The Gig Economy vs The Creator Economy (EXPLAINED)
The key difference between the Creator Economy and the Gig Economy is in the creator economy, a creator creates content for a specific audience. Within that relationship between the creator and the audience, the creator learns what products they could offer directly to their audience.
The Gig Economy and The Creator Economy (sometimes referred to as the “passion economy”) are two emerging economies that are often confused with one another. Let’s break down the key differences.
What is the Gig Economy? Everyone’s talking about the “gig economy”—and a growing number of people work in it. The term might seem like something new, but it really isn’t. Before apps brought the idea of on-demand services and gig work to everybody’s phone, the gig economy was sometimes called the freelance economy, agile workforce, or even temporary work.
Key aspects of Gig Economy:
The gig economy uses digital platforms to connect freelancers with customers to provide short-term services or asset-sharing.
Examples include ride-hailing apps, food delivery apps, and holiday rental apps.
It’s a growing segment, bringing economic benefits of productivity and employment.
But it also raises questions about levels of consumer and worker protection.
The challenge is to balance innovation with a fair deal for workers
The Gig Economy is a great alternative to a 9-5 job. In fact, many individuals have jobs and work in the gig economy. It’s important to know the three main cons of gig work.
1. Lack of Benefits
You’re in business for yourself. And that means it’s up to you to provide the benefits. Yes, you can choose when you work and when you don’t work, but the reality is, you don’t get paid if you don’t work. And, as a gig worker, you likely won’t have health insurance or other benefits, either.
2. Inconsistent Income
With most gig jobs, you’re paid by the project or task. The problem is, you may not have control over how many tasks you’re able to complete in a day or a week. If no one wants a ride, needs something assembled, or wants you to deliver something, you won’t make any money.
Working multiple jobs or at odd hours isn’t for everybody. Some people find that as flexible as the work is, gig work becomes tiring and stressful after a while. What is the Creator Economy? The creator economy is an emerging marketplace built for motivated, creative, and skilled individuals that have started their own brand, business, or community utilizing the internet and digital platforms to share their work and ideas. This new economy answers the increasing desire that many people are looking for: easily accessible information, experiences, and communities. The key difference between the Creator Economy and the Gig Economy is in the creator economy, a creator creates content for a specific audience. Within that relationship between the creator and the audience, the creator learns what products they could offer directly to their audience. The Creator Economy Flywheel (as seen below) simplifies the relationship between the creator and the audience.
To read how to get started in the creator economy, read How To Get Started.