Opinions expressed by londonbusinessblog.com contributors are their own.
Millennials and Gen-Zs may love avocado toast and soy lattes. Yet their spending patterns no longer bear the brunt of the mounting financial pressures, which are strongly felt by people of all ages worldwide.
In the US, inflation came in above forecasts in September, while in the UK inflation reached its highest level in 40 years. Food and energy prices are rising at the same time as rising interest rates make home ownership further out of reach for many adults.
It is therefore not surprising that against this background, more and more people are looking for additional sources of income. The rise of the so-called side hustle is of course not a new phenomenon. Yet the skyrocketing cost of living and advances in the availability of easy-to-use digital tools are breathing new life into.
Related: 12 High-Paying Side Hustles For Creative People
According to influencer marketing hub, more than 50 million people worldwide consider themselves creators, and the ranks of those who have found ways to monetize their creativity are growing rapidly.
Oddly enough, it is no longer necessary to build a huge following to monetize your creativity because micro influencers use new apps and tools to raise money. An investigation report published by Adobe in October found that nearly half (48%) of all creators earn money from creative endeavors, such as creating social media content. More than three-quarters (77%) of these creators only started monetizing their activities in the past year.
In addition, the individuals who monetize their creative skills earn about six times the U.S. minimum wage for all activities measured by the report. For almost half of the makers, this income represents no less than fifty percent of their monthly income.
So, what do creatives do to cash in on their skills and? passions, and what kind of secondary activities are gaining momentum? `
make memes
Memes have become popular for short form communication of commonly understood concepts and ideas. More than half of Gen-Zs, 41% of Millennials and 21% of Gen-Xers search for new memes daily, while 75% of users aged 13-36 regularly share memes, according to GlobalWebIndex data.
Yep, a new app, has pledged to share 50% of its weekly revenue with app users in proportion to the popularity of their memes, their activity within the app, and the number of new users who join the app with their invite link. According to company data, Yepp’s top performers are currently earning between $400 and $1,200 per month, and the company is looking for more ways to increase users’ payouts.
The app has an integrated Meme Maker, which uses ML and OCR technologies to swap faces and captions on popular memes, aiming to enable meme connoisseurs to turn their love of memes into a viable side hustle.
Related: How to Harness the Power of Internet Memes for Your Business
Audiobook Narration
The growing popularity of audiobooks means the demand for: book storytellers also rises. Advances in technology have made it easier to produce studio-quality sound with just a laptop, inexpensive software, and a good-quality microphone. Finding work isn’t too challenging either, with platforms like ACX looking to connect storytellers with book authors and publishers, audiobook recordings for thousands of books.
Typical rates from major publishers start at around $225 per hour of audio completed, according to CNBC. This includes the time spent reading the book, researching, recording the book, and making corrections once the book has been checked for accuracy.
This perk is especially popular with actors and singers, because creativity alone probably isn’t enough to succeed unless you also have good diction and the kind of voice and accent a particular publisher needs. Audiobook narration also involves some upfront investment in recording software.
Podcast Hosting
Podcasts have exploded in popularity since the pandemic, with more than a third of Americans (104 million) who now regularly listen to the medium and global listeners expected to reach 242 million by the end of 2022.
Barriers to entry remain low, with a good quality microphone and editing software enough to get you started. At the same time, the incredible diversity of podcast genres ensures that there is a niche for every creative taste.
Podcasts are also relatively lucrative for those who can reach an audience of 5000 listeners per episode or more. Hosts usually earn $90 in ad revenue for each 30-second ad per episode, with this figure increasing significantly as viewership increases. Karen Kilgariff and Georgia Hardstark, for example, were estimated to bring in $15 million in 2019 for their wildly popular true-crime series, My Favorite Murder.
YouTube channels
YouTube is another popular platform for creatives eager to turn their passions into a successful sideshow. From gamers to current un-boxers and even financial influencers, the content is diverse and rewards potentially generous to those who can accumulate large followers.
While the algorithm that determines content creators’ rewards depends on several factors, including the number of video views and the number of Google ads shown in each video, a estimated wage rate of $5 per 1,000 views, a YouTube video with 1,000,000 views can earn over $5,000. However, the competition is fierce, with the site now home to a staggering 51 million several channels, of which only 29,000 have passed the 1 million subscriber milestone.
Related: 8 Easy Virtual Side Hustles For Extra Money