The Interactive Advertising Bureau (IAB) has released a report on the Creator Economy that is valued at $250 billion and will grow up to $480 billion by 2027.
The first of its kind research report on creative economy advertising opportunity is with the theme Today, The Creator Economy Opportunity: Where Authenticity Meets Impact and conducted in partnership with Talk Shoppe” offers a deep examination of the evolving consumer purchase journey, how buyers can leverage the creator economy in their media budgets, and where creator content fits in the media mix alongside studio-produced content.
The research shows that advertising alongside creator content can accelerate the purchase funnel collapsing the awareness, interest and consideration stage is report from insight after tracking over 1,000 consumers purchase journey, 39% of consumers are watching more creator content than a year ago vs. just 22% watching more studio content and Creator content sparks action: compared to studio-produced content, after watching consumers were significantly more likely to search for additional content about the topic and interact with the content by liking, commenting, or subscribing.
According to David Cohen, CEO, IAB, he said: “The creator economy, valued at $250B this year by Goldman Sachs, is expected to nearly double to $480B by 2027. Savvy marketers know that they need to reach their customers in content that resonates with them, there is no doubt creator content is now a vital part of the mix.”
On his part, Jack Koch, SVP, Research & Insights, IAB said: “Creator content marketing is a powerful vehicle for driving full-funnel impact, and advertisers are finding tremendous success adding it to their marketing mix alongside studio content advertising. This report helps marketers more deeply understand the opportunity, and how best to activate campaigns leveraging creator content. As more advertisers see real success with creator marketing, those who haven’t invested yet risk falling behind.”
Advertisers: Quality Is in the Eye of the Beholder
89% of advertisers feel positive about creator content advertising, and 92% consider it a high quality channel.
86% of advertisers say it’s easy to move ad budgets to creator content, and this trend is on the rise. 44% of advertisers plan to increase their investment in creator content in 2024, with an average increase of 25%.
Nearly 90% of advertisers use the same KPI metrics across both creator content and studio content, and 86% of advertisers have confidence in the ability to measure the effectiveness of creator content campaigns.
