More people than ever aspire to become influencers on social media, given YouTube’s proliferation as an entertainment source and the popularity of Instagram and TikTok. Some 57% of Gen Z aspire to be influencers, according to a 2023 survey of 1,000 U.S. respondents. It makes sense after seeing influencers earn big payouts while having more freedom and flexibility to work on their terms.
There are many glamorous aspects of becoming an influencer, but being able to earn a full-time salary is challenging. It’s a considerable amount of hard work, requires some luck, and the field has gotten competitive. And that’s why some experts suggest aspiring content creators consider freelancing.
What influencers really earn
Just 4% of the estimated 50 million global creators are earning more than $100,000 a year, according to Goldman Sachs Research. And 48% of creators earned $15,000 or less in 2023, reports The Wall Street Journal, partly due to social networks reducing creator program payouts and other incentives used to encourage posting.
Due to creator saturation, brands have more creator partners to choose from, sometimes leading them to be more selective over who they work with and pay less for that work.
And investing time and resources solely into these social networks is an unpredictable pay-off, considering the changes to X (formerly Twitter) since 2023 as well as TikTok’s uncertain future in the U.S.
“Going full-time as a creator can be challenging, especially when relying on brand deals, which can be inconsistent and volatile,” says Lindsey Gamble, a consultant, advisor, and speaker on the creator economy and influencer marketing.
Diversifying your income
Despite these drawbacks, you don’t need to abandon your aspirations to become a creator or influencer. But for most people, it’s not a realistic full-time focus or going to deliver the pay day you may be thinking. Instead, more professionals will find success by being a well-rounded freelancer and having one of your focus areas be creating content for social media. That way you’re not disregarding your interests in being an influencer, but also protecting your income.
