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January 15, 2021 (Updated: May 4, 2023)
Five years ago when you said the word influencer to someone in a marketing firm, they probably laughed in your face. It’s funny to look back at how things have changed so quickly. Today, influencer marketing is the fastest-growing marketing outlet, with predictions that say it’ll quadruple its market value in the next five years. In 2020, the influencer marketing industry was worth about 6 million USD, but come 2025, it’ll be worth more than 24 million USD.
Its growth is due to the amplification of social media and its importance to the next generation. Influencer marketing is a combination of old and new marketing tools, but it refers to the idea of a celebrity endorsement. In the 90s, as celebrities gained constant mainstream attention, brands reveled in the idea that someone with so much influence over their fans could use their products or services as a form of advertising.
And today, you don’t have to be a celebrity to have enough influence over your fan base to endorse a product. In 2020, we used analytics to gauge the influence of influencers. The higher engagement your followers give your posts, the higher your deals are worth for any given brand. Though the number of followers that you have is important, how often each of those followers like a post, comments on a picture, or shares your content is the most important aspect of an influencer’s impact.
There are many factors that’ll drive the adoption of influencer marketing. One such driver is the average social media users’ shift towards watching video content—but with an increase in ad-blocking software. The goal of this report is to define, describe, and forecast the influencer marketing platform market size based on component, organization size, application, end-user, and region.
This marketing report will also discuss how COVID-19 has affected the Influencer Marketing Platform Market. The majority of small businesses are struggling to survive in this “must-stay-home” climate, which gave influencers an opportunity to provide their audiences with impactful messages about safe ways to save these struggling businesses.
Through the support of their followers, influencers will continue to shape the conversations that occur in the post-lockdown world. The effects of COVID-19 will be long-lasting, but the marketing strategies that helped businesses and brands succeed throughout the pandemic will not be forgotten. Be sure to review the Global Influencer Marketing Analysis for more insights into where influencer marketing is headed over the next several years.
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