Influencer marketing is set to soar with a predicted $4.6 billion budget in 2023
The influencer marketing industry is set to soar: Don’t miss the predicted $4.6 billion budget.
Here’s why this is big news and what it means for influencers and brands:
The US influencer marketing budget will hit $4.6 billion in 2023.
Since Apple’s iOS 14 caused a decrease in stats, marketers started looking for ROI elsewhere. Facebook brought in $84 billion in ad revenue in 2020, which is expected to go toward influencer marketing.
This means the competition is becoming fierce.
Influencer audiences are maturing, with businesses in financial services, crypto, AI, and insurance now entering the market with big budgets. Fortune 100 brands are expected to become the largest spenders, but private tech and small companies are increasing prices.
Influencer marketing is one of the best ways to acquire new users, so businesses are willing to invest in it.
But what does this mean?
For influencers:
- More money. Prices are already high, and there’s too much demand and not enough creators.
- Own your niche. New brands will look to partner with influencers that have a relevant audience regardless of size.
For brands:
What does this mean for brands?
- Move fast. Top talent is already being scheduled; start testing and building a strategy.
- Long-Term. If you find the right talent, try to keep it and double down.
Bottom line: The influencer marketing industry is booming, and jumping in is not too late.
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