The concept of ‘creator economy’ has taken the world by storm over the past few years. More and more people are leveraging digital platforms to monetize their skills, talents, and passions. While western markets like North America and Europe have led this disruption, the creator economy is also gaining significant traction in the emerging markets of Middle East and Central Asia. Let’s take a closer look at some of the key trends driving the Middle East and Central Asia Creator Economy market.
Emergence of Digital Natives
The Middle East and Central Asia are home to a large population of young digital natives who have grown up with the internet and social media in their lives. According to a recent report, over 60% of the regional population is under 30 years of age. This new generation of ‘Digital Natives’ is more comfortable expressing themselves online and leveraging various digital tools for work and monetization. Their active adoption of popular social media platforms like Instagram, YouTube, and TikTok is fueling the creator economy momentum.
Rise of Social Commerce
Social commerce, which involves using social media for commerce activities like product discovery, purchases, and payments, has gained massive popularity in the region in recent years. Popular platforms like Instagram, Facebook Marketplace, and regional entrants like noon.com have made it easy for creators to share, showcase, and directly sell their products and services to a huge engaged audience. This convergence of commerce and social is enabling more people to turn their passions into profitable businesses.
Growth of Freelancing Culture
With rising internet and smartphone penetration, remote and freelance work have become viable options for many in the Middle East and Central Asia. Various online freelancing platforms are attracting thousands of creators from the region every month who offer services ranging from graphics and website design to programming, writing, virtual assistance, and more. This distributed project-based work allows creators the flexibility to work independently and leverage their skills globally.
Emergence of Influencer Marketing
Influencer marketing, where brands partner with social media personalities to promote products, has gained significant traction in the past few years. Top influencers from the region with millions of engaged followers have partnered with leading regional and global brands for ambassadorships, promotions, and endorsements. This lucrative avenue allows influencers to monetize their online popularity and communities. Various measurement firms now place the influencer marketing spend in the Middle East at over $300 million annually, highlighting lucrative opportunities.
Regional Creator Platforms on the Rise
To facilitate the burgeoning creator economy, several Made-in-the-Region platforms have emerged that are tailored for local creators. Examples include platforms like noon, Anthropic, EMPWR, and others that help talents launch online stores, sell memberships, organize live classes and events, create and sell digital content and more. These enable monetization avenues in local languages with an understanding of regional culture and nuances. Such initiatives are further propelling the creator economy momentum.
With the younger generation driving digital and social media consumption, an expanding middle class with greater spending power, and ongoing entrepreneurial initiatives, in the Middle East and Central Asia Creator Economy Market is poised for substantial growth in the coming years. While certain global macroeconomic factors like high inflation may act as a near-term headwind in some regions, long-term projections point to continued expansion, especially in the creative, tech and knowledge sectors. For more detailed analysis on the size and projected growth of the global creator economy, readers are encouraged to refer to the research published on CoherentMI website. Overall, the widespread availability of internet and smartphone connectivity, cultural acceptance of social media influence, and support for startups make this an exciting emerging frontier.