The creator economy continues to be a growing trend, enabling businesses and entrepreneurs to profit from online ventures, according to the chief marketing officer of Visa.
During an interview with China Global Television Network, Visa CMO Frank Cooper III discussed how China's creator economy has provided the company with more expansion opportunities.
"I'll tell you what’s top of mind: it's Shanghai Fashion Week, and we’ve been connected to creators and the creator economy that we believe not only is it growing at an exponential rate, but we know that there is value exchange happening within the creator economy. We think we can be helpful. And so when we look at something like Shanghai Fashion Week, I'm fascinated by especially the young creators who are coming up and they are effectively small businesses. And so, what do small businesses need? They need capital, they need infrastructure, they need to know how. So what's top of mind for me is how we can be helpful, as a company and a brand, to these creators and these entrepreneurs who, in this case, happen to be in the fashion industry," he said.
With internet penetration in China now standing at 75 percent, people are seizing this opportunity, and youth entrepreneurs and start-ups are no exception.
The CMO highlighted that the shift lies in creating desirable products and services in response to changing consumer demands, with a focus on intellectual property or creative content to capture value in the evolving market landscape.
"The size of the market is going to be important to any company, right? So you look at, in China, just the number of people, the growth of the marketplace. But what’s changed for us is that it's not just the supply chain; it's not just the efficient manufacturing, it's the creation of things that people want to exchange. That to me is a big shift, and so for us it's what's happening across virtually every economy -- that the things that people want to exchange happen to be increasingly intellectual property, or happen to be creative design or happens to be music, or happens to be something within a video game or it's a creator who happens to be an influencer selling a new product. So, for us, we think if you just run the math against that, particularly for the next generation of consumers, it's important for us both to establish a relevant connection to those consumers, but also to capture the value that's coming out of that," he said.
Creator economy fuels growth for small businesses: Visa CMO
