Labeling Yourself is Keeping You Down, Do This Instead: How the $100B+ Creator Economy is Going to be Shaped by Big Tech

Labeling Yourself is Keeping You Down, Do This Instead: How the $100B+ Creator Economy is Going to be Shaped by Big Tech

Words have the power to shape our perception of ourselves and the world around us. Linguistic research has shown that language not only influences our behavior but also has a profound impact on our culture. This concept is further supported by a study on children and the labels we ascribe to them. The study found that the labels children received from their teachers became a self-fulfilling prophecy, affecting their self-perception and ultimately limiting their potential.

This idea of labeling oneself is reminiscent of Henry Ford's famous quote, "Whether you think you can or you think you can't, you're right." If we constantly label ourselves as incapable or limited, we are effectively setting ourselves up for failure. Our inflexible self-identification denies us the chance to improve our lives and reach our full potential.

Instead of using fixed labels to identify ourselves, we can adopt a more effective method of self-identification by focusing on our behaviors. By using verbs to describe ourselves, we can release harmful perceptions and beliefs that hold us back from trying new methods and approaches that might improve our lives. This concept aligns with Bill Gates' statement that "the future of search is verbs," suggesting that focusing on actions and behaviors is key to personal growth and development.

The power dynamic between creators and big tech platforms has been shifting in recent years. Influencers have become increasingly frustrated with the lack of financial rewards from their high-traffic content on these platforms. As a result, big tech platforms have recognized the need to retain their labor force and have started implementing features to better support creators.

Facebook, for example, has introduced features such as Stars, a native tipping system that allows users to tip creators. They also plan to allow creators to charge for access to Live Audio Rooms and have launched an Audio Creator Fund to support emerging creators. Substack and Revue, on the other hand, take a percentage of creators' earnings for using their platforms.

Amazon has also been making moves in the creator economy space. Their Amazon Live Creator app enables influencers to earn commissions through livestream sales. Additionally, Twitch, Amazon's game streaming service, has seen significant growth in terms of content creation and viewership. Creators streamed 206 million hours in Q3 of 2020, nearly double the previous year, and users viewed 4.7 billion hours of video on the platform. Twitch derives the majority of its revenue from subscriptions but is looking to increase its ad revenue in the future.

Livestream shopping has emerged as a critical aspect of social commerce, and Amazon is looking to expand its presence in this space. Taobao Live, a livestreaming platform in China, generated $7.5 billion in sales in just 30 minutes during the Singles' Day shopping festival. This trend is expected to continue growing and contribute to a significant portion of e-commerce sales.

Microsoft's CEO, Satya Nadella, has expressed his belief in the power of creation. He sees the next 10 years as being as much about creation as it is about consumption. Nadella recognizes that the phenomenon of creation is becoming more democratized, allowing individuals to express their creativity and build their own communities.

YouTube, one of the largest platforms for creators, boasts staggering statistics. Over 500 hours of content are uploaded every minute, and more than a billion hours of video are watched every day. The platform is expected to generate $30 billion in ad revenue in 2021. However, YouTube's 30% cut of creators' earnings has been a point of contention. Other infrastructure platforms, such as Stripe, take a smaller percentage, highlighting the need for a more equitable fee structure.

The shift of big tech into the creator economy is driven by their desire to retain users. The products and services that emerge from these efforts will likely be focused on their own platforms. However, creators are increasingly seeking to become platform-agnostic and independent brands to reduce their dependence on any one platform.

In conclusion, the power of words and self-identification cannot be underestimated. Labeling ourselves in fixed terms limits our potential for growth and improvement. By focusing on our behaviors and actions, we can release harmful perceptions and beliefs that hold us back. In the creator economy, big tech platforms are recognizing the need to better support creators and retain their labor force. However, creators are also seeking independence and platform-agnostic solutions to ensure their long-term success.

Actionable advice:

• 1. Challenge your self-identifying labels and focus on your behaviors. Embrace a growth mindset that allows for personal growth and improvement.

• 2. Explore different platforms and distribution channels to diversify your presence as a creator. Reduce your dependence on any one platform by building an independent brand.

• 3. Advocate for more equitable fee structures and revenue sharing models within the creator economy. Support platforms that prioritize fair compensation for creators.

By implementing these actionable advice, individuals can break free from self-imposed limitations, navigate the evolving landscape of the creator economy, and create a sustainable and fulfilling career as a creator.