The Passion Economy is growing by the day, from writers publishing on Substack to influencers selling jewelry on Pietra. More people are using digital platforms to make a living from their unique skills.
Here are 16 metrics for Passion Economy startups 👇
The most important metrics for ad-supported startups relate to scale and user data—# logged-in users, frequency of visits, and time spent—the better to sell & target ads.
But when creators earn income directly from fans, another set of metrics emerges.
The goal of Passion Economy companies is to allow individuals to monetize creativity and to enable new forms of work.
Through tracking some of the metrics outlined in this blog, startups can make sure they're driving value for their creators, and in turn for their customers.
Here’s some important metrics for Passion Economy platforms:
• Creators who have reached a certain revenue threshold.
This reflects how important a platform is as a source of earnings. Patreon has a metric called "1K creators," or creators earning >$1K from their patrons/mo.
• Flywheel metrics: % of fans that become creators, creators bringing new creators, fans bringing new fans.
Successful creator platforms have a powerful built-in growth engine, taking the form of fans discovering the platform by being a customer first, then becoming a creator.
• For platforms enabling fan-to-fan interaction, how much intra-audience interaction is there?
Social features enhance stickiness and can help users get more value out of their purchases by enabling discussion and connection with like-minded individuals.
Each platform is unique and there's no one-size-fits-all set of metrics. But this list serves as a starting point to more accurately track the performance and health of a business.
Founders and operators in the Passion Economy, I'd love to hear your thoughts on KPIs you track!
You can follow @ljin18.
Tip: mention @threader_app on a Twitter thread with the keyword “compile” to get a link to it.
Enjoy Threader? Sign up.
Threader is an independent project created by only two developers. The site gets 500,000+ visits a month and our iOS Twitter client was featured as an App of the Day by Apple. Running this space is expensive and time consuming. If you find Threader useful, please consider supporting us to make it a sustainable project.