With so many rivals on social media platforms, it’s interesting to see how influencer marketing increases every year and how much is being spent for influencers to market products on their channels. From one of the latest financial reports, it seems that TikTok may overtake Facebook when it comes to paying content creators. However, it has a long way to go if it wants to match the potential of Instagram.
The report hails from Insider Intelligence which performed a forecast on influencer marketing. Apparently, spending on this industry will rise to $4.14 billion per annum by the time we hit 2024. That’s a massive amount just so that content creators can create some branding for products. Yet, it seems to be working, and Instagram holds the highest amount at the moment.
That shouldn’t come as a surprise, though. If you’ve spent enough time on Instagram and reached 1,000 followers, these companies see you as a potential Nano-influencer. Reach 5,000 followers, and you’re now a Micro-influencer. You’ll start seeing brands reach out to you with promotional products to wear or advertise on your channel.
Instagram certainly has the best platform for influencer marketing, but recently, we saw it try too hard to also include TikTok elements. Thankfully, the right celebrities cried out against it, so now the company is backpedaling. But with TikTok possibly rising above Facebook when it comes to influencers, Instagram probably has good reason to be concerned.