February 21, 2024
Asia and Oceania Creator Economy Market

Emergence of Creator Entrepreneurship in Asia and Oceana Creator Economy Market

The Asia and Oceana Creator Economy Market is estimated to be valued at US$ 135.20 billion in 2022 and is expected to exhibit a CAGR of 30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The creator economy in Asia and Oceania encompasses various online platforms and tools that enable individuals to monetize their creative talents and skills. Creators in Asia leverage platforms to produce and distribute video, audio, photography and other digital content to audiences across the region and globally.

Market Dynamics:
The rapid growth of the creator economy in Asia and Oceania can be attributed to two key drivers. First, proliferation of affordable smartphones and mobile internet has expanded access to digital platforms for both creators and audiences across urban and rural areas of the region. An estimated 60% of the population in Asia and Oceania now has access to affordable smartphones. Second, social media platforms native to the region such as TikTok, Kuaishou and Bilibili have enabled monetization opportunities for creators leading to the rise of influencer-led entrepreneurship particularly among youth. These platforms incentivize creators through subscription models, e-commerce integrations and advertisement shares, fueling the growth of full-time creator entrepreneurship.

Market key trends:
The Asia and Oceania creator economy market is witnessing significant growth in livestreaming and digital content creation. Livestreaming platforms enabling content creators to showcase talents and interact with audiences in real-time have gained immense popularity across major economies. Also, the proliferation of 5G technology and affordable smartphones in the region has boosted video consumption of short, niche content online. Moreover, content creators are experimenting with new virtual formats such as virtual influencers and virtual concerts to engage younger generation.

SWOT Analysis
Strengths: Advanced digital infrastructure and young demographics provide huge opportunities. Presence of global tech giants have made payment and monetization options accessible.
Weaknesses: Lack of standardization and regulations. Fragmented market with different platforms and payment methods across countries.
Opportunities: Growth of Cloud Gaming and Virtual Reality can open new avenues. Rising interest in interactive and educational content.
Threats: Stricter data privacy and fake reviews laws may impact business models. Dependency on limited platforms increases risk.

Key Takeaways
The Asia and Oceania Creator Economy Market Share was valued at US$ 135.20 billion in 2023. It is expected to witness high growth, exhibiting CAGR of 30% over the forecast period of 2023-2030. The increasing youth population and rising popularity of short-form videos, livestreams, and podcasts across major economies are expected to drive market growth.

Regional analysis:
China and Japan are currently the largest and fastest growing markets respectively in the region. The presence of established platforms like Douyin, Bilibili and YouTube provide accessible monetization systems. Live streaming platforms enabling diverse content such as games, talent shows, and talk shows have seen tremendous success in Southeast Asian countries.

Key players analysis:
Key players operating in the Asia and Oceania 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. These players are focusing on introducing interactive features, original content, and investing in influencer marketing to engage users.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it