Influencer marketing has become a core part of many company’s social media and content marketing strategy. It creates a greater brand visibility, encourages business growth, and leads to more sales.
It’s easy to see why so many companies are investing in it. It’s one of the more effective marketing strategies a business can use. Coupled with that is the extensive amount of growth across the entire sphere.
Quite a few statistics back that up. These can be seen across several categories, with each of them showing just how large of an industry influencer marketing has become, on top of being a great marketing strategy.
It’s worth diving into nine of the more important influencer marketing statistics you need to know.
Growth Statistics
The influencer marketing industry is expected to be worth $21.2 billion by the end of 2023. That’s an increase of over $5 billion since the previous year. In 2016, it was worth a mere $1.7 billion.
89% of marketers believe Instagram is the leading platform for influencer marketing. Youtube came in second, and Facebook came in third. Interestingly, though, TikTok was excluded from this study, despite its rapid growth.
The influencer marketing platform industry is expected to reach $22.2 billion by 2025. These platforms specialize in matching brands with influencers, and they’ve skyrocketed in popularity. It’ll increase from its current estimated value of $15.2 billion, giving it a $7 billion increase in two years.
Advertising Statistics
$5.78 is spent on average per user with influencer marketing. The marketing spend on influencer marketing works out to about this figure for each individual internet user. It looks to continue rising in the future.
China spends $16.76 billion on influencer marketing per year. This makes it the leading country when it comes to influencer marketing investments. Few countries come close to this.
$30.81 billion is expected to be spent on influencer marketing by the end of 2023. That’s just this year’s investment. It looks to grow more and more, and is projected to hit $47.60 billion by 2027.
Budget Statistics
25% of brands dedicate between 10% to 20% of their marketing budget to influencer marketing. This exceeds the 10% of companies who put less than 20% of their marketing budget towards it.
$7.14 billion is expected to be spent on influencer marketing by companies in 2024. That’s an increase of over $1 billion compared to 2023 estimates, and it looks to keep increasing year-on-year.
Brands spend more working with fewer influencers. 39% of brands have worked with ten influencers or fewer, and they seem more comfortable only working with a limited number of influencers.
These key influencer marketing statistics show the area has become an industry in itself, on top of being a social media and content marketing strategy. It offers more than a few benefits, like increasing a company’s brand awareness.
Influencer marketing can even lead to more sales and growth than many other strategies. Investments in this marketing strategy are going up, and there’s no reason why people shouldn’t invest in them.