In the digital age, where a single post can ripple across millions of screens, social media created a new set of celebrities, who have been influencing digital natives in last few years. As the boundary between celebrity and common users blurs, these personalities have been leveraging their online presence, promoting brands to generate substantial revenue. With large number of followers, these influencers have emerged as pivotal players in the world of modern advertising and marketing.
Influencer marketing is estimated to be worth $2.8 billion -$3.5 billion in 2028, as per a recent report by Redseer Consulting, a market research firm. The ecosystem currently has about 3.5-4 million influencers who have more than 10,000 followers on their accounts, the report stated. This estimation showcases the shifting dynamics of digital advertising where social media influencers have been taking center stage. Starting from Bhuban Bam to Ajay Nagar aka Carryminaty, there are several influencers who were seen endorsing brands. For example, recently Fire-Bolt, an Indian smartwatch brand released an advertisement where MS Dhoni and MC Stan were featured. Experts opined, brands have their own priorities when it comes to choosing influencers for endorsements. “From Luxary to tech and gaming, brands are going strategic about the influencers they pick. Luxary brands often collaborate with macro influencers or celebrities. Their motive is clear, to remain top of the mind and maintain an aspirational image. Tech and gaming brands similarly partner with influencers in the tech and gaming sectors. Their goal remains to build their credibility among their tech-savvy audiences. Lifestyle brands tie up with content creators who promote wellness, fitness and healthy living.” Sahil Chopra, founder and CEO, ICubesWire told BrandWagon Online.
It is considered that, YouTube keeps more share of the advertising pie. As per a report by Statista, YouTube’s worldwide advertising revenues amounted to $8.1 billion dollars in first quarter of 2024, representing an increase of 21% compared to the first quarter of 2023. However, apart from brand endorsements, subscriptions and exclusive content are emerging as new frontiers for influencer revenue. Platforms like Patreon and OnlyFans enable influencers to offer premium content to their most dedicated audience for a monthly or quarterly fee.
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It is believed that, ways of influencers monetising their content will evolve with social media. With challenges like subscribers fraud, and overflow in number of influencers entering the market among others, it will be interesting to see how brands, influencer marketing agencies and platforms manage to discover influencers and maintain transparency.
