As we move through our day-to-day lives, we're constantly choosing which products or services to use. In this world of limitless options, what guides our decisions?
Each year, consumers globally spend more than $60 trillion on a variety of goods and services. This month, let's delve into the transformative nature of consumer influence. In an era where time is scarce and expertise is often not our own, we've relied on media to guide our consumption choices, adopting suggestions about the best, most valuable, or most fitting products and services.
To predict how media will shape future consumption choices, we must look back at the economic dynamics that shaped its evolution. Our exploration revealed four distinct media phases:
Every new media phase disrupted the previous one, as changes in content consumption habits and the internet's rise led to a proliferation of online content and information. Traditional TV was shaken by the advent of streaming and the web. As social media gained popularity, it consumed an increasing portion of our online time. Today, some social media influencers outshine the platforms themselves, leading to a significant shift in how demand for products and services is created. This brings us to our current stage: the creator economy.
While researching this topic, I was astounded by the sheer magnitude of opportunity within the creator economy. With a global GDP of $100 trillion per year, and over 60% driven by household consumption, influencers are causing a monumental shift in how demand is created for trillions of dollars worth of goods and services.
Evidence of this shift is already apparent, as influencers like MrBeast and Kim Kardashian establish vast consumer goods businesses leveraging their captive audiences. But they're not alone. We conclude our deep dive with an analysis of Elon Musk, the world's inaugural Mega-Influencer, who has built several colossal businesses by adopting the strategy we describe in this article.
You can access our complete deep dive in the attached PDF, exclusively available to our paid subscribers at the end of this post.
In the upcoming months, I plan to publish deep dives into other vital economic sectors. These explorations will revolve around five primary themes:
- Deep Tech
- Energy Transition
- Healthcare & Life Sciences
- Economic Analysis
- Socio-Political Trends
If we garner enough subscriber interest, we can invest in hiring additional researchers. We also welcome our subscribers to guide our research topics and share their insights.
I hope you find this exploration enriching and encourage you to share your suggestions for improvement.
