Goldman Sachs Research expects the 50 million global creators to grow at a 10-20% compound annual growth rate during the next five years. Following the momentum from the influencer phenomenon of monetising original, social media content, creators are continuing to leverage their talents into small businesses - an ongoing shift in balance of power from large corporations as the productive force and economic engine - the rise of the creator economy.
Firstly, what is a creator?
If you regularly create original artwork, product or online content, you’re a creator. This could span across many industries ie. fine art, beauty, fashion, culinary, gaming, interior, parenting, etc.
Then what is a creator economy?
When a creator utilises their creative talents as a business, it contributes to the creator economy. With more than 300 million creators worldwide, the creator economy has grown exponentially over the last several years and its growth is still accelerating.
How did the creator economy come about?
It’s actually been brewing for a long time - a few decades in fact - from a combination of vast technological advancements, economical crisis, and evolving generational values.
You don’t need us to tell you how the internet and smartphones changed the world so we’ll just focus on what we’re seeing in fashion. Before the internet, the public got fashion news only from published, paper magazines. They were seen as the fashion authorities. Then came fashion bloggers. From early adopters like Susanna Lau (Style Bubble) and Chiara Ferragni (The Blonde Salad) who utilised online blogging to show off their passion for fashion during the 2000’s, to the 2010’s when “Social Media Influencers” were born through the boom of Instagram - a platform that anyone can use for free at the tip of their fingers. Then came micro-influencers. Trends continue to trickle down and creators continue to multiply; consistently finding new ways to better monetise and “celebritise” their brand to keep up with the competitive online space. Some go on to publish books, many start fashion lines. More on this later.
During this period of rapid growth online, the global economy had crashed twice - the Great Recession in 2008, then another when COVID-19 hit global scale in early 2020. These events changed the workforce forever. Many joined the gig economy and became freelancers or contractors as they turned their backs against the traditional ideal of securing a steady, reliable full-time job; all the while reimagining what a job means. The creator economy power truly came to focus during COVID when everyone was in isolation for 2 years with the internet, constantly consuming and creating content as a pastime.
It is, however, noteworthy to point out that the key driver to the creator economy is not money. The majority of creators are Millennials and Gen Z’s. These are generations of people who prioritise emotional connections, creativity, diversity, authenticity, individuality, wellbeing, social and cultural responsibility, to a steady paycheque in exchange for their 9 to 5’s.
What part does Banana play in the creator economy?
Glad you asked. Banana wants to empower those who are curious and passionate about fashion product creation to start their own fashion brands by simplifying the process of creating, launching and running a fashion brand. By lowering the barrier of entry to fashion brand launch and operation, we believe we can enable any creative with passion, talent and drive to succeed.
Unlike print on demand platforms that offer cookie-cut, fast turnaround “merch” products, we support custom apparel development with some of the best manufacturers in the world, offering a unique product creation solution for those who want to start their own fashion brand. Learn more about how Banana works for creators here.
Join our creator economy.
Whether you’re here as a creator or consumer, we welcome you to the world of Banana. We’re a platform that empowers fashion entrepreneurs of tomorrow while allowing consumers to discover unique fashion designers and products. Creators sample ideas with their own funds for consumers to back online. Then, only when there is proven demand (meeting the MOQ) will the idea go into production and the products get sent directly to the customers. This way creators get rewarded with euphoria (and money) for their winning creative ideas to fuel more ideas. This way consumers get small-run, unique designs to wear in their own way. This way we are not contributing to the billions of garments made every year that are never bought or worn. It’s a win for everyone.
Ultimately, we believe there is potential for success in everyone’s creativity, that we don’t need millions of followers to be successful - in fashion or in life. As Kevin Kelly once said in 2008, you only need 1000 engaged fans: “If each of these 1,000 fans spends $10 per month to support a creator’s content, that would be enough to generate $120,000 in annual income - a reasonable middle class living.” Whatever your talent, whatever your style, we have space for you.
