91% of Creators Are Looking to Cut Costs Despite Earning More Than Ever, Here’s Why

Creating content for a living has turned into a much more viable way to receive income than was ever the case in the past, and Epidemic Sound recently surveyed 1,500 US based creators to see how they were faring. It turns out that 76.5% of creators reported a considerable increase in their income over the past year. In spite of the fact that this is the case, 91% of them stated that they are also trying to cut down on costs.

With all of that having been said and now out of the way, it is important to note that 77.2% of creators attributed this increase in earnings to the diversification of monetization options. 66.8% also started posting to more platforms which enabled them to earn more than might have been the case otherwise. Finally, 65.8% indicated that there was a higher demand for their content, thereby allowing them to boost their revenue streams.

These creators are now spending in excess of $2,500 per year just on production expenses. Such high production costs can eat into their earnings and leave them with less profit than in previous years. Clearly the uptick in demand has also necessitated an increase in overall quality, and it will be interesting to see how creators fare in the new normal.

Creators that participated in this survey were also asked which platforms gave them the best earning opportunities, and 30% pointed to TikTok as their main source of income. YouTube came in at a close second with 26% referring to it as the best platform to generate income on, while Instagram came in dead last with just 7% mentioning it.

TikTok is the ideal platform for creators at various income levels, but for high earners YouTube came out on top. Creators that earn in excess of $200,000 per year said that YouTube worked best for them, which seems to suggest that TikTok has a more democratized landscape that is forgiving for newbie earners. All in all, Instagram appears to be the least favored platform among all creators both big as well as small.

Read next: Survey Reveals YouTube Creators Outshine Instagram and TikTok in Earnings
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