Cherie Hu: The creator economy is growing much faster than music streaming
"The creator economy is growing much more quickly than the music streaming economy right now, by multiple measures" - music/tech analyst Cherie Hu argues in her latest post. She continues: "For instance, while the number of audio creators on Spotify roughly doubled from 2018 to 2021, the overall number of creators using Stripe grew by 8x over the same time period. In terms of revenue, certain subsectors of the creator economy are growing as much as 8x faster as music streaming. According to Stripe, community platforms like Luma have seen a 150% increase in revenue year-over-year in 2021 — far outpacing the 25% year-over-year revenue growth that Spotify reported this quarter, and the 17% year-over-year growth that the IFPI last reported for the entire global music streaming market in 2020".