Influencer marketing now a $16.4 billion industry, HypeAuditor finds

Artificial Intelligence (AI) social media analytics platform HypeAuditor announced a record year of growth for the influencer marketing industry, with the industry set to surpass $16.4 billion by the end of the year.

2021 saw HypeAuditor’s revenue increase by 49.6 per cent in comparison to 2020. The agency having only launched in 2018, this record growth marks an important milestone for the company. Since the start of 2022, HypeAuditor added top brands including Phillips, Michelin, Dior, Unilever and L’Oréal to their roster of clients who now depend on the platform marketing influencer strategies.

Alexander Frolov, CEO and co-founder of HypeAuditor said: “As people globally spend on overage two hours and twenty-seven minutes on social media, daily, and with more than half of the world population now on social media, influencer marketing is the most efficient tool for brands to connect authentically with their audiences.”

This record year for HypeAuditor comes off the back of a recent Shopify integration earlier this year, enabling the platform to enter the eCommerce sector to meet the rapidly growing needs of social brands.

Earlier this month, Mediaweek sat down with Katie Palmer-Rose, managing director of influencer marketing agency Social Soup. Looking at the growth of influencer marketing over the years, Palmer-Rose said: “ Influencer marketing is creating the right conditions for a recommendation for advocacy, and that real shortcut to trust that helps us make decisions about products and brands.” 

It is this focus on advocacy for brands and creating a marketing campaign that users trust that has brought HypeAudit its most successful year yet.

Frolov also said: “Today, thanks to our growing team based across the world, we have the required local presence and expertise needed to help leading brands stay ahead in their influencer marketing strategy.”

By the end of 2022, HypeAuditor is planning to add additional eCommerce platforms.