The service sector already makes up 75 percent of the world economy. That’s a daunting figure and likely only to increase over the next few years. In an interesting article in Fast Company offers suggestions for how product producers can layer services on their offerings to create new revenue streams. I would contend that the same holds true for all types of content producers. At a minimum it’s a great exercise in figuring out how to expand your business.
One concept is to convert from selling a “good” or product to selling on demand access. Fast Company points to the example of Rent the Runway. Rent the Runway rents out high-end couture fashion. Instead of selling $5,000 dresses, they rent them out. For content creators a similar example is the Atavist. Evan Ratliffe started the company a few years back as a way for authors to distribute long form content on demand. The online publication offers writers a way to distribute and derive profits from their work. Readers can tap into a great source of original reporting and journalism.
Another example is expand your offerings. Figure out ways to build around your content to offer related services. For example, if you’re writing music or producing video is there a way that you can curate other offerings online? Can you customize what you’re doing for a new client?
As a content producer you don’t need to a create your own platform or service, you can tap into things that other people are doing. I think co-working spaces offer some excellent opportunities for content producers. Co-working spaces provide a platform for collaboration as well as a place to get things done. For content producers they can also provide a showcase and a venue for your work. They can also provide an audience for artwork, presentations, etc. As co-working spaces proliferate, they will all be seeking ways to provide value added services for their clientele. This could take the form of an exhibit or event.
Digital technology provides not only the means to produce new and exciting content. It also provides ready access to new delivery systems and media. These can provide the means to provide new ways to distribute your content as well as the means to drive new streams of revenue. Adding creative content to creative services can enable creatives to emerge as entrepreneurs.