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39 lessons I learned from @TaylorLorenz about the passion economy from her interview with @nbashaw and @ljin18.
"A TikTok view isn't the same as a YouTube view"
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"A TikTok view isn't the same as a YouTube view"
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Taylor Doesn't Like the Term "Passion Economy"
• Everyone needs to work, but not everyone is passionate about it
• Are people working because they are passionate or because they need to?
• Some people have lost faith in the system or can't find a job
• Everyone needs to work, but not everyone is passionate about it
• Are people working because they are passionate or because they need to?
• Some people have lost faith in the system or can't find a job
How the Creator Economy Evolved
• The first collab house was started in 2009
• People developed content as a means of self-expression and/or creativity
• Influencer wasn't considered a "normal" job or a way to make money
• Now it's changed
• The first collab house was started in 2009
• People developed content as a means of self-expression and/or creativity
• Influencer wasn't considered a "normal" job or a way to make money
• Now it's changed
The Creator Economy Today
• Being an influencer is now mainstream
• It's considered normal and a viable way to build and scale a brand
• 2017 is when mainstream media started covering it
• Coinciding with the rise of Gen-Z
• Taylor is writing a book about creators
• Being an influencer is now mainstream
• It's considered normal and a viable way to build and scale a brand
• 2017 is when mainstream media started covering it
• Coinciding with the rise of Gen-Z
• Taylor is writing a book about creators
Can't Buy Your Way to Success as a Platform
• Triller spent a lot of money on attracting influencers including a "couple million" for @charlidamelio
• All the agreements are non-exclusive
• Influencers aren't dedicated to the platform in the way they are TikTok
• Triller spent a lot of money on attracting influencers including a "couple million" for @charlidamelio
• All the agreements are non-exclusive
• Influencers aren't dedicated to the platform in the way they are TikTok
Competing with Incumbents
• It's hard to compete with incumbents such as YouTube and Instagram
• TikTok had to spend $1B on marketing in 2019 just to be a viable competitor
• Competition is important for a "vibrant" creator economy
• It's hard to compete with incumbents such as YouTube and Instagram
• TikTok had to spend $1B on marketing in 2019 just to be a viable competitor
• Competition is important for a "vibrant" creator economy
TikTok vs. YouTube
• 1 YouTube view > 1 TikTok view
• 1 YouTube subscriber > 1 TikTok subscriber
• TikTok is more about adding diversity to the creator's portfolio and showing the fandom across platforms
• 1 YouTube view > 1 TikTok view
• 1 YouTube subscriber > 1 TikTok subscriber
• TikTok is more about adding diversity to the creator's portfolio and showing the fandom across platforms
TikTok and Creators
• TikTok helped make the creator economy more friendly
• Platforms are beginning to realize they need to pay creator's for content
• Instagram, for example, hired a person just to manage meme accounts
• TikTok helped make the creator economy more friendly
• Platforms are beginning to realize they need to pay creator's for content
• Instagram, for example, hired a person just to manage meme accounts
TikTok and Creators (Part 2)
• Competition is an equalizer for creators
• Creators aren't a commodity, can't just replace them
• Competition is an equalizer for creators
• Creators aren't a commodity, can't just replace them
Why Does Taylor Work at the NYTimes?
• NYTimes allows Taylor to report on content she couldn't report on independently
• They protect her from legal liability which allows her to break "big stories" and create meaningful journalism
• E.g. https://www.nytimes.com/2019/11/06/style/arya-toufanian-im-shmacked.html
• NYTimes allows Taylor to report on content she couldn't report on independently
• They protect her from legal liability which allows her to break "big stories" and create meaningful journalism
• E.g. https://www.nytimes.com/2019/11/06/style/arya-toufanian-im-shmacked.html
Social is Important Topic in Mainstream Media
• Social media platforms are omnipresent
• Platforms are consumed by billions
• The economic impact is in the trillions
• Just as important as hard news
• Social media platforms are omnipresent
• Platforms are consumed by billions
• The economic impact is in the trillions
• Just as important as hard news
Why Taylor Doesn't Join Substack?
• Taylor wants to focus on writing
• Starting a Substack means she would need to focus on audience growth
• She's a fan of the platform
• Taylor wants to focus on writing
• Starting a Substack means she would need to focus on audience growth
• She's a fan of the platform
Why Quibi Failed?
• Quibi was meeting a need that wasn't there
• IG Story and TikTok already produced quality short-form video
• Quibi material was made up of second-tier content
• Quibi was meeting a need that wasn't there
• IG Story and TikTok already produced quality short-form video
• Quibi material was made up of second-tier content
Watch the Interview Here
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