Research reveals booming Australian entrepreneurial landscape
- Written by Marcus Marchant, Vista ANZ CEO
Vista announces content creator grants as study into Australia’s Creator Economy reveals opportunities and obstacles
A report into Australia’s creator economy commissioned by Vista* has revealed a booming entrepreneurial landscape where social media content creators are earning an average $53,000 a year and creating jobs for others – but feel held back by lack of business skills and support.
In response to the findings, Vista is launching a creator economy support program, offering five $5,000 grants to help fledgling businesses grow by overcoming hurdles identified in the research, including lack of marketing, design and branding expertise.
Michelle Pan, Senior PR and Social Media Specialist at Vista said, “The study’s findings make it clear these clever creators are raring to go to the next level of growth, but they need some help to get there. Vista’s support through this dedicated pilot grant program will guide and help small business creators to achieve their big ambitions.”
Who’s earning the most?
The survey of more than 500 content creators who share their own creative work online, or use social media to build an audience for that work or personal brand, found those earning the most from social media content are young, male and on TikTok.
Australian content creators earned an average of $52,744 over the past 12 months, with males raking in more than females on average ($57k compared to $49k). Earnings by Millennials ($58k) and Gen X ($56k) also outpaced those of their Gen Z ($37k) and Baby Boomers ($11k) creator counterparts, while those based in capital cities out-earned those in other parts of Australia by more than $11,000.
The most lucrative platform was TikTok, where creators earned more through social media content than on any other platform ($71k), followed by YouTube ($67k), Snapchat ($65k), Twitter ($65k), Instagram ($61k), Facebook ($59k), WhatsApp ($59k) and Reddit ($58k).
Creating content – and work for others
According to the research findings, creators are making more than content. They are creating jobs and income for others they hire to help make their content, including photographers, videographers, stylists and graphic designers.
More than four in five (83%) paid someone to help them make content in the past 12 months, with creators on Twitter and TikTok the most likely to do so. Amongst these, eight in 10 (81%) hired four or more people.
From side hustle to centre stage
Creators take their business seriously, with almost all of those surveyed (94%) having five-year business goals. Reflecting their long-term commitment to their business, four in 10 plan to shift content creation from a ‘side hustle’ to their main income source (40%) in the next five years, with female creators leading the charge (45% compared to 34% of males).
Creators’ plans include growing reach beyond social media (52%) and broadening their social presence onto other platforms (49%). About four in 10 creators plan to launch or expand their own product line and merchandise (44%) and hire support staff to grow their business (41%).
Hurdles hampering growth
It’s not all smooth sailing though, with 95% of creators facing challenges. Amongst those who have specific concerns or challenges, lack of industry and Government support, training and incentives topped the list (43%) of challenges faced. One in five (22%) creators also note that brands don’t understand how best to work with them.
Compounding these issues, four in 10 creators are challenged by limited knowledge of design and marketing strategies (39%), brand identity development, how to monetise content (both 36%), and how to scale their business (35%).
“It’s in brands’ best interests to get to grips with how to work with these entrepreneurial content creators and social media influencers, and to help empower them. It’s a massive sector, already worth more than $100 billion globally, and with huge potential for growth. The influencer market alone grew seven-fold in Australia from 2020 to 2021,” Vista’s Michelle Pan explained. **
“These creators are savvy entrepreneurs with significant influence and clout among their audience that brands can leverage, with four in 10 Millennials believing their favourite YouTube creator understands them more than their friends do.”***
Applications for one of five $5,000 Vista Creator Economy Grants will open on 31 May 2022 and close at midnight (AEST) on 30 June 2022. More information and online nominations are available at Creator Economy Grants.
