Economy of passion, by Carmina Crusafon

The passion economy is establishing itself as one of the fastest growing sectors in digital markets. Quite the contrary to what one might think, these are not activities related to sexual well-being; rather it refers to those carried out by professionals who make their creative passions their profession. That is, the Youtubers, the Streamers, the Tiktokers, or those who offer their individual services (cooking classes, yoga, mindfulness, etc.) through a digital platform. This concept was born in Silicon Valley in 2019 and has been spreading globally. What are its singularities? What impact does it have on the economy? What sectors can it influence?

The motto: follow your passion

Its starting point responds to this motto: make your passion your way of life with the help of digital platforms that will allow you to easily reach your audiences and / or clients. That is to say, turn your passions or hobbies into an individual business with global reach, without the need for technological knowledge. This profile responds to a new category of creative entrepreneur. Its business model responds to a formula of monetize individuality.

The term economics of passion was coined by an analyst from an American investment fund, Jin Li. She would become the first ambassador of the term and little by little it would begin to be used on a regular basis among the digital entrepreneurship sectors. Since its inception, a comparison has been established with another widely established term, the ‘gig’ economy, that responds to a model of small orders or on demand that is known for the figure of the ‘riders’.

The difference from the passion economy is that creators use digital platforms so that their business can reach any client in the world, providing them with tools for distribution, communication and payment, without the need for programming knowledge. With these facilities, professions such as ‘podcaster’ have originated, creator of sound content, writer of ‘newsletters’, tutor or virtual teacher, creator of video courses or virtual professional ‘coach’. The basis for the development of your business is in the creation of digital communities that respond to very particular interests and that seek very specific products or services, outside the dynamics of general markets.

The concept of passion in some cases is changed to the economy of creation. Some studies estimate its global business volume around 100 billion dollars. These are important and growing digits. Is a trend to be consolidated in the next years.

Impact on education and the professional world

The increase in these creative entrepreneurs is having an impact on education and the definition of a job. From the educational point of view, two important elements are observed. First, it should deepen the self-knowledge of each student to help you identify your talents. Not everyone is clear from the beginning what they want to do. Second, the basic digital training It is a fundamental requirement to equip students with skills that allow them to handle different digital tools.

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Regarding the professional dimension, it is a form of individual work that requires a lot of collaboration with other specialists and to build links with your customer communities. This results in new work routines, which do not always respond to personal or emotional well-being, because they must remember that the digital world does not rest due to its possibility of access at any time and place, and they are also accompanied by demands for immediate satisfaction from digital consumers. This often requires endless and non-stop working hours. So it is essential that healthy routines are established to avoid the ‘burn out’ syndromes or that they have to abandon their business due to health problems.

The economy of passion offers new job opportunitiesBut its advantages should not make us forget the rights achieved by workers in the traditional economy.

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