The creator economy may be bigger than we think, and taxing side hustles will be a growing issue as an OnlyFans ‘sin tax’ is debated

Fiscal authorities and statisticians have long underestimated different types of economic activity, and side hustles are no different, according to Paul Donovan, chief economist at UBS Global Wealth Management.

In a Financial Times op-ed late last month, he pointed to a major milestone in the creator economy: an analysis from WPP Media indicated that creator-generated content would fetch the same share of global ad revenue as the radio and newspaper industries would in 2025.

“Advertising revenues are not flowing to traditional platforms,” Donovan wrote. “To get a message across in the modern world, you need to find a 15-year-old with a smartphone and a nice set of dance moves.”

While some influencers can make a living solely from their online content, most creators are more likely earning supplementary income, he said.

But a wider pool of people can tap into this business. For example, more musicians can now make money by putting out their music on streaming services, which bypass record labels that historically acted as gatekeepers. 

“Online marketplaces abound, allowing anyone who thinks they have something to sell to find a customer without any of the expense of having to rent a physi...