Summary List Placement
Leagues from corporate conformity, an economy of creators are using new platforms to cash in on their individuality and unique skill sets. They make money writing newsletters on Substack; selling exclusive, often NSFW content on OnlyFans; setting up paywalls on Patreon to charge for content; and building ecommerce sites on Shopify.
These entrepreneurs are all part of the “passion economy,” a phrase coined in an article by Li Jin, then a partner at the venture capital firm Andreessen Horowitz. Jin identified this shift in the business landscape a year before the pandemic forced everyone to work from home, creating a corresponding boom in online businesses. But the practice is older than that — a study of nine passion-economy platforms found that 17 million Americans made almost $7 billion from their independent creations in 2017, a number that has likely seen significant growth since then.
“The passion economy allows individuals to monetize their uniqueness and lean into their individuality in order to make an income,” Jin told Business Insider.
Below are key takeaways from a conversation with Jin, including advice for entrepreneurs looking to capitalize on this next iteration in the world of work.
The …read more
Source:: Businessinsider – Strategy