How big is the Passion Economy exactly?
According to this fascinating study of internet creators across 9 digital platforms (including Etsy, Twitch, and YT), 17M Americans earned nearly $7Bn in income from their independent creations in 2017.
I'm excited about this study for a few reasons:
1) We're at such a nascent stage in the development of this category, and it'll only grow as new platforms make it easier to monetize and connect to consumers. The study shows that earnings and creators grew 17% y/y.
2) $7Bn creator income represents a TON of consumer value that wouldn't have been realized w/o platforms enabling creators to distribute their work
3) This market sizing is very conservative b/c it only tracks 9 platforms w/ the most public data. True market size is much bigger!
"This new creative ecosystem arises directly from the extraordinary power of the internet. Creators no longer have to convince brick-and-mortar outlets to market and distribute their work. Instead, those creators can now display and market their work on an internet platform" 😍
For more recent writing on quantifying the passion economy -- in particular, the key metrics startups should track -- see my recent blog 👇
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