Economy of passion – What is it, definition and concept

The economy of passion encompasses all professional activities that allow the people who perform them to earn income and earn a living thanks to what they like.

In other words, the passion economy consists of people being able to generate income by doing what they like the most. In this way, we abandon the traditional conception that you cannot dedicate yourself to what you are passionate about, but that you must study and find a job that offers you the best possible conditions.

The advancement of technology allows new avenues of business to be opened, giving rise to jobs never seen before. Thus, with the emergence of social media, podcast or video platforms, people have the opportunity to share content with the rest of the world.

If people like this content, it will be viewed by more and more people. When the reach of the content is large, there is the option of monetizing it through channels such as advertising or the sale of goods and services.

In this context, the economy of passion allows content to be generated on aspects as specific as a certain video game, how to prepare vegan recipes or what is the lifestyle of a millionaire. This was impossible to carry out before the appearance of the aforementioned platforms.

Characteristics of economy of passion

Below we explain the main characteristics of the economy of passion:

  • People who participate in it manage to generate income thanks to what they like.
  • It is possible thanks to technological advancement. Social networks and audio and video platforms have favored the appearance of this type of economy.
  • The people who are part of it can achieve thousands and even millions of followers. Some of them are true idols of the masses on a par with the great soccer players, actors or musicians.
  • Participants in the passion economy are overwhelmingly content creators. This content can be in text, image, video or audio format.
  • Income can be achieved through advertising, subscription to exclusive content, merchandising or books. These are the most common fonts.
  • The personality and communicative ability of the content creator must attract the user’s attention.
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Example

Let’s imagine that we are fans of high-end cars and we like to go to races, car shows, fairs, etc. We decide that we want to try to make a living from something related to this sector and we get down to work.

First of all, we created a YouTube channel to share our experience in the different races we attended. We will create summary videos of these races and we will transmit to the user how a race of this style is experienced from the inside.

Second, we will create an Instagram account to gain followers and upload photos of the high-end cars we see at high-end car shows and events. Once we have a good number of followers, we will try to obtain sponsorships from the brands.

Finally, we will create a podcast where we will interview renowned pilots. The goal of these podcasts is for listeners to learn first-hand how those riders got to the top.

Some of the people who are part of the passion economy are:

  • Ibai Llanos: He began his career as a commentator for the game League of Legends.
  • María Pombo: Her passion is fashion and thanks to this she has achieved more than two million followers on Instagram.
  • Lizy P: She is an influencer who has achieved more than five million followers on YouTube thanks to her makeup videos.

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