Do you know these creators? You should

This is Lee Clifford, filling in for Sheryl who is helping moderate Coins2Day’s annual gathering of the Most Powerful Women in Business in Washington, D.C. She’ll be back tomorrow with on-the-ground reporting from one of our first live events in a very long time.

In the meantime, if you think TikTok and its ilk are just for kids, well, you couldn’t be more wrong. These platforms are exerting a gravitational pull on corporate America. The team at Coins2Day recently went deep on the “Creator Economy” to examine the ways companies are using influencers and platforms to build their brands. I highly recommend Jeffrey O’Brien’s excellent feature “Welcome to the TikTok economy.” As Jeff writes:

“TikTok has been the most downloaded app for the better part of two years. And in late September, the company said that it now has more than 1 billion monthly active global users. According to a recent report by the analytics firm App Annie, “TikTok has upended the streaming and social landscape.” In the U.S. And the U.K., users spend more hours on TikTok, on average, than on YouTube.”

“Moreover, it has supercharged the so-called creator economy, a broad swath of entrepreneurs, influencers, and side hustlers trying to convert their looks, humor, wisdom, connections, inhibitions, insights, and dance moves into riches and stardom. The social media giants, including Facebook, Google, Snapchat, Twitch, and even Pinterest, are all vying for their share of a market now valued at north of $104 billion, according to a recent report by NeoReach and Influencer Marketing Hub. A raft of startups—from Cameo and Clubhouse to Substack and OnlyFans—are carving out their own niches. And then there’s TikTok, which has weathered a political firestorm, a federal investigation, numerous lawsuits, a global pandemic, and a couple of near-acquisitions to find itself at the top of the heap.”

Speaking of this new generation of influencers, Coins2Day also highlighted the “Creator 25″—several of whom happen to be making their mark in the worlds of money and finance. I’ve highlighted the team’s reporting on four that should be on your radar below, but check out the complete list here.

Ben Thompson

“If there’s anyone who’s mastered the newsletter subscription business, it’s Ben Thompson. A business, technology, and media analyst whose career spans the likes of Apple, Microsoft, and WordPress developer Automattic, Thompson started his newsletter Stratechery in 2013 and has devoted himself to it full-time since 2014. While Thompson is based in Taiwan, his ever-growing readership spans 85 countries and includes executives from the industries he’s analyzing, investors, venture capitalists, and countless others who eagerly await his broad explanations, granular deep dives, and interviews with power players in the spaces he covers. The founders of Substack have called Thompson an inspiration for the platform, and he is oft-cited by the New York Times, which has referred to him as “one of the most interesting sources of analysis on any subject.”

Humphrey Yang

“Prompted by a number of friends who regularly asked him for financial advice, Humphrey Yang started his YouTube channel in 2019 with a clear goal in mind: create and share videos offering personal finance guidance for the everyday person. While the channel initially didn’t do as well as he’d hoped, the former Merrill Lynch adviser wasn’t deterred—and he’d noticed a curious lack of personal finance–focused content on TikTok, which had begun to blow up in exponential fashion. In late 2019, Yang began to focus his efforts on the platform: He posted one video each day for 30 days, and then another 30, until he eventually hit 1 million subscribers. His timing was perfect: Between the absence of finance accounts on the app and the influx of new users who joined at the start of the COVID-19 pandemic—young people who were bored or financially strapped during lockdown—Yang’s star began to rise.”

Li Jin

“Li Jin wants to make a case for creator rights. A venture capitalist, artist, and immigrant to the U.S., Jin, 31, is the founder of Atelier Ventures, an early-stage VC startup that seeks to “advance economic opportunity and lower the barriers to entrepreneurship.” But even before founding Atelier, Jin made a name for herself by advocating for influencers and other creative entrepreneurs to receive the same workers’ rights as anyone else.”

Marques Brownlee

“Brownlee’s videos are at once straightforward and incredibly well-produced, making his channel an essential resource for those shopping for a new phone, electric car, or camera drone. Not only has his expertise and irresistible curiosity allowed him to grow his audience—they’ve also garnered attention from the likes of other high-profile tech enthusiasts, such as Google CEO Sundar Pichai, Mark Zuckerberg, Microsoft CEO Satya Nadella, actor and entrepreneur Will Smith, and former president Barack Obama. Brownlee’s New Jersey-based operation is now a full-fledged empire featuring a team of cinematographers, VFX specialists, and a dedicated studio space; he also has his own podcast and line of MKBHD merchandise. Tech companies actively seek him out to place their latest product announcements on his channel, though he’s more likely to conduct a detailed, honest breakdown than offer a fawning press release.”

Finally, for all you would-be writers out there, forget about writing the Great American Novel—the “Great American Substack” is where the money is these days. For anyone whose inbox is filling up with fascinating Substack subscriptions from their favorite authors, Jen Doll’s deep dive inside the company is a must read.

See you tomorrow.

Big deal

This year, consumers will spend an average of $1,447 on gifts, entertainment, and travel, according to PwC's 2021 holiday consumer survey. This is up more than 20% over last year. However, millennials (ages 26-39) will spend the most this holiday season compared to other age groups, with an average budget of $1,646, the firm found. 

Courtesy of PwC

Going deeper

Early results from Mercer’s National Survey of Employer-Sponsored Health Plans 2021 released on October 6 found U.S. Employers expect health benefit costs to increase 4.7%, on average, in 2022 in comparison to 2021. A longer-term focus on addressing health inequities, including affordability for lower-wage workers, is a prerogative for some large employers, according to Mercer, a human resource consulting service. About 50% of respondents with 500 or more employees and 65% of those with 20,000 or more employees said this will be a priority over the next three to five years. The findings are based on 1,502 employer responses. 

Leaderboard

Kristen Norris was promoted to CFO at Executech, a managed IT services provider. Norris joined the company two years ago as part of the acquisition of DSA Technologies. She has worked with the accounting and finance functions across Executech and its subsidiary brands. Before joining Executech, Norris worked across accounting, finance, and HR functions at DSA. She previously spent 10 years in roles that included client relations, account operations, and financial consulting.

Steve Smith was named CFO at Movella, a data analytics company. Smith has over 25 years of senior management experience. He most recently served as EVP and CFO for Inseego Corp. Smith previously served as a financial consultant with a number of software-as-a-service and medical device businesses, and as interim CFO of TetraVue Inc. He also served as CFO and head of operations for Micropower Technologies. Earlier in his career, he served as president of XiTron Technologies, a development stage biotech firm.

Overheard

"When it comes to business travel, the knock-on impact of ‘revenge travel’ is that employees are now open to extended stays, traveling further afield, and looking for a more diverse range of accommodation."

—Vivi Cahyadi Himmel, CEO and cofounder of corporate housing provider AltoVita, on the strong desire to travel even more than before the onset of the pandemic, as told to Coins2Day.