Asia and Oceania Creator Economy Market Growth Drivers, Business Strategies and Future Prospects 2023-2030
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| Asia and Oceania Creator Economy Market |
The global Asia and Oceania Creator Economy Market is estimated to be valued at US$ 135.20 billion in 2022 and is expected to exhibit a CAGR of 30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Asia and Oceania creator economy refers to the production of goods and services by individual content creators, artists and entrepreneurs. This includes creators of videos, music, blogs and more who earn income directly from their fans and audience. The creator economy offers a new way for digital content makers to directly monetize their passion and creativity.
Market key trends:
One of the major trends in the Asia and Oceania creator economy market is the rise of short-form video apps and platforms. Apps like TikTok, Kuaishou and like-shorts on Instagram have seen massive growth over the past few years with hundreds of millions of users in the region. They have emerged as an important revenue stream for creators through mechanisms like tips, subscriptions and e-commerce integrations. Short videos are also driving the growth of virtual gifting cultures where fans financially support their favorite creators. Such platforms are enabling new micro-influencers from small towns and villages to build sizeable fan followings and earn an income.
Segment Analysis:
The Asia and Oceana Creator Economy market is segmented into content creators, content services, and content publishers. The content creators segment is currently dominating the market as it accounts for over 35% of the total market share. This is because the region has witnessed a surge in the number of talented individuals producing different types of content such as gaming videos, comedy sketches, food reviews, and more. Moreover, various content platforms have made it easy for these individuals to monetize their content and skills.
Key Takeaways:
The global Asia and Oceania Creator Economy Market Share is expected to witness high growth, exhibiting a CAGR of 30% over the forecast period, due to increasing investments by tech giants and proliferation of content streaming platforms.
Regional Analysis:
Asia Pacific region currently dominates the creator economy market with over 45% share. This is because countries like China and India have a large population of young content creators with diverse skills. Furthermore, presence of leading platforms like TikTok, Kuaishou and others have boosted the growth of creator economy in the region. The North American region is projected to grow at a high pace during the forecast period due to increasing demand for streaming content in the US and Canada.
Key Players:
Key players operating in the Asia and Oceana Creator Economy market are ByteDance (TikTok, Douyin), Kuaishou, Bilibili, Tencent (WeChat, Tencent Video), Alibaba (Taobao, Weibo), Meta (Facebook,Instagram), YouTube, Twitch, OnlyFans, Patreon, Substack, Kickstarter, Indiegogo, Disco, Cameo. ByteDance and Kuaishou have established a strong foothold in the Asia market through their short video platforms TikTok and Kuaishou respectively. Tencent is also dominating the market through its gaming and social media platforms WeChat and Tencent Video in China.
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