Global spend on influencer marketing to reach USD $22 billion, according to latest HypeAuditor report
"Marketers need to continue to be vigilant of the impact of fraud."
AI analytics platform HypeAuditor, claims influencer marketing market size will reach a USD $22 billion by 2025.
According to its fourth annual State of Influencer Marketing report, the contributing factors to the rise of the medium's adoption includes the growing prominence of social ecommerce, the redistribution of the advertising budget towards digital advertising, and the increase in the usage of ad-blocking software.
The report states that TikTok was the fastest growing social media platform in 2023, reaching 1.6 billion monthly active users globally. However, 9 out of 10 marketers selected Instagram as the number one social media platform for influencer activity.
Fighting fraud emerged as one of the primary concerns in influencer space. HypeAuditor’s data reveals that although 43% Australian Instagram influencers continued to be impacted by fraud in 2023, there was a 2.15% decrease from 2022, making this the third year in a row that this number has decreased.
Alexander Frolov, chief executive officer and Co-Founder at HypeAuditor, commented, "despite this good news, marketers need to continue to be vigilant of the impact of fraud, particularly when partnering with mega and celebrity influencers."
Other salient issues and themes of the report include the domination of nano influencers over Instagram, TikTok being the top growing social media platform, and The Matildas win taking first place in most talked about brands on Instagram by influencers.
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Frolov continued, "Influencer marketing is increasingly being recognised for its value as an essential part of brand marketing. The steady decline in the percentage of influencers impacted by fraud is no stranger to this.
"Thanks to greater awareness among content creators and steps taken by social media platforms to mitigate this phenomenon, marketers can feel more confident about the success of their influencer marketing strategies."
