The Creator Economy

Key Takeaway:

Allowing customers to invest, vote, and co-create products and services will be critical to reaching younger generations. And while different digital tools are already helping the co-creation economy, in 2023, Artificial Intelligence will boost the creative process while leveraging insights more quickly in product development.

Trend Type: Social & Business

Sub-trends: Power to the People, Crowdsourced Creation, Creator Marketing, Creator communities

April, 2023 • Less than 2 min read

According to Euromonitor, 41% of global digital consumers actively engage with brands, with 55% of Millennials wanting to engage with brands to influence product innovation- the highest of any generation. Therefore, brands must make room for a new ‘c’ in their c-suite: consumers. This idea goes beyond brands conceding that ‘the customer is always right’ and evolving into a model where consumers are investing, co-creating, and voting for change alongside brands, both at an individual and at the community level. The next generation of digital communities centers around creativity. Traditional spheres of influence- from Hollywood to Wall Street and Silicon Valley- are converging more now than ever, forming a new marketplace with creators and their audiences at the center.

Responding to this demand requires brands to listen from the backseat while keeping one foot on the gas to speed market innovation – and promote the co-creation economy by knowing how social networks are helping them connect with customers and by elevating the creation process. For instance, as content creation continues to see boosts in popularity, platforms in this space are increasingly offering programs, education, and opportunities for creators to learn how to market themselves best. Content creators’ marketing skills and opportunities are supported through apps, with TikTok leading the way as it primarily focuses on supporting creators in this way. In addition, artificial intelligence will boost the co-creation process and narrow the gap between consumers and brands.

Use Cases

IKEA H&M Ideas Factory

Power to the People: In the UK, IKEA and H&M have partnered to create an ‘ideas factory’—a joint project that invites creatives, designers and small-scale manufacturers to submit ideas across categories for development into marketable products.

Decathlon Data Lab

Power to the People: Decathlon has developed a data lab in Singapore to combine efforts between its experts, industry partners, entrepreneurs and students to bring new products, practices and processes to its business.

Evinco Winery DAO

Power to the People: Evinco Winery DAO is a Web3 winery—created by an anonymous cryptocurrency expert going by @wizardofsoho on Twitter and a fourth-generation Napa Valley winemaker, Mario Sculatti—where wine enthusiasts purchase club membership through NFTs which grant them voting rights to decide how the club is run and managed.

NIKE's Swoosh

Crowdsourced Creation: Nike’s Swoosh is a web 3.0 platform where users can cocreate a virtual product line and earn royalties. Virtual co-creations can help brands obtain insights about its digital popularity before transitioning towards a physical product. Nike Digital is the brand’s fastest growing segment, now comprising over a quarter (26%) of the brand’s total revenue. Its virtual Nikeland experience on Roblox—which lets users customize their own Nike sneakers—had attracted 26 million people as of November 2022, and its Web3 products had generated $185 million in revenue as of August 2022.

Ikea Maker Hub

Crowdsourced Creation: Ikea Shanghai opened a store that includes a “maker hub” where customers, employees and experts can co-create projects. Co-creation can happen across the customer journey with brands driving loyalty and foot traffic by providing spaces that enable creativity.

TikTok's SoundOn Platform

Creator Marketing: Social video giant TikTok launched SoundOn, a music marketing and distribution service designed to help aspiring artists promote their music. According to a recent press release, the new platform will be directly linked to TikTok and will allow users to upload their music to both apps simultaneously, as well as through other streamers such as Bytedance’s Resso, Spotify, Apple Music, Deezer, Pandora, and Tencent’s Joox. Moreover, the distribution will be completely free of charge, and SoundOn will pay 100% of royalties to music creators on all Bytedance-owned platforms. In addition to music distribution services, SoundOn will offer creators a suite of promotional tools and support, including audience analytics, access to TikTok’s song tab, ongoing advice from SoundOn’s

Use Cases

IKEA H&M Ideas Factory

Power to the People: In

Decathlon Data Lab

Power to the People:

Evinco Winery DAO

Power to the People:

NIKE's Swoosh

Crowdsourced Creation:

Ikea Maker Hub

Crowdsourced Creation:

TikTok's SoundOn Platform

Creator Marketing: Social

The Creator Economy

Key Takeaway:

Trend Type: Social & Business

Use Cases

Use Cases

Sub-Trend Sources

Power to the People: Mintel Consumer Trends 2023

Crowdsourced Creation: Euromonitor Digital Shopper Trends 2023, Wunderman Thompson The Future 100

Creator Marketing: Trend Hunter trend Report 2023

Creator communities: Wunderman Thompson The Future 100