Bank of America shared a report which shows that its customers who are content creators are seeing a decline in their income by 0.20%. It is an interesting stat as it sheds light on the creator economy and tells us how small content creators are struggling, while only the top few content creators are making most of the money.
Another thing to be noted is that the content creators’ share is in continuous decline and it peaked in 2021 with 0.25% in 2021. That is probably due to the pandemic when people were consuming a lot of content and looking for recommendations to buy things for their homes. In contrast to that, only 0.10% of content creators were making money in 2019.
Bank of America says that this decline is mostly because of a decrease in paid partnerships and more competition among content creators. Most of the paid partnerships are often given to top content creators. If we exclude the paid partnerships, the average monthly income of content creators isn't even 20% of income of a full time American employee.
It only happened once in the past five years when the average monthly income of content creators was more than that of full time American employees. So, if you think that content creators are enjoying a rich life, you are probably wrong. The only good thing for content creators right now is that TikTok isn't going to be banned in the US. So they can make as much unique and engaging content as possible to earn more money.
Read next: Experience, Industry, and Company Size Drive Social Media Managers’ Salaries, New Survey Finds
Another thing to be noted is that the content creators’ share is in continuous decline and it peaked in 2021 with 0.25% in 2021. That is probably due to the pandemic when people were consuming a lot of content and looking for recommendations to buy things for their homes. In contrast to that, only 0.10% of content creators were making money in 2019.
Bank of America says that this decline is mostly because of a decrease in paid partnerships and more competition among content creators. Most of the paid partnerships are often given to top content creators. If we exclude the paid partnerships, the average monthly income of content creators isn't even 20% of income of a full time American employee.
It only happened once in the past five years when the average monthly income of content creators was more than that of full time American employees. So, if you think that content creators are enjoying a rich life, you are probably wrong. The only good thing for content creators right now is that TikTok isn't going to be banned in the US. So they can make as much unique and engaging content as possible to earn more money.
Read next: Experience, Industry, and Company Size Drive Social Media Managers’ Salaries, New Survey Finds
