The new war for creative talent
They call it the new 'creator economy' - but really it just a normalisation of how social media platforms were always meant to be structured.
Not too long ago social media platforms enjoyed the free content that creators supplied to them, which they in turn monetised for huge profits.
Creators however - the good ones at least - grew huge audiences of dedicated followers and slowly but surely started to call the shots as to how their content would be used and leveraged.
Now the tables have completely turned.
Platforms are fiercely competing with each other for the exclusive right to host the content of some of the web's hottest creative talent - completely changing their business models and putting the power balance firmly in the hands of the individual.
They call it the new 'creator economy' - but really it's just a normalisation of how social media platforms were always meant to be structured.
What's interesting is that up until now, we always thought that the power obviously skewed towards the platform because of its ability to gather and process huge amounts of user data for commercial purposes, but that data can only be captured if you have compelling, exclusive content on the site to pedal to an audience.
Platforms like Spotify are taking this new fight seriously and doing everything they can to lure creators.
Next week, Spotify will launch its podcast subscription option for partners. But the company will be letting content creators keep 100% of the subscription fees: Spotify, at least initially, will not take a cut of podcast subscription revenue, sources confirmed.
These are truly exciting times for those that are bold enough to flex their creative muscles. It's never been easier to share your talent and get paid for it.
Todd Spangler