2022 has been an exceptionally successful year for the influencer marketing industry, and it is only going up from here. With new social media features and platforms continuously being released, the set of tools for influencers and brands has allowed the influencer marketing industry to become a critical part of companies marketing strategy. To help better understand the current state of the influencer marketing industry, we are sharing our key findings from the Influencer Marketing Hub 2022 Benchmark Report, which analyzes over 2000 influencer marketing agencies and brands.
Influencer Marketing Industry is set to grow to approximately $16.4 Billion in 2022
This section of the report discusses the increase in time spent online by consumers after the COVID 19 pandemic. While there was the prediction that influencer marketing activities would decrease during the pandemic, the exact opposite happened. Because there is an increased amount of time spent online, companies had to adjust and update their marketing strategies to keep up with the latest trends and consumer habits. In just 2021, influencer marketing reached a market size of $13.8 billion, and is expected to grow an additional 19% in 2022, to amount to $16.4 billion. To conclude, this section identifies the pandemic as being a key factor that helped “accelerate” the growth of the influencer marketing industry.
Software Platforms Specifically Focused on the Influencer Marketing Industry Raised More Than $800M in 2021
As influencer marketing grew, there was an increase in demand for technologies and softwares to help get a deeper look into the industry and influencers activities. There has been a drastic increase in services/companies that provide influencer marketing services, “The global number of influencer marketing related companies grew by 26% in 202 alone, to reach a staggering 18,900 firms offering or specializing in Influencer Marketing services.”
49% of Instagram Influencer accounts were impacted by fraud in 2021
Influencer fraud is a prevalent issue in the Influencer Marketing industry. Influencer Fraud refers to users who purchase followers, to mislead brands into believing that they have a high follower count. To prevent working with fake influencers, brands have begun utilizing influencer marketing platforms and softwares to analyze users profile’s and detect whether or not they can be classified as fake influencers. Since starting to use these platforms, “the percentage of influencer accounts impacted by fraud has fallen across the board, now less than 50%.”
Creator economy market size is estimated to reach $104 Billion in 2022
As a direct result of the growth of the influencer marketing industry, the Creator Economy market size drastically increased. Influencer Marketing Hub revealed that globally, more than 50 million people classify themselves as content creators. Additionally, the amount of money invested in the Creator Economy in 2021 saw a great spike, “investors contributed an estimated $1.3 billion+ of venture capital in the Creator Economy in 2021.”
Other Key Statistics from The Report
- More than 75% of brand marketers intend to dedicate a budget to influencer marketing in 2022
- 68% of marketers plan to increase their influencer marketing spend in 2022
- Instagram was used by nearly 80% of the brands that engage in influencer marketing
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