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
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.
Short video format is the new black: TikTok
TikTok is a recent addition to the social media landscape, but the video-sharing app has already evolved into a reliable marketing channel. What makes
TikTok marketing so appealing are the app’s striking download figures, audience reach, and impressive engagement rates of influencer content – especially among Gen Z users. By partnering with mega-influencers like Bella Poarch, brands can increase exposure, stay up-to-date with viral trends, and appeal to millions of potential young customers. As of summer 2023, Khabane Lame ranked as the
most-followed creator on TikTok, with more than 160 million fans. However, while mega-influencers have an impressive following,
micro-influencers also manage to have a significant impact on the platform, sometimes generating even higher engagement rates. Overall, as the app continues to gain global traction and Gen Z users grow up to accumulate more consumer power, it is worth keeping an eye on TikTok’s influencers.
Influencers’ comfort zone: Instagram
Despite TikTok receiving growing focus and attention from marketers,
Instagram’s brand value resumed rising after the pandemic. Not only has the app become a common way of discovering influencers, but companies can also reach out to potential partners directly via its messenger. Instagram offers various formats creators can use to promote a brand’s product or service, ranging from photos and tags to Stories and Reels. In addition, brand websites can directly be linked or reached via a designated shopping tab, highlighting the platform’s increased focus on brand cooperation. As of 2023,
the average number of sponsored weekly posts by a brand on Instagram was around five, contributing to the
global Instagram influencer market becoming a 17-billion-dollar business.
Old but gold: YouTube
YouTube still harbors most of the long-video content that users watch and influencers upload. With millions of internet users browsing the platform every day in search of music videos, tutorials, or vlogs, marketers have come to see YouTube as a very fertile advertising ground. In 2022,
YouTube influencer engagement rates of mid-to-large-tier creators with a following between 100 thousand and one million followers stood at the top. Video length makes YouTube stand out from other social networks, with some creators embedding promotional content in 30-minute or even hour-long videos. As these can require high production costs and reach hordes of viewers – mega-influencers such as PewDiePie have nine-digit follower counts – the
average price per sponsored YouTube video can start from 2.5 thousand dollars and exceed financial limitations, easily surpassing dozens of thousands of dollars.
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