The creator economy has a math problem that gets clearer every year. Having tens of millions of subscribers does not automatically mean having a profitable business, and the people who built their audiences on YouTube ad revenue are increasingly aware that the model has limits.
MrBeast, the most-watched creator on YouTube, made that calculation explicit this week by acquiring Step, a fintech startup that provides financial tools aimed at Gen Z users.
The deal is the latest in a pattern of large creators diversifying away from advertising into product businesses, equity stakes, and branded goods.
MrBeast's food products line generates hundreds of millions of dollars annually. His media business, despite its audience scale, was not profitable in 2024.
The acquisition of Step fits a strategy that mirrors what celebrity brand-building has always looked like, but with a digital-native audience at the core.
Whether Step's financial tools business generates meaningful returns is less certain than the signal the deal sends: ad revenue alone is no longer enough, and the creators who built the biggest audiences are the first to act on that conclusion.