On the one end, I think monetizing every second of the day will lead to really cool opportunities, new markets, inventive creators, etc.
On the other, I can already see the burnout.
It's a rare treat that I get to game with a friend who doesn't want to also stream it, or hang out in a group without someone vlogging it. I think the "uncaptured" moments and modules of life will become more valuable.
And, at some point, we need to stop thinking that: valuable = monetizable.
"For example, a creator can use NewNew to post a poll asking which sweater they should wear today, or who they should hang out with and where they should go. Fans purchase voting power on NewNew’s platform to participate in the polls, and with enough voting power, they get to watch their favorite influencer live out their wishes, like a real life choose-your-own-adventure game."
I would love to have the thoughts of the IH Community on this quote. 👆
Do you think Creators should moving off the reliance on just advertising by monetizing their decisions and their daily life❓
If it works for them and their audience, go for it.
In general, creators will earn far more from monetizing their audience directly than they will from advertisers.
Full disclosure here, my company is a micropayment processor, so monetizing a creator's audience is part of what we do.
The problem right now, is that it is very difficult to monetize casual users. Only 2% of Patreon accounts even made the minimum wage in 2020. The vast majority of a site or influencers audience are going to be casual users. They don't get enough value to donate $3 or $5 because maybe they show up once a month or less. On top of that, filling out a form, entering CC information, etc is a high hurdle to get people to do on a regular basis.
On the other end, you need hundreds of thousands, or millions of followers to make anything significant on ads. By comparison, at just $0.05 for tips/donations/polls, you earn $50/1000 users, far more than any ad will ever touch.
There is a vast desert in between current donations and ads that will be the future for creators. That is what you are seeing with that NewNew company monetizing daily activities.
That is where my company is trying to come in. Small transactions ($0.01-1.00) with just 1 click. No forms or CCs. The current monetization model is basically to donate for the work as a whole. We are trying to move it to "donate for this specific piece of content", which translates easily into "let's have a poll, vote with $0.01".
I have a love-hate relationship with this idea.
On the one end, I think monetizing every second of the day will lead to really cool opportunities, new markets, inventive creators, etc.
On the other, I can already see the burnout.
It's a rare treat that I get to game with a friend who doesn't want to also stream it, or hang out in a group without someone vlogging it. I think the "uncaptured" moments and modules of life will become more valuable.
And, at some point, we need to stop thinking that: valuable = monetizable.
"Just because you can doesn't mean you should..."
agreed. selling everything amounts to burnout. there are better models.
paying per eyeball / attention is dead.
Hey John, what models are you suggesting?
i think subscription models are better than attention models, in general.
Li Jin & David Perrell just did a great podcast on this.
The premise of the article could not be more opposite from the truth.
"For example, a creator can use NewNew to post a poll asking which sweater they should wear today, or who they should hang out with and where they should go. Fans purchase voting power on NewNew’s platform to participate in the polls, and with enough voting power, they get to watch their favorite influencer live out their wishes, like a real life choose-your-own-adventure game."
I would love to have the thoughts of the IH Community on this quote. 👆
Do you think Creators should moving off the reliance on just advertising by monetizing their decisions and their daily life❓
If it works for them and their audience, go for it.
In general, creators will earn far more from monetizing their audience directly than they will from advertisers.
Full disclosure here, my company is a micropayment processor, so monetizing a creator's audience is part of what we do.
The problem right now, is that it is very difficult to monetize casual users. Only 2% of Patreon accounts even made the minimum wage in 2020. The vast majority of a site or influencers audience are going to be casual users. They don't get enough value to donate $3 or $5 because maybe they show up once a month or less. On top of that, filling out a form, entering CC information, etc is a high hurdle to get people to do on a regular basis.
On the other end, you need hundreds of thousands, or millions of followers to make anything significant on ads. By comparison, at just $0.05 for tips/donations/polls, you earn $50/1000 users, far more than any ad will ever touch.
There is a vast desert in between current donations and ads that will be the future for creators. That is what you are seeing with that NewNew company monetizing daily activities.
That is where my company is trying to come in. Small transactions ($0.01-1.00) with just 1 click. No forms or CCs. The current monetization model is basically to donate for the work as a whole. We are trying to move it to "donate for this specific piece of content", which translates easily into "let's have a poll, vote with $0.01".
Interesting article! Thanks Eliot for sharing
😉