Influencer Advertising - Colombia

Ad spending in the Influencer Advertising market in Colombia is forecasted to reach US$74.58m by 2024.
The expected annual growth rate (CAGR 2024-2030) for ad spending is 8.08%, leading to a projected market volume of US$118.90m by 2030.
The average ad spending per internet user in the Influencer Advertising market in Colombia is projected to be US$1.92 in 2024.
When compared globally, China is set to generate the highest ad spending in 2024, amounting to US$19.16bn.
In Colombia, influencer advertising is gaining traction rapidly, with brands leveraging local social media personalities to engage with the target audience effectively.

Definition:
Influencer Advertising refers to advertising that allows marketers to promote products or services by collaborating with influencers on social media. Influencer Advertising allows marketers to reach targeted audiences based on the influencer’s performance and their follower profiles; they also have the ability to measure the performance of campaigns. Influencer Advertising refers to all advertising fees paid directly to influencers (or to their person of trust or representative) for posting or streaming sponsored content (e.g., posts, videos, and/or stories) on social media to promote products or services to their followers. This sponsored content typically includes images, videos, live streams, and/or text.

Additional information:
Influencer Advertising comprises advertising spending, users, and average revenue per user. The market only displays B2B spending. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. For more information on the data displayed, use the info button right next to the boxes.

Advertising spending paid directly to influencers to post sponsored content

The values of giveaway products as well as services that influencers receive in exchange for reviews, mentions, or giveaways for their followers
Advertising spending allocated to paid social media campaigns to boost content
Affiliate commissions, i.e., the commissions that are paid to influencers when someone makes a purchase based on their content or links
Gross merchandise volume (GMV) of transactions from sponsored posts or live streams

In recent years, the Influencer Advertising market in Colombia has experienced significant growth and development. This can be attributed to several factors such as the increasing popularity of social media platforms, changing consumer behavior, and the rise of digital marketing strategies.

Customer preferences: Colombian consumers are increasingly turning to social media platforms for entertainment, information, and product recommendations. Influencers, who have a large following and are seen as trusted sources, play a crucial role in shaping consumer preferences and purchasing decisions. Consumers are more likely to trust recommendations from influencers they follow, as they perceive them as authentic and relatable.

Trends in the market: One of the key trends in the Influencer Advertising market in Colombia is the shift towards micro-influencers. These are influencers with smaller but highly engaged audiences. Brands are recognizing the value of micro-influencers in reaching niche markets and driving targeted engagement. By partnering with micro-influencers, brands can achieve higher levels of authenticity and credibility, as these influencers often have a more personal connection with their followers. Another trend in the market is the growing emphasis on storytelling and creating meaningful content. Brands are realizing that simply featuring their products in influencer posts is not enough to capture the attention of consumers. Instead, they are collaborating with influencers to create compelling narratives and storytelling that resonates with their target audience. This approach helps to create a deeper connection between the brand and the consumer, leading to increased brand loyalty and sales.

Local special circumstances: Colombia has a vibrant social media landscape, with a high percentage of the population actively using platforms such as Instagram, YouTube, and TikTok. This presents a unique opportunity for brands to leverage influencer marketing to reach a wide audience. Additionally, Colombian influencers are known for their creativity and authenticity, which further enhances the effectiveness of influencer advertising campaigns in the country.

Underlying macroeconomic factors: The growth of the Influencer Advertising market in Colombia is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. As consumers have more purchasing power, they are more likely to engage with influencer content and make purchasing decisions based on influencer recommendations. Furthermore, the COVID-19 pandemic has accelerated the shift towards digital marketing strategies, including influencer advertising. With people spending more time at home and online, brands have recognized the importance of reaching consumers through digital channels. Influencer marketing provides a cost-effective and targeted approach to reach consumers who are actively engaged on social media platforms. In conclusion, the Influencer Advertising market in Colombia is experiencing significant growth and development due to the increasing popularity of social media platforms, changing consumer behavior, and the rise of digital marketing strategies. Customer preferences are shifting towards micro-influencers and meaningful content, while local special circumstances such as a vibrant social media landscape and creative influencers further enhance the market. These trends are supported by underlying macroeconomic factors such as economic growth and the impact of the COVID-19 pandemic.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on influencer advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising fees paid directly to influencers to post sponsored content.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use market data from independent databases, influencer marketing platforms, and third-party reports to analyze and estimate global influencer advertising spending. We start by researching on the average cost per content post on each social media platform, the number of influencers available on advertising platforms (breakdown by tier: nano, micro, macro, and mega), and the average number of posts per year. Then we estimate the market size for each country individually. We use relevant key market indicators and data from country-specific industry associations, such as GDP, social media users, and digital consumer spending. Lastly, we benchmark key countries or regions (global, United States, China, etc.) with external sources.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Influencer marketing has become one of the most popular and effective forms of online marketing. With millions of internet users browsing social media platforms for entertainment, inspiration, and product recommendations daily, it is no surprise that marketers are harnessing the power of social media’s most recognizable faces for promotion. The global influencer marketing market value stood at 21.1 billion U.S. dollars as of 2023, having more than tripled since 2019. As influencer endorsement continues to mature as an industry, the size and value of influencer marketing platforms also continue to expand every year, making collaborations between brands and creators more profitable than ever.