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