Report: Influencer marketing to surpass $13 billion
Practically unheard of just five years ago, influencer marketing has quickly become a staple for brands in the social space. In 2016 influencer marketing account for less than $2 billion in advertising budgets. In 2021, influencer marketed is expected to account for more than $13 billion in ad spending.
But despite the influx of ad dollars to influencer campaigns, many influencers themselves say the pandemic has made what they do more difficult. About one-third (38%) report fewer collaboration options now that pre-pandemic, 26% say budgets have been reduced, and 13% note there are more influencers now which is impacting their pay.
According to Savings.com researchers about one-fifth (23%) of influencers made at least $50,000 last year. Other interesting findings from their report include:
â€¢ 8% of influencers are making $200,000 per year or more
â€¢ 47% say working with brands is harder now than before the pandemic
â€¢ About 50% have opened new revenue streams because influencer campaign payouts/income have decreased
â€¢ 45% of influencers have between 10,000 and 100,000 followers across social platforms
Lifestyle and food content remain the top niches for most influencers, with travel, beauty, and DIY/crafts rounding out the top five. Most influencers use Instagram, Facebook, and personal blogs/websites to share content (90%+), but 79% have also moved into Pinterest, 47% to YouTube, and 31% to TikTok.