For many around the world, the creator economy has changed what it means to earn a living. Currently valued at over $100 billion, this industry consists of more than 50 million independent content creators, social media influencers, bloggers, and videographers worldwide. These creators garnered an estimated $15 billion in revenue last year, many without the financial tools and services available to traditional businesses.
In fact, it appears the creator economy has grown so fast that hardly anyone in financial services has been able to keep up. This rapid growth has increased the need for financial entities to deal with a growing set of problems that are unique to creators, such as outstanding royalty fees, long pay cycles, and inconsistent earnings.
So far, traditional banks and financial institutions don’t seem to cater to these growing needs of the creator economy. Even among fintech firms – which are generally quicker to jump on new opportunities – only a handful in the industry have started to offer financial services that are geared towards creators and influencers.
Why has the creator economy (so far) been overlooked by traditional financial firms?
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