by The global Asia and Oceania Creator Economy Market is estimated to be valued at US$ 135.20 Bn 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 market consists of individuals and organizations that generate and distribute digital content to generate revenue through platforms and applications. Creators leverage online marketplaces and platforms that allow them to monetize their digital content such as video, music, blogs, podcasts, artwork etc. This provides an opportunity for creators to build sustainable careers by directly engaging and earning from their audience. Advantages include direct funding mechanism for content creators, flexible work environment and the ability to earn supplementary income. The growing popularity of social media and digital content has fueled the demand for high quality creative content in the Asia and Oceania region.
Market key trends:
One of the key trends driving the Asia and Oceania creator economy market is the rise of influencer marketing. Digital content creators or influencers leverage their strong follower base on social media platforms like YouTube, Instagram, TikTok etc to earn revenue from brand partnerships and endorsements. Influencers enjoy high levels of engagement and trust among their audience, allowing brands to increase awareness through influencer marketing campaigns. Another major trend is the growth of live streaming and video commerce. Platforms like TikTok and Kuaishou have enabled creators to monetize live streams through virtual gifts, paid digital badges and e-commerce transactions. Live streaming is becoming an integral part of the creator economy as it fosters real-time engagement and provides an interactive experience for fans.
Porter’s Analysis
Threat of new entrants: The Asia and Oceania creator economy market has moderate threat of new entrants due to large capital requirements and economies of scale of the existing major players in this space. However, low entry barriers for individual creators can spur competition.
Bargaining power of buyers: Buyers have high bargaining power in this market due to availability of multiple creator platforms and options for consumers to choose from. Buyers can also switch between platforms easily.
Bargaining power of suppliers: Creators individually have low bargaining power due to fragmented nature of supply. However, popularity of some mega-influencers gives them more negotiating power with platforms.
Threat of new substitutes: Threat of substitutes is moderate as new platforms and features within platforms regularly emerge as alternatives for consumers. However, network effects tend to keep users within existing major platforms.
Competitive rivalry: Competition is intense among the major platforms to dominate market share and attract creators as well as buyers. Frequent feature updates, events and investments aim to engage users.
Key Takeaways
The Asia and Oceania Creator Economy Market Share is expected to witness high growth, exhibiting CAGR of 30% over the forecast period 2023-2030, due to increasing internet and smartphone penetration in the region.
Regional analysis: Countries like China and India dominate the regional creator economy market owing to their huge internet populations that are increasingly spending time and money engaging with digital content. Southeast Asian countries are also growing rapidly in their creator ecosystems.
Key players: Key players operating in the Asia and Oceana creator economy 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. These major platforms compete to attract creators as well as the growing fan base in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
