Despite calls for influence elimination and digital detox, the social media hamster wheel shows no signs of slowing down. That's a good thing for creators making money online, and insights from influencer marketing marketplace Collabstr reveal how the creator economy can continue to keep creators employed for years to come. Masu.
In its annual influencer marketing report, Collabstr analyzed data from 35,000 brands and 80,000 influencers, most of them based in the US. Check out the most interesting information below.
Influencer marketing market size could reach $19.8 billion by 2024
The influencer marketing market size is expected to reach $19.8 billion in 2024, which is 13 percent larger than the $17.4 billion in 2023. This growth is in line with predictions that the market will grow by 133 percent between 2020 and 2025, driven by the evolution of the global creator economy. It is estimated to grow from $127.65 billion in 2023 to $528.39 billion in 2030.
Female creators still dominate the industry, making up 70% of Collabstr's 80,000 influencer profiles. The remaining 30% of her profiles identify as male, but it's unclear if Collabstr offers options for creators who identify as neither male nor female.
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Instagram and TikTok remain influencer favorites
TikTok may set trends and cause a stir, but Instagram still holds its own when it comes to making money for creators. Each platform accounts for 42% of his paid collaborations on Collabstr, with YouTube's share being surprisingly low at 2%.
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User-generated content (UGC) is king
User-generated content is advertisements created by ordinary people. Brands send their products to creators, who then shoot testimonial-like videos. Brands then use that video as a way to market their products on their own platforms. This works because it looks like a “real” person is endorsing the product, rather than paying shillings to the brand itself.
More than 50% of creator profiles analyzed by Collabstr are open to offering user-generated content services to brands in 2023, a 93% increase from 2022. However, there is currently a market for creators who: only I create UGC content and have no followers or personal brand. Allied Market Research reported in May 2023 that the UGC content market, valued at $4.7 billion in 2022, is expected to reach $71.3 billion by 2032.
