“CREATOR ECONOMY”: THEORY AND ITS USE

Authors

  • Iryna Radionova KROK University
  • Iryna Trots KROK University

DOI:

https://doi.org/10.36690/2674-5208-2021-3-48

Keywords:

creator economy, economic circular flow diagram, platforms of IT companies, entities, products, resources, expenses and revenues of the , benefits of society

Abstract

The article delves into a modern phenomenon known as "The Creator Economy." The authors attempted to examine the existing knowledge regarding the "creator economy" in terms of developing a "theory of the creator economy." The researchers concentrated on the effects of the new phenomenon, which are embodied in modern economies design modifications, rather than the technological foundations of the new phenomenon. The key aspect (core) of the creator economy is the IT companies' platforms activity, which is examined in this article. For the purpose of delineating the creator economy borders, the economic circular flow diagrams toolkit is used. There are four groups of creator economic entities: 1) actual creators of new information products, 2) platforms of IT companies, 3) consumers of information products who become co-creators of content, and 4) representatives of advertising and innovation businesses and non-profit organizations who are interested in the creator economy's existence. The "creator economy" as a segment of modern economies is described in terms of its products, resources, expenses, and revenues. Given the distinctiveness of the information product, it is proven that the "creator economy" could be identified as the "creator economy of new meanings." After all, a unique information product developed in this sector of the economy allows us to forecast the future and set the groundwork for it today. The concept of "endogeneity of the creator economy" is defined as a phenomenon unique to a certain economy. There are several connections between the "creator economy" and other areas of national economies. Theoretical assumptions concerning possible directions for further development of the "creator economy" idea are formulated.

Author Biographies

Iryna Radionova, KROK University

Doctor of Economic Sciences, Professor Habil., Kyiv National Economic University named after Vadym Hetman; Head of Theoretical and Applied Economics Department, KROK University, Kyiv, Ukraine

Iryna Trots, KROK University

Ph.D. (Economics), Associate Professor of Theoretical and Applied Economics Department, KROK University, Kyiv, Ukraine

References

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Published

2021-09-30

How to Cite

Radionova, I., & Trots, I. (2021). “CREATOR ECONOMY”: THEORY AND ITS USE. Economics, Finance and Management Review, (3), 48–58. https://doi.org/10.36690/2674-5208-2021-3-48

Issue

Section

Chapter 1. Current trends in economic development