In Conversation With Loren Piretra of Fanfix On How Digital Creators Forge Careers
So, here’s the breakdown–how your favorite influencer was able to buy that dream car.
This summer, influencer Halley Kate turned heads by announcing that she purchased a house in the Hamptons and a new car, all at the age of 23. The revelation has led to a continued discussion about how exactly influencers and digital creators earn a living. Many digital creators leave traditional corporate or working class jobs and opt instead for the pursuit of their own creativity. CNBC reports that 53% of Gen Z now considers influencing a viable career option.
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Influencers across various social media platforms earn a living through a diverse stream of income. This can range from brand deals, arrangements in which brands pay creators to create videos marketing their products, to direct from platform pay like the YouTube Partner Program or the TikTok Creator Fund. However, these funds keep a portion of earnings to pump into the platform, often leading creators with smaller followings to look elsewhere to supplement income.
Meanwhile, Fanfix is a new subscription based platform that allows for influencers to name the price on their work, keep a higher percentage of their earnings, and invite fans into a more personal experience. I caught up with Loren Piretra, the CMO of Fanfix, to learn more about what this platform has to offer creators looking to break into the digital culture space.
MG: Outside of the TikTok creator fund and brand deals, what is FanFix’s role in generating income for influencers?
LP: Fanfix helps creators monetize their followings through a subscription-based model. What this means is if a creator has a strong following, from 10K into the millions, they may have loyal fans who will pay for additional content and more access to them. The next step would be for the creators to promote their Fanfix page to their existing social media pages to convert followers into paying fans. Once the followers become fans on Fanfix, the creator gets paid through those monthly subscriptions plus tips, unlocked content, live streams, DMs, and more. We have instances of creators receiving $20K tips, and our top creators are earning about half a million dollars per month.
MG: You’ve worked with a number of heritage brands, including Red Bull, The NFL, and Playboy. What elements of the subscription based platforms you built with these companies did you bring over to FanFix?
LP: I always believe in looking ahead. The way you can differentiate yourself in this saturated market is to stay close to your creators and understand their needs. It’s also important to have a strong brand that is appealing to creators. My previous roles were with well-known global brands, so a lot of that appeal was already established. At Fanfix, we’re still in the startup phase and are focused on building a sense of community—we talk to our creators constantly, we host creator meet-ups around the world, and we put together engaging parties and experiences to bring our brand to life.
MG: What advice would you have for someone looking to begin a career in digital content creation?
LP: Take people with you throughout your day-to-day life. For example, when I was preparing to speak at City Hall here in LA, I took my followers along for the ride with my prep, rehearsals, etc., and I think it made them feel more invested when the time came for me to speak. What may be boring for us may not be for other people, and I give that advice to athletes and celebrities as well.
MG: Why should influencers seek to diversify their income streams?
LP: I would think about this like an investment portfolio—you don’t want to put all of your eggs in one basket. There are many reasons why diversifying income streams is a good idea for creators. Brand deals are a major source of income for creators, but unless you’re a long-term spokesperson, those deals can be inconsistent and can disappear at any time. Fans may also find certain deals inauthentic which can hurt your personal brand image. Additionally, algorithm changes on the popular platforms can potentially alter the creator’s growth, reach, and engagement. In turn, this could make them less appealing for future brand deals.
Of course, we don’t know what will happen with the looming TikTok ban, but that could deal a potential blow to creators who have focused primarily on TikTok. While brands who advertise through TikTok creators would likely just shift their focus to other platforms, a creator would need an established presence and platform-specific strategy to be appealing for brand deals on other platforms.
MG: How has FanFix already changed the lives of their clients?
LP: We hear every day from our creators on how Fanfix has helped them turn content creation into a career. I’ve heard many stories of our creators buying their first homes, paying off student loans, investing in new business ventures, and helping their families out. Creators are also able to find long-term stability in an ever-changing creator economy, where traditional brand deals may be drying up. Fanfix provides a stable, consistent income.
You can find more information on Fanfix here.