Creators will earn millions & it’s really good for Internet of Thing (IoT)

Sanaullah Abro
A digital creator is recording video Creators will earn millions

It’s estimated that more than 50 million creators are working on IoT and out of them only 4% of the creators are earning a handsome living. That’s not really good for IoT, creators, as well as consumers all over the globe.

Is it fair that creators like 10-year-old Ryan Kaji earn tens of millions of dollars when millions of creators make almost nothing? His branded merchandise made over $250 million last year. It’s no secret that a selected few creators earn a significant amount of money from their creations. But for the majority of creators, earning a living from their work is far from guaranteed.

According to Signalfire, less than 4% of the estimated 50 million creators earn a living from their creations. And even among those who do, the earnings vary greatly. Some creators make a modest living from their work, while others earn an enormous amount.

But no matter how much someone earns from their creations, it’s important to remember that it’s not only creating content digitally but the most important thing is creating creative content. Creators need to be willing to put in the hard work if they want to make big money out of IoT.

MrBeast is one more example among the creators making millions of Dollars every month. His brand new $10 m video studio is making a significant amount of money that is far better than the millions of the rest of creators are making around the globe. MrBeast earned $54 million in 2021 whereas million of the creators are struggling to establish an audience.

It’s very much clear if any creator wants to make a living from IoT, it’s important to be creative and willing to put in the hard as well as smart work.

Joe Rogan has recently made a $100 million deal with Spotify. This is huge money for a single creator out there. If it has been spliced among lesser-known creators, it would have been a good earning for thousands of creators. It’s is important to understand, why is this so much amount spent on one person worth so much?

It would have been great if this big amount was spent on new creators and the creators who are struggling have an option to make a reasonable living exerting minimal efforts and in less time.

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According to Statista, 52% of adults in Us alone belong to the middle class and their annual income is ranging from $48000 to $145000. that is extremely required to be boosted up with creator economy. Because every adult out there is a potential creator and doing so can make their living better.

There are a few reasons for this. Firstly, the middle class is growing rapidly in countries like USA and China, which means that there are more people with the skills and knowledge required to start their own businesses. Secondly, there is a growing appetite for creative products and services – especially among the middle class. Finally, there is increasing demand for high-quality, niche content from both small and large businesses.

Let’s talk about stats

We have unearthed some of the stats that will surely shock the maximum number of digital creators. In 2021, 97.5% of Youtubers earned less than $12700. whereas, only 2.5% were among those who earned more than $12700 per year.

On Gumroad, only 1% of the creators earned 60% of the 2021’s payout. Among this 1%, 10% of the creators earned 92% of the total dividend. In Numbers, out of 56000 creators, 43800 creators made only $10,000 or less amount in a whole year.

Creators upload more than 65000 tracks on daily basis on Spotify. last year, the platform hosted around 9.5 million creators. An amazing fact is that only 7800 creators made more than $100,000 per year in 2021.

Snap Chat, Medium, and even Tok-Tok, all of these platforms have similar stories. let’s talk about one of the famous creators at Tok-Tok, Zach King. Zach King recently shared that he has 66 million-plus followers and 20.4 million views every week only at Tik-Tok and he is making $210 per week from only one platform that is Tik-Tok.

Such social influencers not only make money from a single platform but they extend their existence in multiple platforms on the internet at the same time.

Some of the creators are now shifting towards passive earning via play to earn crypto games. They use their social influence to attract people to use their referral and that helps them to maximize their daily earnings. One of these passive crypto games is coin farm. Which is giving a big amount on daily basis to influencers who have a significant size to bring on with their referrals.

There is always a small proportionate of people at the top who reap the majority of the reward. And the same is happening in this case as well

Clay Shirky once said:

In systems where many people are free to choose between many options, a small subset of the whole will get a disproportionate amount of traffic (or attention, or income), even if no members of the system actively work towards such an outcome. The very act of choosing spread widely enough and freely enough creates a power-law distribution.

Clay Shirky

Shirky goes on to say that:

freedom of choice makes stars inevitable.

Li Jin published a piece of his work on Harward Business Review about the creator economy and he said that:

The phenomenon of Superstars, wherein relatively small numbers of people earn enormous amounts of money and dominate the activities in which they engage, seems to be increasingly important in the modern world.

This whole phenomenon suggests that a small number of people are making a significant amount of money online whereas the majority of the number is struggling. This needs really big attention. Considering the fact that the majority of the middle class wanted to uplift themselves and they believe they can do so by creating digital content and using IoT platforms.

The one big suggestion that can help all creators make millions of dollars online and that can also be good for IoT is creativity, innovation, and thinking way out of the box along with obtaining basic required skills and a bit of hard work. Creators need to spend much of their time thinking about niches, ideas, and approaches. That will really help to maximize the size of the 3% that I disclosed at the start of this article.