Epidemic Sound’s 2024 Future of the Creator Economy Report Reveals Music's Vital Role in Content Success, Ongoing AI Integration by Creators, and Advancing Creator Economy

• 54.9% of monetizing creators now identify as full-time in 2024, signaling a 3% rise from 2023 and underscoring a growing dedication to content creation as a primary income source.
• 77% of monetizing creators feel fairly compensated, thanks to ongoing platform monetization programs, with YouTube leading as the top income source (28.6%).
• A substantial 84% of content creators continue to leverage AI-powered tools and applications in their content creation process.
• An overwhelming 83.7% of creators emphasize music's importance in fostering audience connections, while 80% agree that it significantly affects content success.
• 65% of creators are worried that a potential TikTok ban would have a negative impact on their opportunities to earn money from their content.*

Stockholm, Sweden – Today, Epidemic Sound, the soundtracking platform for content creation, released The 2024 Future of the Creator Economy Report, a report delivering key insights into the dynamic realm of content creation, the challenges and opportunities creators face, and their predictions for the future. The company’s second-annual creator economy report explores emerging trends in content monetization, identifies top earning platforms, and examines the integration of AI and music in content creation. The report is based on a survey of 1,500 content creators who are currently monetizing their work. 

Epidemic Sound’s Future of the Creator Economy Report shows that as the creator economy grows, creators are becoming more experienced in identifying new monetization and growth strategies, increasing focus on personal branding, and learning how to best incorporate music and new technologies into their content. 

Career opportunities within content creation strengthening

The digital content creation landscape continues to thrive, with 54.9% of creators now identifying as full-time in 2024, marking a 3% increase from 2023, and 38.9% have been producing content for 2-5 years. This highlights a growing commitment to content creation as a primary income source. Of all creators currently monetizing their content, 77% feel fairly compensated for their work.

Majority of creators are optimistic about monetization, despite challenges

According to Epidemic Sound’s report, 58.3% of creators have recently encountered difficulties in monetizing their content, including limited reach and audience (53.6%), inconsistent income (44.8%), difficulty finding brand partners (39.3%), and platform algorithm changes (37.6%).

Despite these challenges, the majority of content creators are optimistic about the future. A growing number of creators, (73.1%) anticipate improvements in 2024 due to expanding monetization options and strategic content diversification across platforms – an increase from the 71% reported in 2023. 

In 2024, creators employ various monetization methods, including live streaming (49.5%), ad-revenue share programs (48.3%), brand sponsorships (44%), and paid subscriptions (42.6%). Brand sponsorships saw a notable 14% decrease compared to the previous year, highlighting the delicate balance creators navigate between their personal beliefs and maintaining creative independence.

Despite these challenges, creators are strategically distributing work across multiple platforms to maintain a stable income. The survey reveals that YouTube (28.6%) has reclaimed the top spot for creator earnings, surpassing TikTok (18.3%), with Facebook (16.5%) trailing closely behind. Despite recent initiatives to enhance user engagement, Snapchat remains the least lucrative platform for creators, accounting for only 2.5% of their income.

Content creators overwhelmingly acknowledge the pivotal role of music in producing engaging and impactful content

An overwhelming 83.7% of creators emphasize music's importance in fostering audience connections, while 80% agree that it significantly affects content success. This emphasizes the importance of carefully curating music that resonates with the content's theme and aligns with monetization goals and audience preferences.

Moreover, 81.2% of respondents acknowledge that music plays an important role in keeping their content relevant to pop culture trends, and even in how much money they’re able to make from their content (76.3%). However, integrating music into content is not without its challenges. A substantial 50.7% of creators have encountered content removal, muting, or demonetization due to copyright issues, underscoring the complexities of music copyright.

Creators continue leveraging AI to amplify creativity and efficiency, but not without concerns

Artificial intelligence continues to play a key role in how creators conduct their work on a daily basis. A substantial 84% of content creators continue to leverage AI-powered tools and applications in their content creation process, highlighting the sustained impact of AI within the industry. However, while overall AI solution adoption remains strong, the usage of specific AI-powered tools is projected to decrease across multiple categories in 2024 compared to 2023. Specifically, the data highlights a decrease in the adoption of technologies such as image or video recognition software (-18.4%), automated transcription tools (-24.6%), chatbots or virtual assistants (-23.4%), and personalized recommendation engines (-21.9%). 

While AI is a growing aspect of content creation and despite the numerous benefits, concerns surrounding the use of AI in content creation persist. Quality of AI-generated content is a concern for 48.9%, lack of originality worries 38.5%, and plagiarism apprehensions affect 33% of creators. Furthermore, 28.3% express reservations about the ethical implications of AI usage in content creation, emphasizing the importance of balancing human creativity and AI. 

Creators’ Perspectives on the Potential TikTok Ban*

Amid ongoing discussions about a potential TikTok ban in the U.S., Epidemic Sound conducted an additional survey of 1,000 monetizing creators to gather their views on how this might impact their work within the creator economy. TikTok plays a critical role in the social media strategies of many creators, with 62.7% considering the platform to be an extremely or very important part of their current social media strategy. Additionally, nearly two-thirds of creators (65%) worry that a potential TikTok ban would adversely affect their ability to earn money from their content. 

Consequently, creators who consider the platform to be an extremely or very important part of their current social media strategy are proactively diversifying their social media presence, with 49% already expanding to other platforms and 21.1% planning to do so soon. The survey also highlights mixed opinions among all surveyed creators on whether alternative platforms can offer comparable personal brand growth opportunities to TikTok. While 37.9% believe other platforms can offer similar opportunities, 14.7% are doubtful that alternative platforms can match TikTok's unique impact.

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The creator economy is in a constant state of evolution, with creators distributing their work across various platforms, increasing monetization strategies and harnessing music and AI to enhance their content. It is expected to nearly double in size by 2027, with creators continuing to refine their skills to navigate this dynamic landscape.  

"At Epidemic Sound, we are proud to be at the forefront of the creator economy, providing valuable insights and tools that can help content creators maximize their potential earnings and succeed in this rapidly evolving industry," said Epidemic Sound CEO and Co-Founder, Oscar Höglund. "Once again, our report highlights the continued trends driving this dynamic sector and how content creators adapt to take full advantage of these opportunities. It’s important for consumers and brands alike to see what factors are driving the ever-evolving creator economy.”

The full 2024 Future of the Creator Economy Report, including additional insights, can be found here.

METHODOLOGY:

The primary survey for the 2024 Future of the Creator Economy Report was conducted on the Pollfish platform in March 2024. A total of 1,500 content creators who are currently monetizing their content were surveyed. The sample represented a diverse range of industries and niches, including YouTubers, podcasters, bloggers, and social media influencers, among others.

Respondents were selected through a screening process to ensure that they met the criteria of being active content creators who are currently earning money from their work. The survey employed a structured questionnaire, and responses were collected anonymously.

*In light of recent discussions surrounding a potential TikTok ban, we recognized the need to gather additional data on creators' perspectives regarding this issue. As such, we conducted a follow-up survey in May 2024. This secondary survey included a different sample of 1,000 content creators who are currently monetizing their content. The methodology used for the secondary survey mirrored that of the initial survey to maintain consistency and reliability.