How Big Is the Influencer Marketing Industry?
The growth of influencer marketing has been on the rise uncontrollably, as evidenced by the most recent statistics and studies. And those economic and financial studies affirm it makes us believe this market will continue to rise for much longer until its value multiplies.
So, here are some proofs of how this sector of the marketing market has become so prolific, but also so profitable for many brands today. Do not stop reading, because you will find good bases on why this sector of the industry is on the lips of all marketing experts.
Growth of the influencer marketing market
As we mentioned, influencer marketing is constantly on the rise, and this is proven by studies conducted by Statista’s Research Department. They indicate this market doubled between 2019 and 2021, going from a value of 6,500 million to 13,800 million, a simply impressive figure.
The year 2021 has possibly been the most favorable for this market because just in the first quarter of the year, influencer marketing increased almost 4 points in terms of market size. In other words, in a matter of three months, this market outperformed its results from the previous year.
But what does this mean? In addition to being impressive growth, this translates into the way in which marketing has evolved. Let’s look at some interesting facts about this market that is growing out of control.
Some statistics and facts
The growth of this sector of the industry is clearly due to the increase in the use of social networks. But also to the importance that brands and companies have given to networks for three years, especially to Instagram, Facebook, Twitter, and TikTok.
In this sense, the main social network for influencer marketing is Instagram, which is home to 79% of marketing campaigns today. All these are based on two modalities: in reach and niche, as you can see explained below.
Reach-based campaigns focus on targeted reach, cost-effectiveness, and authenticity, thus ensuring a fixed audience through accessibility. While niche campaigns are used by brands to intentionally tell the audience.
All of the above generate effective results if the right strategies are used by the right professionals. But there is no doubt that it is a profitable sector of the industry, as you can see in the official forecasts of economists.
Influencer Marketing Forecasts
According to Insider Intelligence estimates, this sector of the industry is estimated to be worth as much as $ 15 billion by 2022. But brand spending for influencer marketing is also projected to increase for this year, due to its high effectiveness.
However, this is not the only future that this sector has, because changes in social networks also have an impact. Especially when migrating from one network to another, or the constant evolution of the influencer market.
Therefore, the task of brands is to investigate the emerging points of this highly fluctuating sector. And in adapting to this changing flow, a brand can be successful using influencer marketing strategies and having promising benefits.