The modern internet has birthed a massive economic engine known as the creator economy. Millions of individuals now upload content to platforms like TikTok, Instagram, and YouTube with the hope of building an audience. While many succeed in generating views and likes, a significant number struggle to convert that digital attention into financial stability.
Recent data suggests a sharp divide in earnings among these creators. Reports indicate that only a small fraction of influencers earn a living wage, while the vast majority make very little. This discrepancy highlights a specific problem: creating value for an audience is not the same as capturing value for oneself.
A new study published in the International Journal of Research in Marketing investigates this gap. The researchers sought to understand the specific mechanisms that allow a “person-brand” to turn fame into fortune. The study moves beyond the question of how to get famous. It focuses instead on the business models that allow individuals to monetize that fame.
Identifying the Knowledge Gap
Pierre-Yann Dolbec of Concordia University and Andrew N. Smith of Suffolk University led this investigation. They observed that existing academic literature explains how people become brands. Researchers know how influencers build audiences and how they navigate algorithms to generate engagement.
However, the authors noted that less is known about the financial conversion process. They define “value capture” as the share of value created that is eventually secured as monetary benefit. The researchers aimed to map the specific strategies and resources creators use to achieve this.
To understand this, one must grasp the concept of a “person-brand.” This is an entity that is simultaneously a human being and a commercial offering. The challenge for these individuals is that while they create value for platforms (by keeping users online) and for audiences (by providing entertainment), they often fail to claim a share of that value for themselves.
A Three-Stage Methodological Approach
Dolbec and Smith designed a multi-phase study to categorize how creators make money. They began by collecting archival data to understand the landscape. This included reading 394 pages of articles from business and fashion publications that offered advice on influencer monetization.
The team then performed a systematic analysis of Instagram content. They selected 110 influencers across 11 different market domains, ranging from beauty and fitness to gaming and pets. They collected 61,534 posts from these accounts over a one-year period.
The researchers coded these posts to identify specific instances of value capture. They looked for clear signals of monetization, such as sponsored content or product sales. This process allowed them to catalogue 31 distinct types of revenue-generating activities.
Following the content analysis, the researchers conducted in-depth interviews. They spoke directly with 21 influencers and transcribed 60 podcast interviews with other creators. These interviews allowed the team to understand the “how” and “why” behind the activities they observed on Instagram. They used an abductive analysis method, which involves moving back and forth between data and theory to develop a framework.
The Concept of Value Capture Modes
The analysis revealed that person-brands do not monetize randomly. Instead, they operate within specific “value capture modes.” These are institutionalized patterns of action that dictate how a creator bundles resources to make money. The researchers identified three distinct modes: the Advertiser, the Entrepreneur, and the Professional.
Creators often bundle their internal resources, like skills or personality, with external resources. These external resources come from their value network, which includes audiences, brands, and platforms. The success of a person-brand depends on how effectively they combine these elements.
The Advertiser Mode
The first mode identified is the Advertiser. In this model, the creator’s primary strategy is to monetize engaged attention. They bundle their ability to create content with the commercial needs of traditional brands.
Advertisers develop a specific “person-brand value proposition.” This involves curating a distinct identity and audience demographic that appeals to companies. For example, an influencer might package their follower statistics into a media kit to pitch to corporate partners.
The activities in this mode include sponsored posts, brand ambassadorships, and affiliate marketing. Creators also rely on platform affordances, such as the YouTube Partner Program, to earn a share of ad revenue.
The study notes specific risks for Advertisers. They face “authenticity struggles” if their commercial work clashes with their personal brand. They are also highly vulnerable to algorithm changes or shifts in platform policies.
The Entrepreneur Mode
The second mode is the Entrepreneur. Here, the strategy shifts to leveraging market opportunities directly. These creators identify unmet needs within their community and develop products or services to fill them.
Entrepreneurs bundle their deep knowledge of audience desires with production capabilities. This might involve outsourcing manufacturing or using “dropshipping” methods where third parties handle logistics.
Activities in this mode fall into two categories. Goods-related activities include selling merchandise, books, or digital products like photo filters. Service-related activities might include launching a restaurant chain or a subscription box.
The risks here are operational. Entrepreneurs face the possibility of product failure, shipping delays, or quality control issues. These logistical failures can damage the trust they have built with their audience.
The Professional Mode
The third mode is the Professional. These person-brands capture value by selling specific expertise. This mode is common among fitness trainers, photographers, and consultants who use social media to demonstrate their competence.
Professionals bundle their credentials and skills with their online reputation. They often use their content as a portfolio to attract clients. The goal is to convert followers into paying customers for high-value services.
Activities for Professionals include coaching, consulting, and teaching. This mode also covers employment-related value capture, where a creator is hired by a company because of their online status. For example, a photographer might be hired as a product manager for a software company.
The primary risk for Professionals is reputational. If they fail to deliver the expertise they promise, or if they misrepresent their credentials, they risk “professional failure.” This can lead to a loss of standing in their industry.
Strategies for Growth
The research also outlined how person-brands expand their income over time. The authors identified three specific growth approaches.
Concentration involves doubling down on a single mode and field. A creator might simply raise their rates for sponsored posts as their audience grows. They perform the same task but extract more value from it.
Mode-spanning occurs when a creator moves into a new category of value capture. A beauty influencer who starts as an Advertiser might launch a makeup line, transitioning into the Entrepreneur mode. They use their reputation to bridge the gap between selling others’ products and selling their own.
Field-bridging involves moving into a completely new topic area. A fitness influencer might begin selling nutritional supplements or offering mental health advice. This requires the creator to develop new resources or credibility in a different domain.
Insights for Individual Creators
The study offers several practical takeaways for those building a person-brand. The authors suggest that creators should target opportunities that are scalable and recurring. Selling a digital course, for example, allows for unlimited sales without additional production time.
Creators are also advised to optimize their position in the value network. This means converting a passive audience into an active community. A strong community reduces reliance on algorithms and increases the likelihood of sales.
The researchers also note the importance of direct communication. Relying solely on social media platforms is risky. Building independent channels, such as email lists, gives creators more control over their business.
Implications for Organizations
For businesses, the study suggests a shift in perspective. Companies often view influencers merely as advertising channels. The authors argue that firms should view person-brands as partners or investment opportunities.
For Advertisers, companies can adopt a “talent incubation” strategy. This involves identifying promising creators early and providing them with resources to grow. This fosters loyalty and can lead to more authentic marketing campaigns.
For Entrepreneurs, established firms can act as incubators. They can provide the infrastructure and capital that creators lack. This allows the firm to participate in the success of new creator-led brands rather than competing with them.
For Professionals, organizations can look to hire person-brands as employees. These individuals bring not only their skills but also their audiences and networks. Hiring a high-profile professional can enhance a firm’s reputation and attract new business.
Caveats and Risks
While the study provides a framework for success, it also highlights the volatility of the creator economy. Success in one mode does not guarantee success in another. A successful Advertiser may lack the operational skills to be a successful Entrepreneur.
Additionally, the reliance on platforms remains a persistent threat. A change in platform features can decimate a business model overnight. The researchers note that while these strategies outline the path to value capture, the execution requires constant adaptation to a shifting digital environment.
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