The biggest difference between the Creator Economy and traditional media
Jan 12, 2024
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The podcast covers topics such as the difference between creator-led companies and traditional media outlets, non-traditional media business models, launching a media business in 2024, the inefficiency of traditional PR and advertising, creating engaging editorial content, balancing freelance writing and newsletters, the involvement of sponsors and blurring lines in the event space, and building momentum in the Creator Economy.
Non-media organizations can learn from media companies and focus on creating high-quality content to attract and engage their own audience, potentially spending their budget more effectively.
The differences between creators and traditional media companies lie in the personality-led approach of creators and the brand prioritization of traditional media companies, with the potential for creator-led companies to evolve into more traditional media companies in the future.
Deep dives
Importance of Thinking Like a Media Company
The podcast episode explores the idea that non-media organizations can learn from media companies when it comes to business models. Traditional marketing avenues like advertising and PR are often seen as wasteful and ineffective for smaller brands. Instead, it is suggested that companies should focus on creating high-quality content to attract and engage their own audience. By thinking more like media companies and producing editorial content, organizations can potentially have a larger impact and spend their budget more effectively.
Differentiating Creators and Traditional Media
This part of the podcast episode discusses the differences between creators and traditional media companies. It is noted that while the lines can be blurred, creators often have a more personality-led approach, with their personal brand at the forefront. Traditional media companies, on the other hand, prioritize the brand over individual content creators. However, as the creator economy matures, there may be cases where creator-led companies evolve into more traditional media companies by hiring additional creators and expanding their brand beyond the personal identity of the creator.
Emerging Monetization Strategies for 2024
The podcast episode highlights three emerging monetization strategies for media businesses in 2024. Firstly, the rise of data products, which offer exclusive and differentiated content to subscribers, is observed. Secondly, online courses are becoming more popular, thanks to their evergreen nature and potential for higher profit margins. Lastly, more media companies are exploring brand collaborations, partnering with traditional brands to create and market their own consumer products. These strategies offer new avenues for revenue generation and audience engagement beyond traditional advertising and subscriptions.
Challenges and Strategies in Building an Audience
The podcast episode acknowledges that building an audience from scratch for a media business takes time and consistency, often more than aspiring creators expect. It is recommended that creators dedicate at least six to twelve months of consistent content creation before starting to see some traction and brand recognition. However, it can take several years of ongoing production to reach a point where a media business generates a full-time income. Despite the challenges, the key is to maintain consistency and provide value to the audience over an extended period, understanding that success requires long-term commitment.
Earlier this month, I sent a newsletter to my audience with the subject line: “Ask me a question.” Basically I told everyone to jump in the comments section of the post and ask me any questions they have about the media industry or creator economy.
Several of you did pipe in with questions, and so I spent a few hours jotting down notes and then recording this episode you’re about to consume.
I answered questions on a range of topics like the difference between a creator-led company and traditional media outlet, non-traditional media business models, my advice on launching a media business in 2024, and how long it takes to build a media business from scratch.
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