I recently joined a panel to discuss trends around the influencer and creator space in the region. Following the panel, I bumped into an audience member on my way out who asked me a great question:
How valuable is the content that creators make.. if it’s free?
Thanks to the evolution of YouTube and the democratization of content, there’s been a huge shift in our perception and consumption of content.
YouTube and other content platforms became a viable and superior alternative for those who wanted easy-access, always-on, limitless quantities of content. Anyone could create and distribute content for the world to watch. On top of that, it was all free! Our time and how we spend our money is limited. This made YouTube a real threat to traditional media organisations. YouTube had spurred on media companies to recognise they needed to change to provide value to audiences. And so they did.
Enter the OTT platform. OTT, short for Over-the-top, gave us unlimited choice, high quality production, more screen time for our favourite celebrities and the opportunity for viewers around the world to easily converge around great content on any device connected to the internet.
Netflix, Disney+, Amazon Prime Video, HBO Max are amongst a handful of OTT giants that lead the charge today. Whereas previously you’d subscribe to programming through your cable provider, OTT platforms allowed media organisations to deliver content to you anywhere so long as you had internet access (so basically anywhere).
Most importantly, it ushered in the content subscription era, proving that audiences were willing to pay to watch great content across a variety of platforms. This was a huge shift in how we’d previously consumed content. How many people reading this don’t subscribe to a type of content platform like Netflix? Paying for content is now a societal norm.
How does this tie in to why creating content for free is valuable?
Content creators today provide a level of access and personalization for audiences that traditional media can’t yet compete with. I have a relationship with Netflix because of the content they offer me. On YouTube, I have a direct relationship with my favourite creators. The more of their content I consume the stronger the bond between myself and the creator. This means I’d be willing to engage with my favourite creators outside the YouTube platform but still go back to YouTube and enjoy their content.
Free and readily available content is a low barrier to entry that gives content creators an unrivalled opportunity to build relationships and trust with their audience.. enabling creators to monetize outside the platform. It’s incredibly special.
Many creators stop there. For those sowing the seeds of change, the free content they’ve created accumulates more and more committed viewers. Understanding what viewers want to pay for is the central opportunity being addressed by the creator economy today.
Some have created paid subscription platforms of their own, others have built fashion and apparel lines, live sports events and a select few have begun to build food and drink empires.
The ability for anyone to create content for free and in abundance has driven inspired creators to make the best content they possibly can. Those betting on the creator economy believe the best creators will take their committed audiences and build offerings for them that enhances the relationship between audience and creator like nothing we’ve ever seen before.
Free content is the fuel driving the future of the creator economy. And it’s totally worth it.