Navigating the Creator Economy for Maximum Profit

Welcome back to another episode of the Putty Report. Okay, now we're getting into the juicy details of ConvertKit's State of the Creator Economy Report for 2023,. We're talking about money. We're talking about creator income. So one of the things that it says here is running a creator business has a lot of perks you can explore your interests, connect with new people and learn new tools and skills, so and earn a living online. So this year's creators plan to make more money by adding income streams, collaborating with fellow creators and investing in their businesses. So that's kind of the high level of all the information that they got from creators.

But I found it interesting that they did this report. So I think last year may have been the first time they had done this report, but it says from the creators that they surveyed in 2022 to the ones that they surveyed in 2023. Now this was a reflection of their income from 2021 and 2022. It said more creators almost half made more in 2022 than they did the previous year. And then about I guess, let me see, I'm trying to look at this chart and like, read the numbers and it's yeah. So it's like probably 17%, maybe 18% of their income stayed the same. Some of them didn't generate any income, which is around 16%, and then I would say around 15% made less in 2022. But, like I said, it was almost half that made more money last year. They made more money and actually it says in the report first, more creators are making an income online. 76% of the creators that they surveyed made income last year, which was a 15% increase from the state of creator economy the year before. And we've seen that happen right in the ConvertKit ecosystem and creators collectively earned $10 million through ConvertKit commerce last year. So, if you didn't know this, you can sell products directly through ConvertKit, which is super cool and it's something I haven't really explored too much because I use Kajabi for all of my courses, but I do think that it's interesting and it's something that, if you wanted to know more about that, let me know. I think it's an experiment. I'd love to try and see how it could work, but it dove into how much money are people making.

So it says total income generated from creator businesses in 2022 among those that reported. So it says 20% of creators made more 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. 55% of these creators make less than $10,000 annually from their creator business and I hope that that gives a lot of you like a collective sigh of relief that if your business isn't making six figures, you're not alone. Okay, like no matter what anybody else says, you are not alone in not making six figures a year. I think that there's this mentality that there's so many people making hundreds of thousands of dollars and millions of dollars that that's what everyone is doing, and if you're not doing that, you can feel some shame around it, don't? There's 55% of these people that they investigated or investigated that sounds like they were like detaining them that they surveyed 55% of them are 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 out you're not alone.

But they did talk about the income streams that creators plan to add to their business, and it says here, digital products is number one. So if you're not creating digital products and putting them out there, I highly encourage you to check it out. Actually, if you're listening to this in real time, amy Porterfield has a boot camp all about creating a digital course. You can go to crystalprofitcom forward slash Amy dash boot camp to learn more about it. But I thought that that was interesting because I mean, that is like reigning supreme that everyone wants to add a digital product to their creator business, and I don't blame them. It's a great way to have passive income and direct revenue for something that you create, and then you can scale it and keep going. But I want you to go download this report, go check it out, look at all the other facts and figures that they have in here and dive more into digital products. But that's all I have for you. So, as always, remember, keep it fresh, keep it fun and just keep going.