Harnessing the story economy

The importance and power of storytelling continue to grow in sync with new media and technology. Here’s how to harness the story economy.

I started thinking about this topic after reading an interesting post on Storyhunter, a site where content creators and journalists can search for job postings.

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This is how the story economy was described: “The Story Economy is the aggregate of media and entertainment revenue, social media ad revenue, digital video ad revenue, influencer marketing revenue, and digital audio ad revenue.”

And here is a chart breaking down the value of it from 2021:

The story economy has exploded, thanks to our innate need for storytelling as a society and to the internet and digital video.

“The average internet user engages with more stories every day now than any other product or service — by a long shot,” wrote Storyhunter.

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How can you go about harnessing the story economy?

Be authentic. Being authentic builds trust with others. It strengthens respect and forms deeper connections. Whether you’re the leader of a team or the host of a show, building trust and connections with people will benefit you no matter what.

Network with others. Connect with others who have similar interests when it comes to content and community. Share ideas and learn from one another. Depending on your priorities, decide if you want to build a workforce or who you may need to connect with to create your content.

Devote time to specific platforms. I think it’s smart to stay on top of mainstream social platforms. But if there is one you connect with most, focus on that to continue building your brand and audience. Don’t ignore the other outlets, try to have a hand in each one. But also don’t devote time to a platform that you really don’t want to be on.

Stay on top of trends. Keep your eyes open to what’s performing well in the digital world. Try new things and experiment with new styles. Most importantly, create content that others need – think: What can I create that others can connect with or learn from?

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