Thanks Stella for suggesting this topic 'Passion Economy is the Future of Work' on the sidebar ⭐
The last decade was all about the gig economy with people opting to make a quick buck using apps such as Uber and DoorDash.
But there seems to be a shift as people recognize the effects of gig work that is often considered precarious, demands long work hours for low pay, and sees the worker under the control of a large company.
Instead, the passion economy is gaining prominence globally where people can leverage their skills and hobbies to earn an income.
The trend has only increased over this pandemic as people resort to pursue what they are passionate about, like putting a premium on individual talent in areas such as consulting, fitness coaching, and copywriting.
The passion economy is currently worth $38 billion globally and is only expected to grow in the coming years.
I think this is facilitated by the tech that allows people to scale up their business to a large audience at a low cost. Products such as Gumroad & Patreon make it much easier for creators to monetize and sell their product/service. Patreon, in specific, saw its payout to creators climb to over $500m in 2019 doubling almost every year.
Wouldn’t it be amazing if the economy constituted of people who were doing what they loved? Keen to hear the clan’s viewpoint! 💭