Analysts at the Bank of America Institute attribute this to a slowdown in paid partnerships, a more competitive market for creators, a decline in online viewership since the pandemic and a concentration of paid partnerships among the top creators.

While internet virality is unpredictable, turning content creation into a full-time career requires meeting certain financial needs, like the ability to pay monthly bills, content creators told CNBC. As a result, creators are looking to diversify their revenue streams, and in addition to paid partnerships, many content creators are increasingly looking to monthly subscription platforms like Substack and Patreon for consistency in their monthly income.