Marketers projected to spend $8.14B on social media sponsored content in 2024

US marketers are projected to spend $8.14 billion on social media sponsored content this year, marking a significant 16.0% growth compared to the previous year, according to eMarketer’s March 2024 forecast.

Despite this substantial increase, growth in spending on sponsored content is slowing down as marketers become more selective, opting for larger creators with whom they can establish long-term relationships. Rather than one-off campaigns, brands are increasingly favoring recurring, “always-on” partnerships with trusted creators. This shift has led to a reduction in the number of creators brands work with and the number of new deals being made.

However, the deals that are formed are often more significant, with brands extending partnerships beyond social media to other platforms such as TV. This trend reflects a strategic approach by brands to maximize their reach and impact by leveraging the influence of trusted creators across multiple channels.

This shift towards long-term partnerships and multi-platform campaigns highlights the growing importance of authenticity and trust in influencer marketing. Brands recognize the value of aligning themselves with creators who have a loyal and engaged audience, as these partnerships can yield greater returns over time.

Additionally, the emphasis on recurring partnerships allows brands to maintain a consistent presence in the minds of consumers, reinforcing brand messaging and building stronger connections with their target audience.

As the landscape of social media marketing continues to evolve, brands are adapting their strategies to meet the changing preferences of consumers. By investing in sponsored content and forming strategic partnerships with creators, brands are able to effectively engage with their audience and drive meaningful results across various platforms.