As the Billion Dollar Boy team writes,”generative AI is transforming the creator economy, supercharging creativity and driving exceptional ROI.” Their latest intelligence report explores just how generative AI is positively disrupting this space, the opportunities for brands and how marketers and creators are adopting this technology. Read a few takeaways below, and download the full report here.
2023 was the year that AI hit the mainstream. So says Oxford, Cambridge and Merriam-Webster - trusted dictionaries which all named AI among its ‘word of the year’ lists. But in 2024 and beyond, the technology will cease to simply be a buzzword. Unlike previous technological innovations which have experienced boom and bust cycles, thought leaders in AI such as Andrew Ng, Sam Altman and Bill Gates have predicted the technology will deliver lasting global transformative change - proving to be as “revolutionary as mobile phones and the Internet”. One particularly revolutionary system of artificial intelligence is ‘generative AI’. It is already having a deep and wide ranging impact across a variety of sectors. The ‘creator economy’ is one such industry, with a high content output and powered by a predominantly young and digitally savvy workforce.
Our research found that the creator economy continues to be a leader in adopting new technological developments, revealing the widespread use of generative AI and the substantial impact it is already having on the sector:
An overwhelming majority of creators are already using generative AI, often extremely regularly; with adoption evolving over time from functional tool to creative partner. This is translating into more partnerships for creators with brands and agencies, as almost every marketer (92%) our research surveyed had commissioned creator content designed using generative AI. Unsurprisingly, consumers are mirroring growing adoption rates in the sector. A quarter of consumers have already used it to create social media content of their own - from generative AI tools like Midjourney and ElevenLabs to in-app tools launched by social media platforms themselves. It suggests a rising familiarity with the technology among social media users and, by implication, an audience that is curious to consume more. With such high levels of adoption, the creator economy is a weather vane for generative AI. It can tell us a lot about its transformative potential for the advertising industry as a whole and beyond.
So what is the reality behind the hype?
“In the battle for attention on social feeds, traditional creator content that simply shows influencers holding products is no longer winning - no matter how compelling the talent. Creators who are using generative AI are elevating creativity in product-centric ads. They’re helping brands get products in front of audiences with fresh and unique content that cuts through.” —Thomas Walters, BDB Europe CEO
Generative AI creator content is already yielding positive results for creators, and proving popular with consumers. This has encouraged almost three in four (70%) marketers to increase marketing spend on creator content featuring generative AI in the past 12 months. Yet despite such strong momentum behind generative AI content in the creator economy, the research also reveals the challenges and considerations to balance sector optimism for the technology - suggesting that brands and creators would be wise to reflect and gather intelligence on how they use generative AI rather than simply adopting it just to be on trend. Like all new technology, generative AI doesn’t come with a blueprint. This research report is designed to unpick the reality from the hype, helping you to navigate a rapidly evolving advertising landscape, and explore how generative AI could impact the future of your advertising strategies.
“As an industry, we must commit resources to better understand generative AI’s impact on the creator economy and the community. Along with our research, we’ve launched Muse - a new innovation unit - which is helping brands to explore the technology’s capabilities. We’ve found that when applied conscientiously, it can supercharge creativity, empower creators and deliver impressive results for brands.” —Becky Owen, Billion Dollar Boy CMO
