Business Insider checked in with 11 industry sources, including influencer-marketing firms and other experts, to see how creator marketing has fared this year compared to 2023. Most of them said the category is being taken more seriously by brands and starting to win real budgets.
Brands are "shifting from one-time, short-term partnerships to long-term, recurring partnerships," said Olivia McNaughten, senior director of product marketing and partnerships at the influencer firm Grin.
Influencer-marketing firm Fohr told BI it saw a 36% year-over-year increase in deal volume and a 47% jump in overall dollar value for those deals in the first quarter of 2024 compared to the same period in 2023. Meanwhile, London-based marketing firm Billion Dollar Boy said it's also seen strong growth, with deal volume rising 16% and revenue from deals jumping 89% in the first six months of this year compared to the first half of 2023.
The industry's momentum in 2024 comes after a challenging couple of years when many brands trimmed ad budgets to save on costs as they braced for a recession that has yet to surface.
"The first half of 2023 was a dumpster fire," said Fohr's VP of Strategy, Grace Murray Vazquez. "This year, Q1 was our best ever."
As creators post content across TikTok, Instagram reels, YouTube shorts, and other platforms, marketers can now find actual scale on ad campaigns. That allows them to commit larger budgets to the category, experts told BI.
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