As social media platforms continue their trajectory as an evolutionary step in where and how people find and consume entertainment, the growing universe of independent content creators – podcasters, game makers, video artists and more – needs more and better ways to get paid.
Companies like Patreon has taken the initiative to help podcasters, musicians and video artists monetize their creations, and the field is expanding. Wednesday September 22, Creator Engagement and Monetization Platform Flow elements announced its latest $ 100 million fundraiser led by SoftBank Vision Fund with “participation from PayPal Ventures, MoreTech and existing investors State of Mind Ventures, Pitango First, Menorah and Mivtach Shamir, among others,” according to a statement .
Add that to the $ 11.3 million raised in its Series A earlier this year and the platform appears to be well funded for its stated goal of “further accelerating growth and developing new production, engagement and monetization tools for live streaming and VOD. for the benefit of the existing community and to attract new talent to the Platform. “
CEO and co-founder of the companyGil hirsch said, “With this additional funding, we are strengthening our staff to strengthen and expand our ability to enable creators of content across multiple platforms to make a living doing what they love.”
Noting that âthe demand for authentic, creator-focused content has grown exponentially,â said SoftBank’s Nahoko Hoshino, âThrough a suite of delivery and engagement tools, StreamElements helps creators deliver an enriched experience. to the public while monetizing content from the most popular social video platforms. . “
This is further evidence that the pandemic-era explosion of streaming entertainment options from YouTube to the vast metaverse of video games is maturing with monetization models that will allow more independent creators to pursue their passion while at the same time. being paid by their audience.
Capitalize on creativity
Hinting at the size and scope of the growing creator economy, YouTube revealed in August that it had “paid more than $ 30 billion to more than 2 million producers of videos on the platform at over the past three years through advertising, merchandising and other service features “. as reported by PYMNTS.
YouTube also distributes ad sales with creators based on audience engagement and associated metrics.
The news of YouTube’s payments to content creators over the past few years came about a month after YouTube unveiled its ‘Super Thanks’ digital tip jar feature allowing viewers to donate between $ 2 and $ 50 to channels. video on the platform, whether or not they are actively streaming live. YouTube already supports tips during live streaming events.
Twitter introduced his own Tip Jar concept in May, explaining in a blog post, âYou’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon and you will see a list of payment services or platforms that the account has activated. Users can link various payment apps including Venmo and Cash App for tips.
Streaming video and game content is experiencing unprecedented demand during the pandemic as lockdowns and working from home have resulted in more viewing, listening and gaming.
As Patreon’s VP of FinanceCarlos cabrera told PYMNTS in the second quarter, âNow it’s getting easier and easier to access financial services as a creator. It’s easier to connect to financial planning tools and easier to track all of your monetization across a bunch of different platforms. All of these tools that allow people to make a living start to come together and create this positive feedback loop where a lot more people become creators and then the whole ecosystem feeds on.
See also: Patreon eliminates the stigma of digital content creators
Monetization models proliferate
The monetization of the work of content creators is expressed in different ways across different types of platforms. For example, in March 2021, Facebook announced several new ways creators on its platforms can make money from their work with built-in capabilities.
As PYMNTS reported, âFacebook will now allow content creators to make money in new ways. Content creators can generate income from all types of videos, including short formats. Monetization is now open to more creators as Facebook updated its in-stream ad eligibility, opening the program to more creators and providing access to in-stream ads for Live and expanding paid online events and fan subscriptions to new countries. Additionally, Facebook is making it easier for content creators to access fan support while driving consumer adoption with free Stars giveaways for viewers.
In 2020, the social media titan, who also owns Instagram, introduced a subscription capability to attract more content creators to the platform, as Facebook beats it with Tik Tok and other platforms to more looks, engagement, and revenue from the original content posted.
As for Instagram and its universe of self-proclaimed video influencers and celebrities, Instagram’s chief Adam MossÃ©ritold CNBC earlier this year that “We should be able to help brands find designers who uniquely match the work they’re trying to do and vice versa.”
On this news, PYMNTS reported that “Facebook has also tried to encourage video creators to stick with the service, as competition from services likeTIC Tachas become more popular.
See also: Facebook Offers New Ways To Make Money For Content Creators