A big change is happening in online advertising, and it’s all about influencer marketing. Insider Intelligence’s predictions show that in 2023, spending on influencer marketing in the United States will grow more than three times faster than spending on regular social media ads. What’s interesting is that this trend is expected to continue until at least 2025, reshaping how we advertise online.
There are a few reasons for this shift. One important one is the recent Hollywood strikes. They’ve actually helped the creator economy, where people make money by creating content. Advertisers are now looking for new ways to reach people beyond traditional TV, and creators are finding new ways to earn money.
One platform that’s really driving this change is TikTok. It’s the leader in influencer marketing growth. But this isn’t just about TikTok. Influencer marketing is growing faster than regular social media ads on all the big social media platforms. Such as Instagram, Facebook, Snapchat and so on.
This change is also shifting the balance of power. In the past, creators needed social platforms to connect with their audiences. Now, creators have more choices. They can create their own stuff, like blogs and newsletters. Social platforms, on the other hand, need creators to make interesting content. So, creators are becoming more important in the world of online advertising.
In short, influencer marketing isn’t just a trend; it’s a big change that’s reshaping how brands connect with people online. This shift promises an exciting future for both creators and advertisers.
In January 2022, TikTok overtook YouTube as the third most popular influencer marketing platform among US marketers. Almost 8 months later, it surpassed Facebook in influencer marketing spend. And ended 2022 by being the most downloaded app worldwide that year.
Additionally, a report conducted in January 2023 showed that 64% of brand marketers were expecting to see a rise in their influencer marketing budgets in 2023.