Last but certainly not the least, Wallet Engine rounds up this 3-part series for Trends of the Creator Economy with Tipping. The newfound reality of the importance of monetizing the creator economy is increasing by the second, and the emergence of tipping features on social media apps is the next building block in this market.
In order for social media platforms to retain and attract influential content creators, adding attractive monetization features to their offerings that support their work is crucial. The creation of Tipping has opened up yet another path for which creators can receive financial praise from their audience. One shining example is Youtube: the platform recently released a tipping feature called ‘Super Thanks’, where viewers can send anywhere between $2 to $50 to their favorite video creators.
Super Thanks by Youtube, Digital Information World
“The stigma of the starving artist is going to fade away into oblivion… People deserve to be paid for the value that they’re contributing to the world.” Patreon CEO Jack Conte
Conte highlights just how big content plays a role in our daily lives, and how the rapid consumption of content is fueling creator monetization. In order to take the influence and significance of content creators to the next level, they must be adequately recognised and paid for their work.
Another example out of the numerous companies already devising creative ways of payment is Clubhouse. ‘Payments’ is the first-of-its-kind monetization feature the company introduced onto its platform. With Clubhouse Payments, users can send donations to any of their preferred creators. Almost too good to be true – 100% of the payments go directly to the pockets of that creator.
“As Clubhouse continues to scale, it’s important to us to align our business model with that of the creators – helping them make money and thrive on the platform.“ Clubhouse
The small card processing fee charged when making payments goes to Stripe – Clubhouse’s payment processing partner. It’s clear that the new business model for companies is changing; where once there was only focus on internalized monetization and advertising; instead attention has now been drawn to participant income.
There has been a paradigm shift in the way content creators are treated. Now, an increasing number of companies are making sure the creators’ experience of making and monetizing content on these individual platforms is equally seamless and rewarding. This finale of Wallet Engine’s 3 part series has demonstrated how power is being handed back to its original source: content creators. Together with our Trend #1 and Trend #2 blog (links here), Trend #3 helps paint the full picture of what will surely be a creator-centric world.