Yvette Clark (D-NY) and Beth Van Duyne (R-TX) launched the bipartisan Congressional Creators Caucus on Thursday.
What once seemed like a dream to make a living on the Internet, but this industry has become a reality. Oxford Economics estimates that the YouTube ecosystem alone driven 390,000 full-time worth of jobs in 2022, while Goldman Sachs estimates that by 2027 the creator economy is worth half a trillion dollars.
However, the US government has little regulatory oversight or understanding of the creator’s economy, which has left the creator’s business tied up.
“As the online presence of digital content creators continues to reach billions around the world, Congress must strive to ensure that resources and protections are in place to help this startup succeed in a new era,” Representative Clark said in a statement.
Matthew Patrick (MATPAT) and founder of the popular digital production studio Theorist Media, Stephanie Patrick, spoke at a press event to launch the Caucus. The husband and wife duo have been lobbying at Capitol Hill for more than a year to advocate for the needs of creators.
“We are trying to educate lawmakers about what the creator’s economy is, that’s what it’s actually work and that we are actually small businesses. As a result, there are also specific tax codes that apply to small businesses.” “Even when you talk to an accountant, they’re, are you? Because there’s no clear indicators in the tax form – what is a creator business?”
Patrick also pushes the creator economy to point out that entertainment industry hotspots such as New York City and Los Angeles are not limited to the coast. Rather, it is an industry that needs support from around the country. Theorist Media and Mrbeast are the world’s most popular YouTubers, both based in North Carolina. Meanwhile, John and Hank Greene have used their success on YouTube to launch businesses like education media companies headquartered in Indiana and Montana.
Two of the most important companies that creator businesses support their businesses, Patreon and YouTube, have confirmed their support for the new Caucus.
As Patreon’s blog post explains, creators often build companies without the same protections that more traditional companies have, such as insurance, disaster relief, and access to loans. Even startups like Karat Financial were born to fill some of these gaps. Legacy financial institutions don’t understand business and therefore offer business credit cards and banks to creators who are often denied these services.
“Too often, creators are overlooked in economic policy debates. Despite being the owners, employers and cultural tastemakers of all Congressional districts, Patreon’s head of diplomacy and strategic engagement, Courtney Duffy, head of diplomacy and strategic engagement, explained in a statement. “The bipartisan Congressional Creators Caucus is a key step to recognizing their impact and ensuring they are seated at the table to shape policies that affect their livelihoods.”
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