The Passion Economy

Updated: Nov 1, 2021

This past decade, we saw the rise of the gig economy. And if you don’t know what the gig economy is, here is a brief description: a labor market characterized by shorter-term contracts and freelance work compared to permanent roles. We saw this in the rise of Doordash, Instacart, and Uber, among many others where individuals were able to take part in a different kind of work, which broadly defined the 2010s. But looking forward to the start of this new decade, we see the rise of a modern workforce. A new economy based on an even less rigid and defined labor standard. This new force we refer to as the passion economy.

Passion Economy - Why is it the Future of Work

In the past, the gig economy found its flaws by tying individuals to set hours and locations with a rigid pay structure. While seemingly having more freedom, these workers still lacked the real ability to control their labor and their lives. On the other hand, the passion economy allows individuals to monetize their skills and scale their businesses while earning passive income. The passion economy will almost completely abandon the “time for money” concept as people will be able to pursue their passions while also pursuing profit and grow their business as they please instead of being burdened with the financial stress that accompanies many jobs in the gig economy. The way that the passion economy has truly separated itself from the gig economy is in one simple word: individuality. People can pursue their passions while also making a positive change in the world around them. Their skills were able to be shown to the world and regain the power and independence that the gig economy unknowingly took away from them. The passion economy has allowed the ability to shift from the corporations back to the individuals pursuing their dream.

With this passion economy, individuals can monetize their unique skills. We can see this through creators promoting video content, video gamers, artists, musicians, and more. All of these people can define the way they work and turn their passion into their livelihood. Moving forward, I would not be surprised if this has significant implications on what we think of as a job in the future. While we have already seen several digital platforms such as podcast networks, including Spotify and Apple Podcasts, creative artistic sites such as Etsy and many others have been instrumental in this rise of the passion economy. These platforms give them a way to connect with their audiences and customers and monetize their craft and grow their business to heights they could never have imagined. With barriers to entry being as small as they ever have been, now is the perfect time to pursue your passion and share it with the world, and even make some money on the side!

Here at 150birds, we are full of passionate individuals and entrepreneurs who love working with businesses to help them grow. Each of our team members is talented in what they do, and we love what we do and where we work. 150birds is our passion, and we want to share our skills and expertise with you to help your business reach unimaginable heights. Book a call to get started with your marketing team today.

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