What would it take to close the income gap in the creator economy? American Influencer Council (AIC) and influencer marketing platform Traackr released new research to further understand the barriers influencers face to earn a livable wage. The report, “Breaking Barriers: Why We Must Close the Influencer Income Gap,” surveyed over 100 career creators and found that the “feast or famine” business of influencing can be detrimental to financial wellness. Key insights include:
- 50% percent of creators make less than $100k annually
- 43% of creators indicated they face discrimination when pursuing brand deals
- 47% of responders felt stressed about their finances
- 32% of those surveyed revealed that their mental health was a top area affected by financial stress, followed by 22% who disclosed it impacted their creativity
According to the research, “Fostering one-to-one relationships with creators is the most important thing a brand can do. Think about a dating app. You probably aren’t going to say, ‘I want to be your girlfriend,’ right away. Instead, you want to get to know them more personally. This is the same in influencer marketing,” says Madeline Chambers, Director, Social & Influencer Marketing, Ole Henriksen.
One of the biggest takeaways from the survey looks to be that the future of the creator economy is dependent upon establishing a middle class, which will foster equitable economic participation by all career creators and bring everyone closer to closing the influencer income gap. “These are small businesses with unique barriers to achieving success,” states the report.
To read the full report, visit https://www.americaninfluencercouncil.com/aic-member-memo/aic-traackr-trend-report-breaking-barriers.