The global Asia and Oceana Creator Economy Market is estimated to be valued at US$ 135.20 Bn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Asia and Oceana creator economy market consist of content creators who develop and share various types of digital content such as videos, podcasts, blog posts, music, and more via various social media platforms and dedicated apps. These digital content are monetized through sponsorships, collaborations, paid subscriptions, affiliate marketing and direct payments from fans and followers. The growing popularity of influencers and rise of 'Influencer Marketing' as a viable advertising option across various industries in the region is boosting the Asia and Oceana creator economy market.
Market key trends:
One of the key trends in the Asia and Oceana creator economy market is the rise of live streaming and video creator platforms. Platforms such as TikTok, YouTube, and Kuaishou allow creators to build a dedicated fan following by regularly uploading short form video contents covering various topics. These platforms have enabled many video creators in the region to monetize their content through paid subscriptions, virtual gifts, and partnership deals. In addition, Asia based dedicated platforms like Bilibili in China and Likee in India have demonstrated strong growth over the past few years by catering to local content preferences and monetization models. The market is also witnessing a surge in podcast creator platforms which have enabled many new influencers across verticals to launch their own shows and build a loyal fanbase.
Porter's Analysis
Threat of new entrants: Low barriers to entry allows new entrants with innovative apps and platforms. However, established players have strong network effects and resources which deter new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of many platforms. They can switch between platforms if one raises prices or lowers commissions.
Bargaining power of suppliers: Creators and content developers have moderate bargaining power as major platforms try to attract established influencers and retain them by offering better deals and services.
Threat of new substitutes: Threat of new substitutes is high as different monetization models like SAAS platforms, ecommerce sites, online courses are emerging.
Competitive rivalry: Intense competition among major platforms to attract influencers and users. Players spend heavily on new features, commissions and creator support to gain market share.
Key Takeaways
The Asia And Oceana Creator Economy Market Demand is expected to witness high growth, exhibiting CAGR of 30.% over the forecast period, due to increasing availability of digital payments and growing number of influencers from the region. The market size for 2023 is estimated at US$ 135.20 Billion.
Regional analysis: China dominates the regional market fueled by presence of platforms like ByteDance, Kuaishou, and Bilibili. Southeast Asian countries are fastest growing driven by factors like rising youth population, increasing digital connectivity, and preference for local language content. Japan and South Korea also offer significant opportunities.
Key players: Key players operating in the Asia and Oceana creator economy market include ByteDance (TikTok, Douyin), Kuaishou, Bilibili, Tencent (WeChat, Tencent Video), Alibaba (Taobao, Weibo), Meta (Facebook,Instagram), YouTube, Twitch, OnlyFans, Patreon, Substack, Kickstarter, Indiegogo, Disco, Cameo. Major platforms spend heavily on commissions, influencer events and localizing content to expand their presence across the region.
Read more: https://www.trendingwebwire.com/asia-and-oceana-creator-economy-market-analysis/
