THE CREATOR ECONOMY

THE CREATOR ECONOMY AND HOW IT'S AFFECTING THE WORKFORCE

WHAT IS THE CREATOR ECONOMY?

Businesses built by independent creators that range from vloggers and photographers to social media influencers to writers and more to monetize themselves, their skills, or their creations. The term also encompasses the companies serving these creators, from content creation tools to analytics platforms.

WHY IS IT IMPORTANT RIGHT NOW?

As we head into the holiday and New Year’s resolution-making season, some people will be reconsidering their work life. The most recent data on voluntary quits from the Bureau of Labor Statistics found that we are seeing the highest level of voluntary quits in the nation’s history. This has been dubbed the "Great Resignation" by Anthony Klotz of Texas A&M University and refers to the cultural shift in which workers are reassessing their lives and working conditions.

We are also seeing the percent of the workforce in small companies, defined as 1-49 employees, rising at a much faster pace than what we saw after the Great Financial Crisis and in the aftermath of most recessions.

Part of what may be helping to drive this is the growing Creator Economy and how the tools designed for it are reducing the risks, costs, and time required to start one’s own business while also making it possible to rapidly have a worldwide presence.

Sources: Nasdaq.com

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MIAMI | PUERTO RICO

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