Opportunities for content creators, digital marketing experts and music business entrepreneurs are expected to grow as the creator economy expands to $480 billion (£384 billion) by 2027, new research claims.
Research from Goldman Sachs reveals that the total addressable market of the creator economy could roughly double in size over the next five years from the $250 billion it is worth today.
Individuals with their own brands and online audiences have emerged as one of the biggest developments of our modern age while digital consumption is on the rise.
ICMP has responded to these changes by launching its own Music Marketing degree course.
Yannis Iliopoulos is Senior Programmes Manager and the Programme Leader of the MA Music Business postgraduate course.
Commenting on the new report, he said: "One of the biggest developments of the digital age is the emergence of individual people with their own brands and online audiences."
The growth in the ecosystem is driven by the increase in digital media consumption, technology that has lowered barriers to content creation, and the rise of new platforms such as TikTok."
"Influencer marketing and platform payouts fueled by the monetisation of short-form video platforms via advertising are expected to be the primary drivers of growth in the creator economy."
Our new BA in Music Marketing programme is tailored towards content creators, who seek a professionally-accredited degree (by CMI and DMI) and look at digital marketing with a creative lens."
Yannis continued: "On your journey to become a marketer, influencer, blogger, journalist or podcaster, you will not only learn how to create quality content and develop an impressive portfolio, but also how to find, reach, and engage a global audience."
Goldman Sachs' research expects the 50 million global creators to grow at a 10-20 percent compound annual rate during the next five years.
Creators earn income primarily through direct branding deals to pitch products as an influencer; via a share of advertising revenues with the host platform; and through subscriptions, donations and other forms of direct payment from followers.
Brand deals are the main source of revenue at about 70 percent, according to the survey's data.
Deep dive into the evolving world of music marketing
Our CIM accredited Music Marketing degree, that sits within our School of Music Business, will help you gain a richly detailed understanding of digital marketing fundamentals and specialisms. You'll become a master of online content — someone who knows how to reach and influence people through multiple digital platforms.
To completely immerse yourself in your creative career, chat with our friendly Admissions Team via email enquiries@icmp.ac.uk or give them a call on 020 7328 0222.
Music Marketing
Our CIM accredited Music Marketing degree, that sits within our School of Music Business, will help you gain a richly detailed understanding of digital marketing fundamentals and specialisms. You'll become a master of online content — someone who knows how to reach and influence people through multiple digital platforms.
To completely immerse yourself in your creative career, chat with our friendly Admissions Team via email enquiries@icmp.ac.uk or give them a call on 020 7328 0222.