Creators want Growth and Money

It's tough being a social media creator. Creative economy influencers often face several business-related challenges.

1. Monetization: One of the most significant challenges for influencers is finding consistent and lucrative ways to monetize their content. While there are several potential revenue streams (like sponsored content, affiliate marketing, merchandise, and ad revenue), it can be difficult to generate a stable income, especially when starting out. Changes in platform algorithms, shifts in viewer preferences, and market saturation can all impact earnings.
2. Brand Partnerships: Securing beneficial partnerships with brands is another common challenge. Influencers need to find brands that align with their image and audience, negotiate fair contract terms, and manage these relationships effectively. They also need to balance sponsored content with organic content to avoid alienating their audience.
3. Audience Growth and Retention: Building and maintaining an engaged audience is crucial for influencers. However, with the increasing number of influencers and content saturation (hello 👋 ChatGPT), standing out and attracting new followers, while keeping the existing ones engaged, can be tough. It requires constant innovation, understanding audience preferences, and staying updated with platform trends and algorithms.

Blockchain technology can offer a foundation for several solutions to help address the challenges of monetization and audience growth and retention for influencers:

Monetization:

• Direct Transactions: Blockchain allows for peer-to-peer transactions, enabling influencers to sell products, services, or exclusive content directly to their audience without the need for intermediaries.
• Tokenization: Influencers can create their own tokens or cryptocurrencies to monetize their brand. These tokens can be used by the audience to access exclusive content, merchandise, or experiences. This not only provides a new revenue stream but also increases audience engagement.

Most of the blockchain-related solutions for creators miss the vital benefit the technology offers to permit direct fans to co-create. Token-based approaches enable creators to allow proven true fans (direct audiences) to use their content with permission to co-create, increase value, and re-distribute to the community.

Audience Growth and Retention:

• Transparency and Trust: Blockchain's transparency can help build trust with the audience. For example, influencers can prove the authenticity of their follower count or engagement rates, which can attract more followers and brands.
• Fan Engagement: By using tokens or cryptocurrencies, influencers can incentivize audience engagement. For example, followers could earn tokens by watching videos, sharing content, or participating in community activities, which they can then redeem for rewards.
• Ownership and Control: Blockchain can give influencers more control over their relationship with their audience. For example, they could create a decentralized social media platform where they set the rules and aren't subject to the changing algorithms of traditional platforms.

No social media platform will voluntarily give direct control to the creator over their audiences. But the shift is happening since the bulk of monetization for creators will occur through a direct relationship with the fans and not through the ads.