Business

The Creator Economy: Lessons from History and Cannes

When MTV first went on the air back in 1981, few gave it much thought-a flash in the pan.

When MTV first went on the air back in 1981, few gave it much thought-a flash in the pan.

H ow could an all-video music station possibly compete with the venerable forms of entertainment- film, television, and radio? And yet MTV survived, thrived, and came to represent something new and burly that would forever change the images of music, television, and culture around the globe. Immediately, it has become a catalyst in popularizing cinema, soundtracks, and commercials, alongside launching the careers of directors such as David Fincher, Spike Jonze, and Michael Bay. On similar lines, while these directors had long ago captured the attention of youth in a much more realistic portrayal of their life in excellent storytelling and innovative editing, modern-day creators are remoulding how a brand is discovered and how the communities are formed.

As MTV changed everything in music consumption and discovery for artists, so too is creator marketing shifting the way consumers find brands and make purchase decisions. Tellingly, the statistics describe the shift away from traditional media: for the first time in history, reports the GWI, more people will spend around 30% more time on social media than on television in 2023. However, the gap remains: most in the mainstream creative and advertising industries have yet to accept that original videos made by creators on TikTok, YouTube, and Instagram Reels represent quality content.

Despite Goldman Sachs' growth prediction that the creator economy will be a $500 billion force by 2027, traditional TV commercials continue to rule the world of ad exposure. The big question for those living in the world of creators will be what needs to happen in order to flip this script, or will the mainstream media get with the influencer content before it is too little, too late? The swing is already in motion and its velocity is unstoppable.

Cannes Lions Festival Marks Shift to Creator Marketing
The Cannes Lions International Festival of Creativity-the largest advertising event in the world-set this new direction forth this year. Marketers everywhere are gradually adopting the creator economy, but more and more of them have placed influencers at the pinnacle of their marketing endeavors. For example, reports ad agencies, social platforms, and brands, the halls of Cannes Lions were filled with panels and events advocating for the influence of creators.

Among the prominent campaigns for the previous year, it included big name creators such as Yes Theory, Mr Ballen, Robyn DelMonte, and Alix Earle. For the first time, Cannes Lions dedicated the Palais to a "Lions Creators" track, sponsored by Viral Nation, a creator marketing agency. Marketers increasingly look toward creators to execute campaigns, an area where, according to industry leaders - who spoke at a particular panel including Victoire Binet from Unilever and Caspar Lee from Creator Ventures - brands need closer in collaboration with creators. More listening, more learning before launching campaigns is the approach made necessary by Ashley Cole Seidman from Visa.

Since its creation in 2018, the Social and Influencer category has seen many changes regarding how brands talk on social media and with influencers. High-quality entries - from McDonald's Japan's "No Smiles," which won a Gold Lion, to smart "Michael CeraVe," with actor Michael Cera playing the role of an unsuspecting beauty influencer, and winning a Grand Prix. This is going to shape the future of how brands engage with society.

Just like MTV transformed from a non-event novelties to an absolute cultural phenomenon, so will creator marketing. The unique strengths of creators will enable brands to be more culturally relevant and successful. Skeptics will remain; however, the outcome is clear: creator marketing is rewriting the script for the future of brand engagement. Those not prepared for this change are doomed to be left behind.

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