Just finished reading a book titled- "Booming Digital Stars", which captures the journey of 11 successful digital creators from India. The common theme that appeared in all the featured stories was that of people choosing to back their with innate passions, strengths and talents and making it big as creators. They are the ones who found their calling as digital creators and jumped on the bandwagon of passion or creators economy.
Jaspreet Bindra in his insightful LiveMint article on Passion Economy (https://bit.ly/3LMHLu5) traces back the history of web's business and shares a wonderful insight. When the original World Wide Web was conceived, Time Berners-Lee and his team intentionally left an error code 402, which stands for 'Payment Required'. The original intention was that every visitor must pay something to view a web page, but the schema was never built. Web business models evolved in an alternate sequence (as outlined in my sketchnote based on Jaspreet's article below).
Li Jin (from a16z) delivered an influential work in the field of Passion Economy and says - "In the past decade, on-demand marketplaces in the “Uber for X” era established turnkey ways for people to make money. Workers could easily monetize their time in specific, narrow services like food delivery, parking, or transportation." This lead to an era we know as Gig Economy. If Gig Economy was about mass standardization (think Uber drivers, Food Delivery crew etc.), Creators Economy helps one monetize one's individuality. (think YouTube Influencers, eBook writers, Digital artists).
Creators Economy (often interchangeably referred as Passion Economy) brings forward as new model of internet-powered entrepreneurship. While often compared with Gig Economy, Passion Economy is co-existing in the same ecosystem. With the tools for creation (such as YouTube, SubStack, Patreon etc.) becoming better and the payments getting frictionless (think UPI, Square, Stripe etc.), Passion Economy promises to be bigger in the time to come.
What's your take on the Passion Economy ?
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