Asia and Oceana Creator Economy Market Is Estimated To Witness High Growth Owing To Rapid Digitalization & Rising Internet Penetration
The Asia and Oceana Creator Economy market is estimated to be valued at US$ 135.20 Bn in 2022 and is expected to exhibit a CAGR of 30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Asia and Oceana creator economy refers to the content creators, influencers, and artists who monetize their work through online platforms. This includes various types of creators such as YouTube stars, TikTok influencers, Instagrammers, podcasters, bloggers, live streamers, writers and more. With increasing digitalization and popularity of social media, more individuals are joining the creator economy in Asia and Oceana by sharing their talents, knowledge and creativity online.
Market Dynamics:
Rapid digitalization and rising internet penetration across Asia and Oceana are enabling the growth of the creator economy in the region. According to estimates, 1 billion people in Asia and Oceana alone came online for the first time between 2015 to 2021. Moreover, social media usage has seen a massive surge over the past decade with platforms like YouTube, TikTok, Instagram gaining widespread popularity among the younger demographic. This has created significant opportunities for content creators to build a following and generate revenue through sponsorships, subscriptions, e-commerce etc. Additionally, several Asia-based platforms like TikTok, Kuaishou and Bilibili have emerged as major content distribution channels for creators. They are supporting the monetization of creative content through features like live streaming, tipping etc. Such growth of online distribution platforms is fueling the expansion of the Asia and Oceania creator economy market over the forecast period.
SWOT Analysis
Strength: The Asia and Oceana creator economy market has a large user base due to high smartphone and internet penetration in the region. The supportive government policies are also encouraging more creators to join the platforms. Social media platforms are offering financial incentives and creator tools to attract and support content creators.
Weakness: Lack of sustainable income sources and lack of financial planning are major challenges for most creators in the emerging markets. Intellectual property rights and data privacy issues on some platforms can negatively impact creators.
Opportunity: Growth of short video and live streaming apps in countries like China, India and Indonesia is allowing more creators to monetize their work. Rising popularity of video games and esports is opening new avenues for gamer/streamer influencers. 5G rollout will further boost immersive creator experiences using AR/VR.
Threats: Stringent regulations around user data collection and use in some countries can constrain platforms. Protectionist policies can limit cross-border activities of global platforms in the region. Emergence of new formats/platforms poses competition to displace existing players.
Key Takeaways
The global Asia and Oceania Creator Economy Market Share is expected to witness high growth, exhibiting CAGR of 30% over the forecast period, due to increasing availability of monetization tools and financial incentives for creators. Live streaming and short videos have emerged as the largest revenue contributors.
Regional analysis Asia Pacific region dominates the Asia and Oceana creator economy market with more than 50% share in 2023, led by countries like China, India, and Indonesia. Livestreaming apps have gained massive popularity in these markets allowing various genres of creators to monetize gameplay, talent shows, and talk shows.
Key players operating in the Asia and Oceana creator economy market are ByteDance (TikTok, Douyin), Kuaishou, Bilibili, Tencent (WeChat, Tencent Video), Alibaba (Taobao, Weibo), Meta (Facebook,Instagram), YouTube, Twitch, OnlyFans, Patreon, Substack, Kickstarter, Indiegogo, Disco, Cameo. Chinese firms like ByteDance and Kuaishou have built strong platforms catering to local content and monetization needs. Global sites are also investing in localization.
Read more @ https://creativeedge16.blogspot.com/2023/10/asia-and-oceania-creator-economy-market.html
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