" class="no-js "lang="en-US"> Creator Economy Set to Transform Post-pandemic Job Market
Sunday, May 26, 2024

Creator Economy Set to Transform Post-pandemic Job Market

Gen Z ‘side-hustlers’ are set to disrupt the post-pandemic job market, according to new research from VibePay, with 18-23-year-olds focusing on building their own businesses, rather than following a traditional career path.

With over two-thirds (67%) of Gen Z entrepreneurs planning to make their side-business their main income, the findings highlight that the creator economy – businesses built by content creators, video game streamers, and social commerce sellers – is set to reshape the UK job market.

Gen Z are building their income and reshaping the economy as over one in eight (12%) earn over £500 a month from their side-hustle. Due to the successful businesses these entrepreneurs are running, almost half of Gen Z (46%) have plans to make the transition within the next six months to 12 months.

Despite the creator economy being in its infancy, more than 50 million people around the world consider themselves part of this growing trend2. The latest research from VibePay, which powers the account to account payments that are fueling the growth of the creator economy, found that almost a quarter (23%) of adults in the UK now earn additional income through a side-business. Gen Z is leading the growth of the creator economy in the UK as over half (55%) have a side-hustle.

Luke Massie, CEO of VibePay, said: “The rapid growth of the creator economy is set to transform the job market for Gen Z and the generations coming after them, as they no longer follow a traditional career path. Instead, they are already building businesses with huge global audiences and loyal followers on platforms such as Twitch and TikTok and social commerce sites like Depop and Etsy. We have seen this trend gain momentum throughout the pandemic and the next 12 months will demonstrate that the creator economy is more than a short-lived youth culture trend.”

Despite the ambitious plans, entrepreneurs face significant challenges in managing their various income streams. Over two-thirds (67%) stated it was difficult to take and track payments, with many current solutions causing delays and enforcing significant transaction fees.

Massie added: “Entrepreneurs in the creator economy have ambitious plans in the future to make their passion their full-time income, but they are facing outdated solutions, unfit for individuals with multiple income streams and a wide audience. These digital-first entrepreneurs need value-add, personalised experiences where they can interact with their audiences in new ways. Importantly, they need to be given the tools to receive payments on time without losing a large proportion of their revenues to the middlemen. For entrepreneurs this can be the difference between making their business viable full time, which is why it is critical that fintechs such as VibePay address this issue.”

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