Mar 31, 2020 - Economy & Business

Everyone is becoming an online creator during the coronavirus outbreak

Reproduced from Patreon; Chart: Axios Visuals

From barbers to pastors to fitness instructors, any person that used to make money via brick and mortar services, is now turning to online platforms to make money for their expertise.

Why it matters: A slew of old-line industries that once hesitated to embrace digital technologies are now being forced to do so for the sake of survival.

Driving the news: Patreon says that 30,000+ creators signed up for its service in the first three weeks of March. That's paired with a surge in people willing to pay.

  • The average growth of new people signing up to pay people for content across the U.S., UK, Canada, Germany, Australia, and Italy is up 36.2% in March compared to February.

The big picture: Other creative platforms are seeing a major uptick in sign-ups. TikTok has reportedly seen a surge in U.S. downloads in response to the crisis.

  • Be smart: Adam Mosseri, the head of Instagram, told NBC News' Dylan Byers last week that he's seeing an increased interest in "moments," like live music performances via Instagram or churches that "go live on Facebook."

What's next: Once consumers get used to accessing services digitally, these services may find it hard to go back to completely go back traditional operations.

Go deeper: Coronavirus pushes traditional businesses into the digital age

Go deeper

PPP failed to get money to industries and areas most in need

Data: U.S. Small Business Administration; Chart: Naema Ahmed/Axios

The Paycheck Protection Program (PPP) "appears to have missed the mark," S&P Global chief economist Beth Ann Bovino writes in a research report to be released today.

What it means: The PPP's first round largely skipped over states and industries that were the most in need, while the second round still has 39% of allocated cash remaining, even as many businesses are at risk of permanent closure.

The end of the beginning on energy companies' net-zero carbon pledges

Illustration: Rebecca Zisser/Axios

Activist investors' push to make the world's largest energy companies commit to ambitious climate targets is entering a new phase.

Why it matters: A key thing to watch now is whether and how energy giants start providing more granular information on how to transform the pledges into concrete steps.

2.1 million Americans filed for unemployment last week

Data: U.S. Employment and Training Administration via FRED; Chart: Andrew Witherspoon/Axios

Another 2.1 million people filed for unemployment last week, the Department of Labor said on Thursday.

Why it matters: Even as states reopen their economies, the number of newly filed unemployment applications remains historically high as the pandemic slams the labor market.