A new report from creator commerce platform Kajabi examines what distinguishes the small percentage of online creators earning six figures annually from the vast majority making under $100,000 per year. The study, titled “Kajabi’s State of Creators ‘24,” surveyed over 2,000 creators globally to uncover the strategies, behaviors, and characteristics of top earners in the rapidly growing creator economy.

According to the research, 96% of creators earn less than $100k annually, with 66% relying on just one income source, typically brand deals, in 2022. However, a select group of creators has managed to break the six-figure barrier by diversifying their revenue streams and focusing on digital product ownership rather than relying solely on social media platforms for income.

The study found that creators earning over $100k per year have an average of five revenue streams, while those making more than $150k annually are more likely to have seven income sources. In contrast, lower-earning creators average just two revenue streams.

When it comes to the most lucrative digital products, six-figure creators report that online courses generate the most revenue, followed by digital downloads and membership sites. Interestingly, while social media remains essential for audience engagement and community building, creators earning six figures are more likely to funnel followers to their own websites and digital products to maximize income.

Among social media platforms, YouTube stands out as the top revenue source for high-earning creators. The study reveals that nearly half of six-figure creators would lose over $50,000 annually if they lost access to their YouTube accounts. However, these creators are not solely reliant on platform-specific income, recognizing the risks associated with algorithm changes, account bans, and outages.

The report also highlights the quick success of some creators, with 40% reaching six-figure earnings within two years. The niches with the fastest path to six figures include personal development, business and marketing, health and fitness, and education.

Looking ahead to 2024, top-earning creators express interest in joining a creator union to protect their interests and ensure fair treatment by social media platforms. They also anticipate using AI tools more frequently to save time and reduce burnout, with over 50% believing AI will help them save more than 26 hours per week in content creation. Read the full report here.