The Creative Economy contributes just over 6.1% to global gross domestic product (GDP), averaging between 2% and 7% of national GDPs around the world. According to UN estimates, the creative economy industries generate annual revenues of over $2 trillion and account for nearly 50 million jobs worldwide.
Stooty Technologies, Inc sees this as an opportunity by developing a platform to serve as the operating system of creative production, for users to discover, build, trade, and manage creative assets like any other commodity or asset class.
“The problem is that most platforms that exist today are focused on distribution and engagement for the creative economy instead of production,” says Dante Richardson. He continues, “The producers of creative works and creative products are the raw materials and fuel to the creative economy, the distribution and engagement platforms for creative products are similar to transportation systems and retail stores.” Stooty Technologies has developed the technology to increase the production of creative works by allowing users to develop and exchange creative assets on their platform.
The creative supply chain works like any economic system for products according to Stooty Technologies. “It starts with an idea for a creative work; a song, video, or event. The next phase is producing the idea into a creative property. Once the production is done you need distribution channels to reach consumers of entertainment or information for engagement. The creative supply cycle repeats itself once the demand for the creative product is low meaning the audience is losing interest and wants something new or more creative,” says Dante Richardson.
Building an audience and community is important for all businesses in the age of social media consumers. Brands over the years have increasingly made big investments in content production to increase awareness for their brands. “With Stooty, brands will be able to produce desirable content quicker and more efficiently, instead of the target audience seeing branded content as ads they will see it as art or entertainment that their leads look forward to consuming,” says Dante Richardson, “We are allowing brands to create media products, they could actually use as an asset instead of a marketing expense.”
There is a particular focus on entrepreneurship in the creative economy. Between 2002 and 2012 in the U.S the number of businesses that identified as or employed “independent artists, writers and performers,” grew by close to 40%. Artists in the U.S. are 3.6 times more likely than the rest of the U.S. workforce to be self-employed. As of May 2021, there are just over 15,000 people employed in the Independent Artists, Writers, and Performers industry, a 7% increase in employment compared to May 2020.
“Stooty wants to help creative entrepreneurs sell their creative production services and spaces to others that need creative resources for their projects,” says Dante Richardson. “We plan on giving them the tools to run a creative enterprise with our marketplace and SaaS tools and Web3 in the near future.”
The Stooty platform will be for Creator to Creator and Creator to Business transactions opening up a new market for Creators to work and Businesses to develop media assets by allowing anyone to launch their own digital studio to sell creative production services and produce creative assets according to Stooty Technologies.
It’s safe to say that Stooty will dominate the Creative Economy if it could control the production phase of the Creative Supply Chain. With plans on using blockchain technology and IoTs Stooty predicts it could be used for 85% of the content that is created on social media by businesses everyday.
Stooty Technologies, Inc is a New York startup and currently in the Launch NY’s Founders Go Big program sponsored by JP Morgan. Click here for more information on Stooty.
