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By Faith Ashmore, Benzinga
Ever since the pandemic, the creator economy has taken off in ways that few would have predicted. While the 21st century had already seen YouTube stars making seven-figure salaries, the pandemic made the creator economy far more accessible to a larger number of people. In 2023, the creator economy was worth $250 billion, and it is predicted that by 2027, it could reach more than $480 billion. According to a report by Goldman Sachs Research, it's expected that 50 million global creators will grow at a 10-20% compound annual growth rate during the next five years.
This significant expansion in the creator economy has ample room for continued development. Individuals are finding new opportunities to monetize their skills and creativity across a number of platforms. This has led to an increase in the variety of content being produced, from vlogs and tutorials to artwork and music. The rise of subscription-based platforms and the implementation of creator monetization tools has further fueled this expansion, providing creators with the means to generate income directly from their fanbase. Of course, earning their share in ad revenue remains important for creators who are monetizing on platforms like YouTube, TikTok and Instagram. However, while user-generated content is becoming more and more valuable, this trend hasnt yet fully emerged in the gaming format because games until now have been difficult, time-consuming and expensive to make.
A New Creator Platform That Leverages Interest In Video Games
In today's digital landscape, where, according to YouTube, 1 billion hours of video are watched on YouTube daily, and short-form videos are found to be highly engaging by almost 70% of consumers, Overplay has emerged as a revolutionary addition to the creator economy. Overplay empowers creators to effortlessly transform their videos into interactive games, requiring no coding skills. This game-changing solution addresses the demand for engaging and interactive content, enabling creators to tap into the world of gaming in just minutes. The platform also helps content creators do more with their existing content, making playable experiences for their fans without intensive labor.
Overplay extends its value to brands as well, offering the opportunity to create playable game ads at a fraction of the cost and time required by traditional methods. Imagine the NBA creating playable highlight reels, movie studios releasing trailers that are games and car companies making commercials where you virtually test drive their cars! Moreover, playable ads yield a 7x higher conversion rate compared to other ad formats. The company's success is evident through impressive figures, including over hundreds of thousands of app downloads and millions of games played. When stacked against a regular YouTube video, a gamified version of that same video garners 23 times more engagement, proving the significant potential of Overplay as a new approach to content creation and consumption.
When Overplay appeared on the latest season of Shark Tank, it was no surprise that the company managed to catch the attention and investment of Mark Cuban, who later said at SXSW, I like to geek out with the good stuff, Overplay is the good stuff!
Overplay operates at the nexus of a $574 billion digital media landscape that encompasses social media, advertising and gaming and is revolutionizing content creation. It introduces fresh, lean-in interactive experiences that surpass the lean-back approach to video that we are all used to.
Recognizing the need for faster and cost-effective game development, the founders of Overplay have harnessed the power of interactivity to create content that is highly replayable and, as a result, more valuable to both creators and players alike, especially as they strive to achieve high scores. With its innovative approach, Overplay is making its mark as a transformative force within the creator economy.
Featured photo by Andre Hunter on Unsplash.
Overplay is revolutionizing a $574 billion digital media landscape with the first frictionless platform for user-generated games.With Overplay, everyone can turn their videos into games and share them with the world in minutes, for free, with no code. Overplays app can be used to quickly and easily make games from anything: funny moments with your friends, cat memes, cooking tutorials, extreme sports POVs, and more!Imagine the NBA creating playable highlights reels, movie studios releasing trailers that are games, and car companies making commercials where you virtually test drive their cars. Overplays app and licensable technology allows billions of creators, social media users, and brands to amplify audience engagement by making their content interactive.Overplay sits at the intersection of three massive markets: social media, video advertising, and casual gaming. We are merging everything that makes these markets successful into one revolutionary form of digital media that will be consumed and created by BILLIONs of potential Overplayers worldwideWith Overplays API, brands can apply a thin layer of gaming on top of videos already being streamed in advertisements. Because our technology is so simple and takes only a few minutes, Overplay cuts down on thousands of hours of production time and millions of dollars in costs for brands to leverage this highly engaging ad format.
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View source version on newsdirect.com: https://newsdirect.com/news/this-mark-cuban-backed-company-is-creating-waves-in-the-creator-economy-775696436
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COMTEX_453110070/2655/2024-05-30T08:45:18
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