Social Media Creators (ByteDance aka TikTok) is the largest segment driving the growth of Asia and Oceana Creator Economy Market
The global Asia and Oceana Creator Economy Market is estimated to be valued at US$ 135.20 Bn in 2023 and is expected to exhibit a CAGR of 30.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Asia and Oceana creator economy market comprises online creators/influencers who create and share their original content through social media platforms and earn income from brands collaborative deals, paid subscriptions, advertisements and donations. The creator economy provides a platform for monetization of creative skills and talents through online engagement.
Market key trends:
One of the key trends driving the growth of Asia and Oceana creator economy is the rise of short-form video platforms especially TikTok which has seen meteoric growth in the region. Creators and influencers across various domains including comedy, dance, education are joining platforms like TikTok to build sizable followings and monetize their content through brand collaborations, subscriptions, and in-app purchases. TikTok's success has also inspired several new short video apps to emerge in the market providing more opportunities for creators in Asia and Oceana.
Market Key Trends:
One of the key trends witnessed in the Asia And Oceana Creator Economy Market Demand is the rising popularity of short video apps and social commerce. Apps like TikTok, Kuaishou have seen tremendous growth in the region over the past few years, enabling individuals to monetize their follower base and skills through virtual gifts, livestreaming and affiliate marketing. This has led to the emergence of many influencers and content creators in Asia promoting brands, launching online stores and building their personal brands.
SWOT Analysis
Strengths: Large population and youth base in the region provides access to a huge potential creator and audience base. Countries like China, India and Indonesia offer significant opportunities.
Weaknesses: Fragmented markets in some countries. Lack of standardized social security benefits for creators.
Opportunities: Rising smartphone and internet penetration will help uncover more talent and audiences from rural and lower-tier cities. Growth of live commerce and e-commerce in general supports monetization avenues for creators.
Threats: Tighter regulations around data privacy and content policies can impact some platforms. Competition from global as well as local players for audience attention.
Key Takeaways
The Asia and Oceana creator economy market size was valued at US$ 135.20 Bn in 2023. The market is expected to witness high growth, exhibiting CAGR of 30% over the forecast period, due to increasing popularity of short video and social commerce platforms in the region.
The region's diverse population of 4.3 billion people provides access to huge potential audiences and talent base for platforms. Countries like China and India have emerged as major contributors, together accounting for over 60% market share in 2023.
Regional analysis indicates that China currently dominates the market and is expected to continue leading over the forecast period. However, other Southeast Asian countries like Indonesia, Vietnam and Thailand are expected to witness strongest growth, exhibiting CAGR above 40% during the period.
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.
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