FinancePassion Economy

Passion Economy

The pandemic year may bring many economic bumps, but in history, it is fortunately brought a significant new surge to the term ‘passion economy’ in the economic world.

As per definition, the passion economy is that economy which is formally an evolution of gig economy where passionate individuals can create audiences on a scale and turn their talent into livelihoods. 

In simpler terms, a passion economy is where n number of people use digital platforms utilizing their unique skills for monetization. It is a revolutionary way of cutting the intermediary-any production company, recording studio, interactive education site, newspaper-as creators are now making their content to various fields and publishing them on social media platforms from which they earn a lot of followers and money by doing so. 

Evolution of the Passion Economy

The introduction of this innovation reveals that our commitment to work has to be improved. The way we interpret the job has profoundly changed automation, globalization, and the internet. The idea of ‘stationary employment’ is gone. Manual jobs and activities are wiped out: robotics and computers replacing vehicles that run themselves are no longer a matter of the future. They will be on and off the highways fast. The “professional driver” would become redundant by technology. People are finding new ways and purposes in their life to earn money. 

It is now time for us to re-address the method of making money as capitalism reaches a new industrial century. The time passed when 9 to 5 employment was everyone’s preference, and now people want more versatility, independence, and enthusiasm. For the work they are doing, they need a motive. Influencers are modern entrepreneurs because we are moving towards a new economy that is building on passion.

There are many platforms available over the web that provide self-employment to millions of people and promote the “Be your own boss” dimension. 

Chance to monetize the talent

New digital technologies help people to use their uniqueness to earn their livelihood. They emphasize people’s individuality. These networks provide artists with more spectacular options to build consumer relationships, greater assistance for expanding their work, and more available alternatives to set themselves apart from the competitors. They are now fueling a modern paradigm of web-driven business.

Mass produce entities like Amazon approach creators to establish direct consumer relationships. This trend is still apparent in the marketplaces of consumer goods; it is now expanding to utilities. The passion economy will begin to flourish in the next few years. We are looking for a world in which customers can release, enhance and reveal the importance of the specific expertise and information.

A few generalizations are shared between these new platforms:

  • They are accessible to the whole public, not only existing groups and experts.
  • They see personality as a function, not as a mistake.
  • They are mostly important in the formation of virtual products.
  • They have integral instruments for the growth and operation of an organization.
  • They invent new methods of working.

Why is it better than the gig economy?

Professionals in the gig economy are hired to execute single jobs simultaneously, generally on a short-term basis. More significantly, it enabled millions of individuals living in locations with limited employment options to find work. The passion economy arose in response to the gig economy’s drawbacks. Its goal is to make business people and freelancers experience safer in both their professional and personal life. 

People in the passion economy may use appropriate platforms to develop their abilities into scalable enterprises, brands, and communities that allow them to earn gradually rather than continuously hunting for subsequent employment. 

The combination of technology, entertainment, and media are used in the passion economy. Because there are so many creative amenities available, so many skills and hobbies can be monetized.

On the other hand, the gig economy allows people to work in so-called niche sectors like grocery delivery, parking, or mobility.

How passion economy is growing

The passion economy is anticipated to expand more, particularly as more individuals explore methods to generate money in a highly volatile employment environment. You may become a contributor by merely selecting the perfect network that will allow you to showcase your specific talents and skills. 

These networks are often run as SaaS businesses that profit from the creator’s capacity to create value. As a consequence, the administrators of these portals are compelled to continue delivering support and technologies that will lure and assist artists in monetizing their companies.

Looking Ahead

New digital platforms allow business people to increase personality and innovation. The passion economy will begin to rise in the coming years. In this new economy, everyone will have a chance to engage and participate.  It doesn’t matter what your passion is. All you need is a love for talent and the desire to convey it to the entire world. You don’t have to be famous with thousands of followers to be dominant in the market. You need a fully motivated niche of folks for whom you provide a service.

Also Read: Best Way to Save Money in Small Businesses

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