What Six-Figure Creators Tell Us About Their Business(es)

You may have heard that the creator economy is projected to grow to a $480 billion-industry by 2027, but did you know that there are now approximately more than 50 million creators working in the industry in 2024? And 4% of those workers earn more than $100,000 annually. Those figures are according to Kajabi’s The State of Creators ’24 Report. 

This report focuses on the creators earning six-figures or more, assessing what they have in common to divine what makes for success in the creator economy.  

How Creators (Really) Make Their Money

First, there’s more to being a successful creator than social media posts and striking brand deals (although creators do say those are key!). 

To crack the six-figure ceiling, creators say they must diversify their revenue streams, with five (!) or more sources of income being a differentiator — and those making more than $150k annually report using at least seven to make that salary, according to Kajabi’s survey. 

This is especially revealing because 66% of creators say they made the majority of their income from brand deals alone. However, these types of partnerships are fickle, and three-quarters of those who self-identify as top earners say that multiple revenue streams are crucial to financial success. “[D]iversifying their income streams empowers creators to turn down deals that could compromise their authenticity,” according to the report.

However, it’s worth noting that even authentic but successful creators say they can be tempted to compromise – for the right price. More than half of those in the $100k+ bracket said they might work with a brand whose values didn’t align with their own if the payoff was right (a specific number was not named). 

So if you can’t go all-in on brand deals, what are other popular options? Those in the six-figure-plus club told Kajabi they make money from passive income (such as digital products, platform payouts and physical products) as well as coaching and consulting jobs, which they may do in person or online.

The most popular digital offerings include: online courses, digital downloads, subscriptions or memberships, and online consulting/coaching.

Social Is About Engagement (and Lead Gen)

The Creator Economy may be synonymous with social media, but they’re not one and the same. As Kajabi puts it: “Social platforms are great for building audiences, not businesses.” 

Successful creators are able to translate followers into customers using lead gen tactics, leveraging audience interaction and community into cash generated on platforms that they own.

However, creators are not likely to abandon social media any time soon. Even six-figure creators would have trouble if they lost access to a platform. Losing YouTube would mean missing out on at least $50,000 annually for 42% of creators making $100k+. Instagram going under would account for the same loss for 38% of those surveyed; TikTok would mean the same for 37%; and 36% said the same would be true for Facebook.

Despite those numbers, half of creators indicated that they do not trust the very social media platforms that made them popular. They’ve been burned before, after all. Kajabi notes that it will be interesting to see if TikTok’s Creativity Program will shift creators’ attitudes.

Six-Figure Creator Demographics

The most successful creators as of 2024 are:

• Male (57%)
• Have a bachelor’s degree or higher education (80%)
• Work full-time as creators (86%)
• Create content for business and marketing, finance or real estate niches

They also tend to reach this financial tier relatively quickly. Four in ten of the six-figure earners reached that status within two years of working in the Creator Economy. Notably, the content niches that catapult creators into this range the fastest are beauty, fitness and gaming.

Their Thoughts on Today’s Hot Topics

Kajabi also inquired about these creators’ attitudes toward two of the buzziest subjects of 2023: AI and unionization. 

AI emerged as a key differentiator for creators who’ve had financial success. They tend to utilize it twice as often as their counterparts making $99k or less, with 29% reporting that they leverage AI tools daily, and 43% say they use it weekly. 

“Six-figure creators are bullish on AI in 2024 specifically to save time and ultimately help reduce creator burnout,” according to Kajabi. 

Also, success has not made creators want to go it alone. Likely driven by their distrust of the social companies, almost 50% of these creators say they’d be interested in joining a creator union if one were formed. Notably, their interest was higher than that of their peers earning less cash. 

Now Let’s Discuss!

Our partner Virtual Events Group will host a webinar on March 14 at 3 p.m. (ET), focused on the creator economy and previewing the new Creator Lab at NAB Show. 

RSVP now for a preview of “a new generation of tools, content and distribution channels that are upending traditional media.”

VEG Group anticipates attendees will have the opportunity to “[m]eet the creators, preview the products and grab a seat as an industry is born.”