The creator economy is a booming industry, currently valued at over $100 billion. But according to a recent study, only 5% of creators are making content as their full-time gig — meaning the vast majority are amateur creators trying to make some extra cash doing something they love. HeatingUp is pledging to support this “middle class” of creators with its video challenge platform, dubbed “The Creator Fund for Everyone.”
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Company co-founder Ant Cuomo explains the mission behind HeatingUp is to improve the lives of aspiring content creators. “Creators not only pour their heart and soul into pursuing their passions but spend thousands of hours creating, editing and sharing their video content. We wanted to give them a fun platform that helps them get discovered and monetize those passions without any barriers or qualifications like some other creator platforms out there.”
HeatingUp curates and launches challenges in all content categories from Makeup to Skateboarding and everything in between. Creators earn a share of the challenges’ cash pots by entering and receiving upvotes on their submissions — the more upvotes they receive, the higher they rank and the more they earn. Users can also build a following on the platform by hosting their own challenges.
In terms of their business model, HeatingUp sees a huge opportunity for brands to capitalize on the platform via sponsored challenges. By sponsoring a challenge’s cash pot, brands, in turn, receive multiple native, high-visibility placements throughout the platform. HeatingUp believes this model of brands supporting creators will help brands build a much stronger relationship with consumers than traditional media advertising.
“Rather than trying to target users with ads and hoping they convert after an impression or two, we’re letting brands support them natively within the experience over the life of a 10-14 day challenge,” Cuomo explains.
On top of that, HeatingUp is also giving brands access to repurpose the content submitted on their challenge, helping to grow their user-generated content strategy. The company says this is just the beginning when it comes to revenue streams within the platform, and has several features planned to increase monetization.
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