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Déjà Leonard is a copywriter and freelance journalist based in Calgary.
Reni Odetoyinbo uploaded her first YouTube video on May 18, 2020. In it she outlined how she had been able to invest her money and buy her first home, a rental property, at the age of 23.
“I always wanted to start my own YouTube channel, but I didn’t know what value I would add to the platform,” she said.
After buying her first home, many of her friends were reaching out, looking for information on how they could achieve the same goal. So, she created a video.
Quickly, Ms. Odetoyinbo became a part of the creator economy, which venture capital firm SignalFire said is the “fastest-growing type of small business.”
She continued creating videos that incorporated many of her learnings from working at a large Canadian bank.
By September 2020, Ms. Odetoyinbo was able to monetize her Youtube videos. In that month, she earned $100. Today, she no longer works at the bank and creates content full-time. She says she is now making more money than when she worked at the bank.
Canada’s growing creator economy
“I don’t think there’s ever been a better time in history to be a creator than today and we’re seeing creators and the creator economy absolutely thriving,” said Andrew Peterson, the head of Canada at YouTube.
According to a recent YouTube report from Oxford Economics, more than 45,000 Canadian creators and partners receive income linked to their YouTube presence. More than 15,000 creators in Canada employ other people to work on their YouTube channel.
Ms. Odetoyinbo has been able to grow her channel and now employs other Canadians to help edit her videos, moderate her online financial accountability group and write her newsletter that goes out twice a month.
“It’s just really cool how I’ve been able to use my talents to build a community, employ others and make money,” Ms. Odetoyinbo said.
Mr. Peterson said YouTube is helping to “level the playing field” for Canadian creators when it comes to making money.
For example, Ms. Odetoyinbo is also active on other social media platforms including Instagram and TikTok, but cannot be paid directly through those platforms in the same way. Currently, Canadian content creators cannot monetize their content directly though other platforms based on views and engagement in the same way as U.S.-based creators can. One big difference is TikTok pays U.S.-based creators.
“Even though right now YouTube is my smallest following, it is still the place where I am able to get the most regular income and also the place where I’m able to get discovered most easily,” she said.
According to a survey of 1,5000 monetizing, U.S.-based content creators, TikTok is the top platform generating income, with YouTube just slightly behind. That same survey shows that “the monetization of content has become a primary or supplementary income source for many creators, resulting in a median annual income of $20,000.”
The future of the creator economy is AI-driven
“AI is going to be one of the things that drives the evolution and advancement of the creator ecosystem here in Canada and around the world,” Mr. Peterson said.
Recently, YouTube announced product innovations including a feature called Dream Screen that will allow creators to add artificial intelligence-generated images or videos to the background of their videos.
Users will also be able to use AI to help them generate video ideas and quickly find music that complements their videos.
Instagram has recently announced a similar feature and people using Facebook or Instagram will be able to create AI-generated stickers to add to their stories.
However, AI is already creating challenges for the social media companies that embrace it.
This past week, a fake video ad created with AI of a popular influencer slipped past TikTok’s moderation technology, exposing users to a scam.
Mr. Peterson said that they have tried to be extremely thoughtful about how AI is implemented at the company.
“It’s really centred around responsible innovation, collaboration with industry and building the right controls and monetization opportunities for our partners and the creative community at large,” he said.
What I’m reading around the web
- Many businesses are looking at how they can support nonprofits and those in their communities. This Inc.com article shares how three different business leaders decide which nonprofits to partner with while staying true to their company’s mission.
- Dance can be both an individual and a team sport — and an outlet for expression. Read on to understand how three dancers connect with themselves, each other, their teachers and the people who enjoy their art.
- What if the burnout we are facing is also giving us a sense of fulfillment? This article in Harvard Business Review dives into the intricacies of overwork and why we use work to help us feel valuable to ourselves and others.
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