Navigating the Creator Economy for Maximum Profit

Ever wondered why your online creation business isn't hitting that coveted six-figure mark? Well, you're not alone. 

Join us as we unpack the findings of ConvertKit's State of the Creator Economy Report for 2023, shedding light on the income and business strategies of content creators. 

We'll reveal that almost half of the creators surveyed made more money in 2022 than the previous year, and an impressive 76% earned income online, a 15% increase from the previous year. 

But it's not all about the numbers. We'll also get into the creative strategies creators plan to adopt to boost their income - from adding income streams to collaborating with others, and investing more in their business. 

Plus, we'll spotlight the most popular income streams creators intend to add to their business, with digital products leading the race. So, if you haven't thought about selling digital products yet, now's the time. 

Stay tuned for an empowering discussion on the creator economy and how to elevate your online income. Our mantra? Keep it fresh, keep it fun, and just keep going!

Episode Transcript

Speaker 0 (00:00):
Welcome back to another episode of the Putty
Report.
Okay, now we're getting intothe juicy details of
ConvertKit's State of theCreator Economy Report for 2023,
.
We're talking about money.
We're talking about creatorincome.
So one of the things that itsays here is running a creator

(00:21):
business has a lot of perks youcan explore your interests,
connect with new people andlearn new tools and skills, so
and earn a living online.
So this year's creators plan tomake more money by adding
income streams, collaboratingwith fellow creators and
investing in their businesses.
So that's kind of the highlevel of all the information

(00:42):
that they got from creators.
But I found it interesting thatthey did this report.
So I think last year may havebeen the first time they had
done this report, but it saysfrom the creators that they
surveyed in 2022 to the onesthat they surveyed in 2023.
Now this was a reflection oftheir income from 2021 and 2022.

(01:02):
It said more creators almosthalf made more in 2022 than they
did the previous year.
And then about I guess, let mesee, I'm trying to look at this
chart and like, read the numbersand it's yeah.
So it's like probably 17%,maybe 18% of their income stayed

(01:23):
the same.
Some of them didn't generateany income, which is around 16%,
and then I would say around 15%made less in 2022.
But, like I said, it was almosthalf that made more money last
year.
They made more money andactually it says in the report

(01:43):
first, more creators are makingan income online.
76% of the creators that theysurveyed made income last year,
which was a 15% increase fromthe state of creator economy the
year before.
And we've seen that happenright in the ConvertKit
ecosystem and creatorscollectively earned $10 million

(02:06):
through ConvertKit commerce lastyear.
So, if you didn't know this,you can sell products directly
through ConvertKit, which issuper cool and it's something I
haven't really explored too muchbecause I use Kajabi for all of
my courses, but I do think thatit's interesting and it's
something that, if you wanted toknow more about that, let me
know.
I think it's an experiment.
I'd love to try and see how itcould work, but it dove into how

(02:30):
much money are people making.
So it says total incomegenerated from creator
businesses in 2022 among thosethat reported.
So it says 20% of creators mademore than 60% last year and 12%
of creators made more than$100,000 from their business
last year.
But if you fall lower than that.

(02:54):
55% of these creators make lessthan $10,000 annually from
their creator business and Ihope that that gives a lot of
you like a collective sigh ofrelief that if your business
isn't making six figures, you'renot alone.
Okay, like no matter whatanybody else says, you are not

(03:16):
alone in not making six figuresa year.
I think that there's thismentality that there's so many
people making hundreds ofthousands of dollars and
millions of dollars that that'swhat everyone is doing, and if
you're not doing that, you canfeel some shame around it, don't
?
There's 55% of these peoplethat they investigated or

(03:37):
investigated that sounds likethey were like detaining them
that they surveyed 55% of themare making under $10,000 a year
in their creator business.
So if you are there right now,you can absolutely increase it.
But I just wanted to point outyou're not alone.
But they did talk about theincome streams that creators
plan to add to their business,and it says here, digital

(04:00):
products is number one.
So if you're not creatingdigital products and putting
them out there, I highlyencourage you to check it out.
Actually, if you're listeningto this in real time, amy
Porterfield has a boot camp allabout creating a digital course.
You can go to crystalprofitcomforward slash Amy dash boot camp
to learn more about it.
But I thought that that wasinteresting because I mean, that

(04:22):
is like reigning supreme thateveryone wants to add a digital
product to their creatorbusiness, and I don't blame them
.
It's a great way to havepassive income and direct
revenue for something that youcreate, and then you can scale
it and keep going.
But I want you to go downloadthis report, go check it out,
look at all the other facts andfigures that they have in here

(04:44):
and dive more into digitalproducts.
But that's all I have for you.
So, as always, remember, keepit fresh, keep it fun and just
keep going.