauty/health routines, expert insider tips, and advice for cooking and traveling. Some helpful platforms include Udemy for launching your first course, Skillshare for teaching creative skills and Thinkific for building a course from scratch.

In the highly competitive and fast-growing creator economy, content creators should be constantly learning and developing their skills — being adaptable is crucial for success in this job.