4 Creative Side Hustles That Fight Inflation and Earn Extra Cash

The cost of living is rising worldwide, but so is the number of easy-to-use digital tools enabling micro-influencers to make money from a variety of creative content. Younger, tech-savvy people are tapping into the digital revolution to monetize their creativity in a bid to fight inflation.

learn more about Max Kraynov

ByMax Kraynov

当今ions expressed by Entrepreneur contributors are their own.

Millennials and Gen-Zs might love avocado toast and soya lattes. Still, theirspending habitsare no longer bearing the brunt of the blame for risingfinancial pressures, keenly felt by people of all ages worldwide.

Septemberinflationhas overshot forecasts in the U.S., while in the United Kingdom, inflation has reached its highest level in forty years. Food and energy prices are climbing simultaneously as rising interest rates are placing home ownership further out of reach for many adults.

It is no wonder that against this backdrop, more and more people are looking for additional sources of income. The rise of the so-calledside hustleis, of course, not a new phenomenon. Still, theskyrocketing costof living and advances in the availability of easy-to-use digital tools are breathing new life into it.

Related:12 High-Earning Side Hustles for Creative People

According toInfluencer Marketing Hub,more than 50 million people worldwide consider themselves to be creators, and the ranks of those who have found ways to monetize their creativity are growing quickly.

Curiously, building a huge following to monetize one's creativity is no longer necessary, asmicro-influencersare tapping into new apps and tools to cash in. A researchreportpublished by Adobe in October found that almost half (48%) of all creators earn money from creative endeavors such as creating content for social media. Over three-quarters (77%) of these creators only started monetizing their activities within the past year.

What's more, the individuals monetizing theircreative skillsearn around six times more than the U.S. minimum wage across all the activities measured by the report. For almost half of creators, this income represents as much as fifty percent of their monthly income.

So, what are creatives doing to cash in on their skills andpassions, and what kind of side hustles are gaining momentum? `

Meme creation

Memeshave become popular for short-form communication of widely understood concepts and ideas. More than half of Gen-Zs, 41% of Millennials and 21% of Gen-Xers look for new memes daily, while75%用户年龄13-36份额memes regularly, according to GlobalWebIndexdata.

Yepp, a new app, has pledged to share 50% of its weekly revenue with app users in proportion to the popularity of their memes, their activities within the app, and the number of new users who join the app with their invite link. According to company data, Yepp's top performers currently earn between $400 and $1,200 a month, and the company is looking for more ways to increase user payouts.

The app has an integrated Meme Maker, which harnesses ML and OCR technologies to swap faces and captions on popular memes, aiming to allow meme connoisseurs to turn theirlove of memesinto a viable side hustle.

Related:How to Harness the Power of Internet Memes for Your Business

Audiobook narration

The growing popularity ofaudiobooksmeans that the demand forbook narratorsis also rising. Technological advancements have made it easier to produce studio-quality sound with just a laptop, inexpensive software and a good-quality microphone. Finding work is also not too challenging, with platforms such as ACX that aim to connect narrators with book authors and publishers, solicitingaudiobook recordingsfor thousands of books.

Typical rates from major publishers start around $225 per finished hour of audio, according toCNBC. This includes the time spent pre-reading the book, researching, recording the book and then recording corrections once the book has been proofed for accuracy.

This side hustle is especially popular with actors and singers, as creativity alone is unlikely to be enough to succeed at it unless one also has good diction and the type of voice and accent that a particular publisher requires. Audiobook narration also entails some upfront investment into recording software.

Podcast hosting

Podcasts have expanded dramatically in popularity since the pandemic, withover one-thirdof Americans (104 million) now listening to the medium regularly and worldwide listeners expected to reach242 millionby the end of 2022.

Barriers to entry remain low, with a good quality microphone and editing software enough to get going. At the same time, the incredible diversity of podcast genres ensures there is a niche for every creative taste.

Podcasts are also relatively lucrative for those able to amass an audience of 5,000 listeners an episode or more. Hosts typically earn$90 in ad revenuefor each 30-second ad run per episode with this figure jumping significantly as the audience count increases. For example, Karen Kilgariff and Georgia Hardstark reeled in an estimated$15 millionin 2019 for their wildly popular true-crime series, My Favorite Murder.

Youtube channels

YouTubeis another popular platform for creative types eager to turn their passions into a successful side hustle. From gamers to present un-boxers and even financial influencers, content is diverse and rewards potentially generous for those able to amass large followings.

虽然算法确定内容创造者pay is dependent on several factors, including the number of video views and how many Google ads are displayed throughout each video, using anestimated pay rateof $5 per 1,000 views, a Youtube video with 1,000,000 views can make upwards of $5000. Competition is fierce, however, with the site now home to a staggering51 milliondifferent channels, just 29,000 of whom have surpassed that 1 million subscriber milestone.

Related:8 Easy Virtual Side Hustles for Extra Cash

Max Kraynov

Entrepreneur Leadership Network Contributor

Group CEO

Serial tech entrepreneur based in Sydney, Australia, Max is highly experienced in scaling businesses across geographies, corporate governance and strategic partner management. His industry expertise includes mobile entertainment, including the emerging memes space, and online travel.

Related Topics

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist.Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field KnowThis Communication Strategy
After Early Rejection From Publishers,This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings?Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and SaysThis Is the Big Blank Space in the Naming Game
Business News

These Are the Most and Least Affordable Places to Retire in The U.S.

The Northeast and West Coast are the least affordable, while areas in the Mountain State region tend to be ideal for retirees on a budget.

Growing a Business

5 Tips That Can Help You Seize Every Opportunity Your Next Industry Conference Has to Offer

Discover five ways to make the most out of the marketing, networking and personal and professional development opportunities a professional conference affords you.

Business Solutions

This Comprehensive Microsoft Excel Course Can Turn You into a Whiz for $10

Master Microsoft Excel for less than the cost of your lunch with this top-rated course.

Thought Leaders

The Collapse of Credit Suisse: A Cautionary Tale of Resistance to Hybrid Work

This cautionary tale serves as a reminder for business leaders to adapt to the changing world of work and prioritize their workforce's needs and preferences.