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At The Information's Future of Influence event in June. Photo by Erin Beach
Hi everyone!
We are kicking off today’s newsletter with some news—this time about me. I’m wrapping up my time at The Information and this will be my last Creator Economy newsletter.
It’s been such a privilege to write this newsletter, host five summits and break news about the creator economy and social media over the past four and a half years. I wanted to take a moment to reflect on how the industry has evolved over that time.
When I started writing this newsletter in April 2021, lockdowns were just easing as Covid-19 vaccines rolled out and people were spending record amounts of time glued to their phones. That meant boom times for influencers and an opportunity for investors and startups to try to cash in on the gold rush. Big tech companies from Meta Platforms to YouTube tripped over themselves to attract creators as they faced a new rival: TikTok.
U.S. startups catering to creators with everything from accounting software to online courses collectively raised more than $5 billion in 2021 alone. Then came the reality check as the economy turned and many of those startups struggled to attract enough customers, while VCs and advertisers pulled back. We chronicled the challenges of those companies, from Cameo to Substack, and have brought you all the twists and turns of the TikTok U.S. ban saga—which is far from over. (At this point, it’s sure looking like TikTok is here to stay as President Trump is poised to punt the deadline to reach a deal a fourth time!)
Even with the continued uncertainty in the economy and pain for startups (unless you’re in AI!), I think the creator economy is in a stronger place than it was four years ago. More than ever before, creators influence what products we buy, how we get our news and how we spend our time. The broader industry is growing up just like any other sector before it, which means smaller players—whether its startups or individual creators—may find something new to do or find buyers, while bigger startups and influencers solidify their power. It turns out the most impactful companies in the creator economy are the major social platforms, including Meta, YouTube and TikTok, not companies offering tools for creators.
Compared to a few years ago, virtually every brand in the world now has an influencer strategy, and TV dollars continue to shift to creators. Creators have also solidified their place as the future of entertainment, which means Netflix’s chief rival is actually now YouTube rather than Hulu and Paramount. But I also don’t think this means traditional entertainment or media is dead. These two industries need each other, and I see things merging. Even with their huge audiences, top YouTubers like MrBeast and Mark Rober are still signing deals with streaming companies like Amazon and Netflix to expand their reach and give themselves a stamp of legitimacy. Established media companies like Vox Media and FastCompany are rolling out new strategies that bring creators into the fold to complement their existing journalism.
AI is poised to shake up the creator economy further, though I don’t believe we’re going to be watching a bunch of AI-generated content and fake avatar influencers. I do see useful applications of AI for creators to make their content better, need less staff, and help them run the back end of their businesses more efficiently. I’m excited to see where things go!
As for what’s next at The Information, the publication will continue its industry-leading reporting on TikTok and its rivals, as well as how creators are upending entertainment, social networks and advertising, through its staff of dedicated news and Weekend reporters. (Sign up here for my colleague Abe’s entertaining Weekend column on tech, culture and entertainment.)
I’d like to give a huge thank you to the entire team at The Information, especially our founder Jessica Lessin and my boss Laura Mandaro, who has edited this newsletter since its launch. And of course, a huge thank you to all of you readers for sending in tips, offering your feedback and supporting our work!
As for me, I’m taking a little break to travel, but stay tuned for what’s next! If you’d like to stay connected, please follow me on LinkedIn where I’ll share more ways to get in touch.
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