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Creator Economy: The New Frontier in Marketing

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The birth of MTV in 1981 received so much skepticism from all quarters; many people termed it a gimmick that would soon disappear with time. They just could not imagine that a channel solely based on music videos would ever hold any water against established forms of entertainment. But MTV did not just survive but flourished, turning into a cultural force that changed not only the music and television industries but world culture. The network sparked a cultural revolution but also served as a huge business partner to promote movies, soundtracks, and advertising; its directors went on to become movie directors, including David Fincher, Spike Jonze, and Michael Bay.

In the same manner, creator marketing is changing the way people discover, act, and come into a community around brands. The data leads the trend: in 2023, the average person spent 30% more time on social media than watching TV, says GWI. But even still, long- and short-form content that creators are making on platforms like TikTok, YouTube, or Reels often doesn't hold the same status as premium content to rank alongside traditional TV commercials among mainstream creatives, press, and marketing budget holders.

Goldman Sachs predicts the creator economy will be nearly half a trillion dollars by 2027, and global advertising coverage still covers commercials over traditional TVs, with at least minimal reporting on creator content. That leaves one question on the industry's mind: what will it take for this perception to pivot? And if the mainstream comes around, will it be in time to understand the potential of creator content? The momentum is clear; the transformation is already well underway.

The biggest trend at this year's Cannes Lions International Festival of Creativity was a marked uptick in the number of marketers diving deeper into the creator economy. One of the largest global advertising festivals, the Cannes event, had creators more involved than ever before, including names like Yes Theory, Mr. Ballen, Robyn DelMonte, and Alix Earle front and center during panels and activations. Cannes Lions even introduced their first "Lions Creators" track, presented by creator marketing agency Viral Nation, underlining the increasing importance of creators.

The event also saw an expanded lineup of industry speakers on the global creator marketing scene, including Victoire Binet from Unilever; Caspar Lee from Creator Ventures; Zack Honarvar from Creator Now; and Ashley Cole Seidman from Visa. Seidman reiterated that brands and creators need to understand each other more. There needs to be open communication and a lot of learning even before briefings.

The "social and influencer" category, brought in for the first time in 2018, saw a decided rise in quality and quantity of entries this year. Overseen by jury president Amy Ferguson, 1,800 entries were pared down to identify winners such as McDonald's Japan's "No Smiles" (Gold Lion) and unexpected standalone Grand Prix winner "Michael CeraVe," with the titular Michael Cera enjoying his finest hour as an improbable beauty influencer. According to Adetutu Laditan from YouTube, some of the judging was looking for fresh ideas and strategies that resonated with what was important to the soul of the brand.

Just as MTV had moved from a ridiculed fad into a cornerstone of cultural relevance, creator marketing is similarly primed for a transformation. By embracing the differential value creatives bring to the table, industries can set themselves up to capitalize on the creator's full potential in driving brand success and cultural relevance in the digital age. The road from skepticism to rampant adoption is well underway, but the proof is in the pudding: creator marketing is the future of brand engagement, and here to stay.

Author
Sophia Reed | Contributer