Make your passion your profession. Now there’s a program to dream about. And it’s nothing new, since a quote attributed to Confucius (551 – 479 BC) says it all: “Choose a job you love, and you won’t have to work a day in your life”. Well, let’s face it, things have changed a bit in the last 2,500 years! It’s now possible not only to make a living out of your passion, but also to have the tools to address an online community that shares that same passion. This is what we call the Passion Economy. Here’s an overview of this booming economy, in which brands also have a role to play…
Defining the passion economy
Trivially speaking, we can define the passion economy as an ecosystem based on people who have chosen to share their passion with a community, and who use various digital platforms to disseminate and monetize their expertise. In other words, it’s about taking a passion, skill or personal interest and turning it into a source of income by addressing a community or niche audience who share the same interests and/or values.
Content creators or influencers are part of this economy, but they’re not the only ones! The authors of newsletters via platforms such as Substack, Beehiiv or Kessel Media, podcasters, Reddit forum moderators or Discord servers, etc., all have in common the use of digital tools to gather, discuss and exchange around a passion.
The reasons for Passion Economy’s success
The success of the passion economy rests on three pillars:
A different way of looking at work
Although it began before the arrival of Covid, the Passion Economy experienced a tremendous boost during this period. For some people, the pandemic triggered a new quest for meaning, with implications that extend to the way they approach their relationship with work, notably with the discovery of telecommuting.
Successive confinements have left more room for individual aspirations, which now occupy an increasingly central place in everyone’s life, particularly among the younger generations.
Tools dedicated to the passion economy
The passion economy is made possible by the rise of online tools and platforms, which enable people to share their interests with as many people as possible. Whether they’re passionate about cooking, photography, gaming, fitness, DIY or any other field, enthusiasts now have the opportunity to reach a public ready to consume their content and benefit from their expertise.
Renewed interest in communities
While online communities have always been a fundamental aspect of the Internet, their importance has grown exponentially in recent years. The evolution of social networks towards a more individualistic approach is disappointing some users who are looking for more authentic connections. Traditional platforms no longer meet their expectations, prompting them to turn to online communities offering a real sense of belonging.
Monetizing passion
Because we don’t live on passion and fresh water, the key to the passion economy lies in the ability to transform personal interests into profitable activities. And in this respect, while some practices are already in place, there are undoubtedly still devices to be invented. For the time being, the means of monetizing content vary according to the platforms used:
- brand monetization through banners, sponsored content, native advertising, etc.
- monetization via audiences through subscriptions, donations or the sale of related products (training, white papers, etc.)
Why should brands be interested in the passion economy?
Enthusiast communities, which are already a relay for certain brands, should continue to attract more and more advertisers. They are a way of supporting the shift of a certain segment of the audience towards private spheres, and of circumventing the growing difficulty of precise targeting. What’s more, these communities offer a number of interesting features:
- Consumers’ passions are often areas in which they invest emotionally and financially
- By understanding their customers’ passions, brands can better target their marketing and advertising efforts, more effectively reaching those most likely to be interested in their products or services.
- By getting involved in these communities, brands can forge deeper links with their customers and strengthen their brand image.
A few examples of enthusiast platforms…
(We’re not talking here about the more “classic” social media platforms (Instagram, TikTok, etc.), or Youtube, blogs, personal websites, etc., which also help to federate communities).
Discord: servers centered around games, artistic activities or particular subjects, where members connect to exchange and share in a more intimate space.
Reddit: sub-forums dedicated to specific passions, offering a platform where members share information, exchange experiences and discuss a variety of topics.
Strava: a fitness-focused app where users share their sporting activities, join clubs and take part in challenges, creating a community of exercise enthusiasts.
Twitch : une plateforme de streaming sur laquelle les créateurs partagent du contenu en direct, permettant aux spectateurs de se connecter, de discuter et de former des communautés autour de leurs intérêts communs.
WhatsApp: groups on WhatsApp enable users to create private spaces, often focused on specific affinities, where they can exchange messages, media and connect in a more direct way.
Blogletters: newsletters distributed by e-mail, creating communities of passionate readers sharing a common interest in the specific content proposed by the author. Various tools such as Substack, Beehiiv, Ghost or the French platform Kessel Media can be used for this purpose.
Effinity works with a number of publishers on these platforms to monetize their activities, such as FrenchHardware on Discord, the Substack newsletter Le Concentré Vélo and Aurélien Collet’s presence on Strava.
To conclude on Passion Economy…
The passion economy is booming! By enabling enthusiasts to monetize their personal interests, it opens up new communication perspectives for advertisers. The key argument: direct access to audiences whose interests are closely aligned with their own.
