Influencer Marketing Report 2024: Influencer Industry expected to hit 5,500 crores by the end of 2024
Chennai, Monday, 23rd September 2024: The Influencer Marketing Report 2024, (IMR) one of the definitive reports on the Influencer Marketing Industry was released today by Influencer.in one of the fastest-growing influencer platforms in the country and an initiative by Social Beat. Influencer.in releases the Influencer Marketing Industry report annually and this is the fourth edition of the report.
The Influencer marketing report presents a comprehensive look at the industry providing insights on Influencer Marketing and its trends. The report for 2024 compiled over a survey of 100 plus brands and responses from over 500 plus creators & influencers reveals what makes influencer marketing successful and offers insights into the influencer industry’s future.
With the creator economy in India experiencing significant growth, driven by a multitude of platforms and an expanding community of tech-savvy individuals. Influencer marketing is becoming essential for brands, with the industry expected to grow by 25% annually. The IMR report offers valuable insights and data on successful collaborations, industry trends, and the role of data analytics in influencer marketing. Top highlights include the estimated industry size for 2024, growth projections, and increasing allocation of marketing budgets to influencer marketing.
Suneil Chawla, co-founder Social Beat and Influencer.in, said, “Challenges persist from a return of investment measurement to platform algorithms, the growth opportunities are vast. By embracing trends like the rise of micro-influencers, leveraging dominant platforms like Instagram, YouTube and Linkedin and using influencer analytic tools effectively, brands and creators can continue to thrive in this ever evolving marketing landscape. As we look to the future, the key will be staying adaptable, innovative and aligned with the values of an increasingly discerning audience.”
Arushi Gupta, Business Head, Influencer.in, said, “Both influencers and brands share the goal of building authentic connections with audiences. Influences seek long term collaborations to maintain and enhance their credibility and engagement. Brands aim to partner with influencers who can deliver high-quality content and align with their brand values enhancing overall campaign effectiveness There is a mutual aspiration for transparency, accountability and leveraging emerging opportunities such as influencer analytic tools.”
The Indian influencer marketing industry is projected to grow significantly in the coming years. Brands now prioritize content quality and authentic connections, leading to a preference for micro and nano influencers over high follower counts.
Here are the industry highlights:
– Industry size estimated to be INR 5,500 crores by 2024
– The Influencer industry represents 11% of the Digital media industry
– Anticipated industry growth of 20% in 2024 and 25% annually from 2024 to 2026
– By 2028, over 80% of brands are projected to allocate up to 30% of their marketing budgets to influencer marketing
– 40 – 57% of brands in categories like FMCG, e-commerce, and automobiles are expected to increase spending on influencer marketing by 10% by 2026.
Key trends in 2024:
– The rise of mid-tier influencers.
– Platform dominance in influencer marketing:
– Instagram is the top choice for both creators and brands.
– The low adoption of LinkedIn among creators at 4.4% contrasts with 19.5% of brands using it for influencer marketing. Brands should educate or onboard creators to this platform, especially those capable of delivering professional content.
– Brands need to recognize the underutilization of YouTube Shorts, with 75% of creators using short-form content for engagement.
– It is crucial; for brands to focus on creating short-form content through Shorts and Reels to expand their audience reach.
Today, over 40% of brands spend more on influencer marketing, but influencers feel that budget constraints limit partnerships. There’s a need for brands to move beyond transactional relationships, recognize the power of creators, and empower them with creative freedom. Creators should align with brand objectives while showcasing their unique value proposition for more authentic, engaging campaigns.
Challenges for brands
– Measuring ROI.
– Establishing influencer brand fit.
– Challenges with the budget.
Challenges for creators.
– Building a loyal audience.
– Fair compensation and brand support.
– Creative freedom.
Analytics plays a crucial role in influencer marketing. With the rapid growth of influencers, brands must select the right influencers to drive traffic within their budget and market segment. Analytics tools are essential for creating foolproof pre-launch and post-launch strategies. Selecting influencers based on key metrics such as location, interests, age, gender, and engagement rate is paramount for a successful campaign.
The report ends with identifying the top Influencers in India in the fields of Travel, technology, health & fitness, food, Business, Beauty, comedy and fashion and lifestyle
