The Rise Of The Passion Economy And Why You Should Care

The ‘passion economy’ is a term that’s been gaining popularity recently, particularly among workers in Silicon Valley. But what does it mean and why is it getting so much attention? Simply put, the passion economy is a new wave of niche communities that are challenging traditional social media giants. Instead of the generalised and non-specific content of larger social media platforms, the niche communities focus on creating and sharing content that resonates with individuals. For gig workers and side hustlers, the passion economy presents a new way to capitalise on creativity by connecting these creators with genuine, engaged communities who share their passions. For consumers, it means they can expect to see greater variety and access to creative products and services from these creators. Ultimately, they can expect to see forums and marketplaces that emphasise the individuality of people on both sides of the equation. The passion economy was largely born out of the waning interest put in the attention economy. Today’s consumers have few illusions about how social media giants are profiting from their attention, and the practices are beginning to tire them. The methods used have become obvious or well-known and they fail to stimulate consumers as an audience and according to our research, 52 percent of respondents are desperate to cut the cord and spend less time on their social accounts. Emerging out of this frustration, the passion economy has created space for interactions that are based on sincere, shared passions and interests. At the same time, there has been a huge increase in engagement as community app audiences stay in and engage with topics they are passionate about during lockdown. Their retention - defined as the percentage of users who still use an app 30 days after install - during lockdown currently stands at 33%. This is more than six times higher than the 4.35% 30-day retention benchmark set by AppsFlyer, who recently surveyed 15,000 mobile apps. A model that allows creators to monetise their communities - rather than traditional methods of gaming people’s attention - means consumers feel more engaged in the process and not just a data string in an algorithm. And creators and brands are capitalising on this, discovering that passions are far more valuable an asset than they’d previously recognised. From a Creator Perspective... The passion economy creates the possibility of individuals turning their passions into livelihoods. Whether it’s playing video games, running fitness classes, or selling niche fashion items, the passion economy establishes an audience at scale for creators to engage with and the possibility of self-employment for more and more individuals. In contrast to the attention economy where the widest possible appeal is needed to profit, the passion economy rewards niche, differentiated products and services.


All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/benjaminvaughan/2020/07/17/the-rise-of-the-passion-economyand-why-you-should-care/


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