Welcome to another Friday edition. What do you think about YouTube privatizing the dislike button? To me, a high dislike video reads like a tweet that’s been ratioed—something that I need to check out further in the comments. Will you miss it? Reply with your thoughts!
In Today’s Issue 💬
→ Unpacking the reasons behind creator burnout
→ Why Jeff Wittek’s new haircare line contends with Old Spice
→ How Web 3 brings ownership to creators
Report Finds 90% of Creators Have Experienced Burnout
Yesterday social platform Vibely released a report that delves into why creators face a high likelihood of burnout, surveying 150 creators with followings that range from 100,000 to over five million.
By the Numbers
90→ percent of creators have experienced burnout.
65→ percent of creators found changing algorithms the most taxing to mental health (above earning revenue).
71→ percent of creators have considered quitting social media altogether.
“The pandemic stopped everything. It made me think about what I want long term,” Mills said. “Now I don’t hold the numbers as closely as I did before—it’s not a representation of my value.”
Colin and Samir also shifted their perspective, "The recipe for burnout is creative output without direction. Once we figured out who our audience was and how we wanted to serve them, life as a creator became more purposeful and a little bit easier."
Burnout can affect any creator, regardless of audience or niche. Embrace the ebbs and flows that come regardless of success, and make room for recovery—like designating days off, delegating tasks, and making friends with like-minded creators that you can confide in and share accountability with.
Jeff Wittek Launches Haircare Line
The launch comes on the heels of his now defunct partnership with Old Spice. Wittek told Colin and Samir that the success of that partnership helped lay the groundwork and confidence for starting his own consumer brand.
Wittek funded Jeff’s Barbershop hair care himself and retains 90% of the brand IP, with the rest belonging to his creative director and team members.
Wittek told Colin and Samir that the brand sold over 5,000 units of its pomade and texture spray within its first week and is already making plans to expand their line of products and move into wholesale.
Creator-led brands are replacing legacy brands on the shelves. They have built-in marketing and distribution channels that companies like Old Spice would love to own. Additionally, as creator brands begin sponsoring other creators, they will be creator friendly when it comes to understanding the value of creative freedom.
Reddit Co-Founder Launches $100 million Web 3 Social Growth Fund
Web 3 could be the next frontier for the creator economy, if recent moves from industry leader and Reddit co-founder Alexis Ohanian are any indication. Earlier this week, Ohanian launched a $100 million fund for Web 3 social media development with his VC firm, Seven Seven Six, and the venture arm of the Solana Labs blockchain.
“We’re building an internet that is decentralized and in the hands of people truly creating content,” Ohanian said at the event keynote.
The idea of Web 3-powered social networks seems like a complex concept on the outset, but will have a big impact on creators—decentralizing platforms and turning them into owners and stakeholders. With over $17 billion in venture capital that’s gone to blockchain-focused startups so far in 2021, Web 3 is getting closer to commonplace.
One of the ways we stay sharp here at the Press is by reading other newsletters—and few are as smart as Trapital, which covers hip-hop’s influence among creators and the business world.
Each Monday, Trapital founder Dan Runcie breaks down the latest industry moves and shares learnings from his interviews with hip-hop moguls. You’ll gain insight and level-up as a creator—sign up here to get the free weekly memo.
🔥 In Other News
Marques Brownlee covers the impact of Youtube removing dislike button numbers.
Twitter unveils “Twitter Blue” subscription with ad-free articles and undo-tweet feature.
Khaby Lame’s Tiktok collab with Netflix and Zlatan pulls in over 130 million views.
Salaried creator platform Workweek makes its debut.
Her First 100k is hiring for a TikTok producer.