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1、xWhy the creator economy needs creative payments solutions.Like,Subscribe,Pay2 2023 Nium Pte.Ltd.All Rights RRapid growth of the creator economy in which individual entrepreneurs use digital platforms to build audiences at scale and make a living from their skillshas created a vast ecosystem of oppo
2、rtunities for platforms and businesses.This growth also presents unique challenges,especially when it comes to compensation and issuing global payments.To fully access and monetize their skills,platforms need the ability to send,track,tailor,and manage payments for a diverse audience on a global sca
3、le in real time.Introduction91%Nearly 91%of creators experienced some sort of challenges when receiving payment from social media platforms Source:Nium Research*The state of creators Platforms and businesses cant afford to ignore the creator economy.Its market size is currently estimated at$104.2 bi
4、llion and is growing at an astounding rate,more than doubling its value since 2019.Today,there are an estimated 200 million creators in this burgeoning economy,ranging from amateur to full-time creators,and from nano to mega-creators.While the market is growing,theres one aspect of it that doesnt al
5、ign with real-time expectations-how creators get paid.According to Nium research,more than$6B of payments was made to creators across all major platforms globally and nearly 91%of the creators surveyed experienced some challenges when receiving payments.As a route-to-market,creators and influencers
6、are distinct in how they create or curate content and audiences for engagement on various social channels such as YouTube,Instagram,and TikTok.CreatorsFocus on creating high-quality content for a particular audience to generate engagement and potentially support their personal business and/or the br
7、ands of their sponsors.InfluencersInfluencers focus on building genuine or perceived authority,knowledge,relationship,or position on a topic to target market behavior.2 2023 Nium Pte.Ltd.All Rights RCreators vs.Influencers*Research commissioned by Nium and conducted by NewtonX3 2023 Nium Pte.Ltd.All
8、 Rights RThe creator opportunityThe collective ability of influencers and creators to build networks,nurture relationships,and drive engagement makes them a valuable asset for the platforms that host them.The vast diversity of creators means businesses can access highly specific audiences for produc
9、ts and services based on interest,geography,demographics,and spending potential.When it comes to paying this global network,the same diversity also creates challenges for platforms and businesses alike:Creators are globalWith creator networks spread worldwide,businesses need an easier way to send mo
10、ney securely and compliantly anywhere,in numerous currencies.Creators expect a rapid,convenient monetization experience Creators cover a range of financial circumstances,meaning that the speed and transparency of payments is a key driver of loyalty and retention for platforms and businesses working
11、with them.In this guide,well explore:The evolution and opportunities in the creator economy The key role payments play in scaling a creator-focused platform Challenges in building a global payments network How the right tools can give your business a competitive advantageWith this in mind,platforms
12、and businesses that offer the right payment experience have the opportunity to scale creator engagement and gain a competitive advantage.4 2023 Nium Pte.Ltd.All Rights RWhy Does the Creator Economy Matter?The creator economy has been one of the most striking growth stories of the last few yearswith
13、businesses rapidly embracing this new route-to-market.Spend in creator marketing in Europe has more than quadrupled in the last half-decade.In 2020,for example,investments reached$1.4 billion,marking a 14%increase from the previous years value of$1.3 billion.Key to this is the ever-expanding role of
14、 Creator platforms,with global sales estimated to reach$958 billion in 2022.This growing marketing opportunity is poised to be a channel for sales and audiences globally one that businesses cant ignoreand that creator platforms need to be ready to meet.$958BGlobal sales estimated for 2022 through cr
15、eator platforms Source:Influencer Marketing Hub5 2023 Nium Pte.Ltd.All Rights RMeet the creators The creator economy is,by design,very diverse.The rise of social media has given ordinary people the opportunity to produce and shape the content that we consume,creating a whole new type of business mod
16、el and a unique class of entrepreneurs.Most creators are beginners Of those who consider themselves to be creators,93.4%think themselves as beginners,with around 4%considering themselves to be professional creators.This small cohort earns enough from their passion to consider it their full-time inco
17、me.Bigger doesnt always mean betterWith a wide range in audience sizes across this new economy,creators with fewer followers can actually present a better business opportunity for partnerships.Micro-influencers in particular tend to have higher engagement rates than macro-influencers with engagement
18、 rates in the 7%20%range.Key opportunity markets for creatorsMarkets like Brazil,Spain,and South Korea have the highest concentration of creators,while markets like the U.S.,Brazil,and Germany have the largest creator populations.Meanwhile,India now has at least 80 million creators and knowledge exp
19、erts,but only 1,500 professional creators are able to monetize their services effectively due to competition.6 2023 Nium Pte.Ltd.All Rights RThe Creator Monetization ChallengeTurning content creation into a business is a difficult task,with most creators earning at the lower end of the scale.For cre
20、ators,working with the platform can be a more secure source of earning.The next highest revenue source is ad share revenue,which only 7%of creators say is their most profitable income stream.68%of part-time creators earn$1,000 or less per year.Source:LinktreeOver2MExpert Creators have 1M+followersSo
21、urce:Nium Research*12%of full-time creators earn$50K or more per year compared to just 3%of part-timers.Source:Nium Research*34%of creators have spent more than 3+years to create content on these platforms.Source:Nium Research*Research commissioned by Nium and conducted by NewtonX7 2023 Nium Pte.Ltd
22、.All Rights RWhy are creator payments hard?Platforms that create the right payment processes have a chance to attract more creators and improve loyalty,retention,and engagement.However,paying a global network of creators presents significant challenges:Complexity in paying a global audienceGiven the
23、 rapid growth of creators all over the world,payment strategies must be adjusted to specific markets,based on local considerations and infrastructure maturity.However,this requires solving a wide range of back-end systems,licensing issues,and technical challenges.Payment systems in emerging markets
24、are not always well connected to domestic rails,and wire transfers.Additionally other traditional payment methods are often ill-equipped to keep international partners and employees satisfied.Moving money in real-timeCreators depend on fast and efficient payments to fund their work and the effort th
25、ey put into it.Creating and distributing content can be time-consuming,and whether theyre operating a side hustle or full-time business,many depend on this revenue for their livelihood.Managing tax obligationsCreators and influencers around the world are subject to local taxation on earnings.For pay
26、ment platforms,the challenge is managing withholdings in various jurisdictions-each with its unique tax requirements.5 daysThe time it takes for a wire transfer payment to arrive.Source:PymntsEighty-seven percent of creators said theyd experienced being paid late,being paid the wrong amount,or not b
27、eing paid at all.However,managing real-time payments on a global scale can be time-consuming,inefficient,and expensive,with transactions passing through an average of six financial institutions(FIs),and wire transfers taking as long as five days to arrive.According to Nium research,creators primary
28、concern was the time delays in receiving their payments.In fact,68%reported experiencing delays of more than two days in their payment processing.8 2023 Nium Pte.Ltd.All Rights REngaging with financial diversityDespite emerging markets being a key growth area for creators and businesses seeking to a
29、ccess new consumers,economic conditions in these regions vary widely.For example,in South East Asia,70%of the population remains unbanked or underbanked,meaning they may not have bank accounts and wont be able to send or receive money through traditional meansrequiring access to alternative payment
30、methods,such as digital wallets or virtual cards.Given how diverse the creator economy is,platforms often end up juggling multiple payment methods to manage their customers needs,which can negatively impact the experience of creators and the businesses that want to work with them.Nium research valid
31、ated that delays significantly affected creators payments experience,with 73%of TikTok creators being the most affected,closely followed by 71%of YouTube creators.As the creator economy matures,the sophistica-tion of the monetization channels has to follow for example,subscription services and dig-i
32、tal goods.However,its essential for platforms 73%Delays in payments had a negative impact on the payment experience of creators.Among them,the most affected group was 73%of TikTok creators.Source:Nium Research*and businesses to understand that the inability to receive timely payments may be hinderin
33、g crea-tors and ultimately slow the growth of the creator economy.Preferred payment methods to creators include PayPal(34%),third-party payment services(24%),cash on delivery(COD)/bank transfers,(24%)and wire transfers(18%),driving up payment lead times and workloads for both sides of the transactio
34、n.To solve these challenges,platforms need to partner with the right payments partner to enable their business to grow.Negative Impact of Payment Delays Perceived Across RegionsThe chart illustrates the negative impact of payment delays,depicted through the percentage of creators in each region.Sour
35、ce:Nium Research*82%70%70%44%Asia-PacificAmericasMiddle East and AfricaEurope*Research commissioned by Nium and conducted by NewtonX9 2023 Nium Pte.Ltd.All Rights RCreator platforms need efficient,flexible,global tools to connect businesses and creators effectively.Whether entering a new market or e
36、xpanding in an existing market,attracting and retaining creators and influencers requires the ability to not only facilitate payments,but to do it in a competitive way.Key considerations include:Consistent reliability to meet expectations of both sides of the transactions for service,and security to
37、 minimize risk for all parties Simple onboarding for creators and businesses to enable fast,scalable growth Managed settlement times in line with the needs of creators that help them get paid faster and maintain strong relationships with brands and users Options for real-time disbursement to a range
38、 of regions to ensure the same service levels across all regions Offering multiple payment options,including bank accounts,cards,and virtual wallets according to the market context and creator use caseCreative Solutions to Creator ChallengesOverview of Creator Payment Issues in Different RegionsThe
39、chart summarizes the impact of payment delays,currency conversion or fees,and tax obligations on creators in different regions.It shows the percentage of creators affected by each issue and highlights the regions most and least impacted for each category.Across regions,creators face several key paym
40、ent challenges,including payment delays,currency conversion and fees,and the management of tax obligations.According to Nium research,these challenges are encountered by almost all creators in various regions.To effectively address these issues and foster a thriving creator ecosystem,platforms must
41、offer solutions that cater to these diverse payment challenges.*The Middle East/Africa regions were the least affected by currency conversion and tax obligations.This could be attributed to the fact that creators from this region earn the least from platforms(23%earn less than$1,000/month),reducing
42、the perceived impact of underlying issues.Source:Nium Research(Research commissioned by Nium and conducted by NewtonX)88%AmericasEuropeAPACMiddle East/Africa 58%76%60%69%58%62%69%48%*49%*78%49%Payment Delays of More Than Two Days Currency Conversion (Losing 5%or More of Earnings)Tax Obligations 10 2
43、023 Nium Pte.Ltd.All Rights RHowever,traditional payment services via banks and legacy payment service providers(PSPs)offer limited flexibility and control.While platforms can theoretically build their own payment rails,the compliance and security infrastructure required to add this functionality,al
44、ong with the diverse needs of both parties,make it unrealistic for most businesses.Working with a payments partner,platforms can benefit from:Reduced costsReduce the number of steps in the payment change by using multi-currency wallets and directly accessing a global network.Faster expansionStreamli
45、ne new market entry and onboard new creators quickly and easily by connecting to existing rails and licensing.Improved retentionKeep creators happy with faster payments and value-added services such as cards.Flexible customer experienceDifferentiate from competitors by providing creators and influen
46、cers more options for how,when,where,and in which currency they get paid.10 2023 Nium Pte.Ltd.All Rights R11 2023 Nium Pte.Ltd.All Rights RHow Nium Can HelpReach Out to Learn MoreNium has worked with leading institutions across the world to gain access to a number of the leading real-time payment ne
47、tworks.Using a secure,modular API suite,global businesses can access fully compliant payment rails,with regulatory licenses and authorizations in over 40 countries,enabling seamless payment acceptance regardless of geography.PAYOUTPayout in more than 100 currencies to over 190 countries,100 in real-
48、time.RECEIVE FUNDSReceive funds in 33 markets,including Southeast Asia,the U.K.,Hong Kong,Singapore,Australia,India,Latin America,and the U.S.COLLECT FUNDSCollect funds in local payments,hold in a virtual wallet,and payout in local currencies in 35 countries.ISSUE CARDSAccess physical and virtual ca
49、rd issuance in 34 countries,including Europe(SEPA),the U.K.,Australia,and Singapore.To find out how Nium payments solutions can future-proof your business,visit to book a consultation with one of our travel payment experts.Contact usHIGH-PAYMENT THRESHHOLDSReceive high-payment funds in wallets,accou
50、nts,or to cards around the world.The leader in real-time global payments.Accelerate global business growth with Niums payment infrastructure allowing you to collect,convert,and disburse funds instantly to accounts,cards,and wallets around the world.To learn more,head to .The worlds leading businesse
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