Today, becoming a social media influencer is lucrative and a highly sought-after career. And as people have more time to spend at home due to the pandemic, the number of people trying to become influencers has skyrocketed.
Takumi, a leading influencer marketing firm, got twice as many applications from aspiring influencers in 2020 than it did in 2019, and it’s increased another 150% year-to-date. Almost anybody can apply to become an influencer, and businesses are throwing billions of dollars to influencers to market their brand.
The pandemic sped up the transition to digital marketing and e-commerce, which has caused firms to invest in more online influencers. And since brands don’t want to use the same influencer repeatedly, they are always looking for new talent.
According to market research company eMarketer, brands will spend more than $3 billion on influencer marketing campaigns this year and more than $4 billion in 2022. eMarketer estimates that Instagram is the market leader, accounting for nearly half of all expenditures. YouTube and Facebook are also popular platforms for brands to advertise on, while TikTok is less prominent but rapidly expanding.
Even as the influencer industry grows more competitive, industry experts say that the number of influencers continues to rise rapidly. More than 50 million individuals worldwide call themselves influencers, according to SignalFire, a venture capital firm that invests in many firms led by content creators.
With brands using platforms like Instagram, TikTok and YouTube to market their products, what other platforms might we see influencer ads on in the future?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.