TikTok and Instagram: Creators demand a seat at the money-making table

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YouTube shorts won influencer marketers' attention in 2023 with a 700% spending boost as investment in short-form content climbed. Short-form video dominated as influencer marketing drove 14% more value in 2023 than 2022, according to new data from CreatorIQ.

If you haven’t already, maybe it’s time to put efforts on short-form videos in 2024…

The real test to X's creator monetisation system

It's been over six months since X began compensating creators, and one big name in the YouTube universe, MrBeast (Jimmy Donaldson), pocketed around $25,000 during the platform's inaugural payout period. Yet, despite the allure of X's monetization system, YouTube's most-subscribed creator has been cautious in fully embracing it.

The Elon Musk nudge: The intrigue deepened when Elon Musk prodded MrBeast to migrate his YouTube videos to X. Donaldson's response was succinct but data-driven: "My videos cost millions to make and even if they got a billion views on X it wouldn’t fund a fraction of it."

The experiment unveiled: Now, MrBeast is putting his claim to the test. In a recent X post, he re-uploaded a sponsored video with over 200 million YouTube views, titled “$1 Car vs $100,000,000 Car.” His objective is crystal clear: to gauge "how much ad revenue a video on X would make."

Stay tuned (a big reveal on the horizon): The implications are significant for both X and its creator community. MrBeast, in an unusual move, has committed to sharing the results of his ad revenue experiment online. Multiplatform creators are eagerly watching to see if X can match up to the revenue potential of YouTube.

The bigger picture: With advertisers navigating stormy waters during Musk's tenure, X is banking on a new content lineup led by conservative celebrities to keep brands and users engaged. However, an endorsement from a heavyweight like MrBeast could be the game-changer, especially if he deems X's monetization system credible enough for his viral video uploads. The saga continues as the creator community holds its breath for the final verdict.

News & updates

• Discord is laying off 17 percent of employees.

• Italy regulator tightens rules on influencers after Ferragni scandal.

• TwitchCon is heading to Rotterdam and back to San Diego.

• Substack keeps the Nazis, loses Platformer.

• Threads now lets you hide both like and share counts.

• You can now cancel in-progress stories uploads on Instagram.

TikTok and Instagram: Creators demand a seat at the money-making table

👀 In the spotlight (Erin McGoff's reality check): In the opulent realms of TikTok and Instagram, creators are no longer settling for scraps. Erin McGoff, boasting three million followers, lays it bare: "On Instagram, I’ll have a video hit 900,000 views and make six dollars. It's a slap in the face." The discontent isn't a solo act; it's an anthem echoing among creators.

💸 The creator conundrum (survival mode): Creators, hustling for brand deals, sponsorships, and subs, find platforms unwilling to cut them a fair slice. A tweak in algorithms or a sudden suspension can shatter their income, making them hostages to the erratic vibes of social platforms.

🔄 Industry insight (Matt Koval's revelations): Matt Koval, the behind-the-scenes whisperer, spills the tea: a creator's glory window lasts five to seven years. Without industry rules, brands are robbing creators, tossing crumbs their way. McGoff's popularity soars, but the shadow of career uncertainty looms large.

🚨 Call to arms (Hannah Williams' battle cry): In a world sans set rates, Hannah Williams, the force behind Salary Transparent Street (STS), shouts for a union. With her business cashing over a mil in 2023, Williams screams for standardized rates and industry guidelines. Rebel initiatives like Fuck You Pay Me (FYPM) and creators.org rise as digital champions, equipping creators with databases and united voices.

📉 Platform drama (creators vs. platforms): Creators don't just want transparency from brands; they're side-eyeing the platforms too. Random algorithm flips, account lockdowns, and MIA customer service leave creators powerless. Startups offering insurance against account hacks are the new heroes in this digital saga.

🌟 Hope in chaos (the rise of digital rebels): While the idea of a creators' union isn't new, rebels like creators.org and the Creators Guild of America are gaining traction. Finding common ground among creators is a wild ride, but the collective roar is getting louder. Creators want a say in the digital rulebook, pushing for algorithm transparency and legal shields to legitimize their grind.

🎬 Revolution's rhythm: As creators juggle uncertainties, the revolution's rhythm gets louder. The burning question: Will the creator economy witness a rebellion that forces platforms to acknowledge the real value creators bring to the digital feast? Stay tuned - it might just be the revolution we've all been waiting for.

Reading list

• The uncanniest influencers on the internet (The Atlantic)

• Influencer marketing: What’s in and out in 2024 (Vogue Business)

• CNDO is a new 'challenge-based' social networking app for creators and fans (TC)

• More older women are social media influencers, and brands are noticing (Washington Post)