10 Influencer Marketing Stats You Need to Know in 2024
We’re happy to kick off the new year with our sixth annual industry benchmark report, The State of Influencer Marketing 2024. This year, we analyzed internal data from our platform and survey results of over 700 marketers and creators to gain insights into the ever-evolving influencer marketing industry.
Keep reading to get a sneak peek of the 10 most noteworthy influencer marketing statistics from our new report. For a complete analysis of the influencer marketing industry, download the full report here.
69% of marketers are planning to increase their influencer marketing budget in 2024.
Despite rising costs and tighter budgets, the majority of brands are planning to continue investing their dollars into influencer marketing, indicating the value and effectiveness of this channel.
90% of brands plan to increase their presence on Instagram in 2024.
As the tried-and-true channel for influencer marketing, it comes as no surprise that Instagram continues to be the most popular channel for brands once again this year.
TikTok is the most popular channel for creators in 2024.
While many creators still plan to spend more time on Instagram in the coming year, 89% of creators plan to prioritize TikTok over Instagram in 2024.
YouTubers achieve a whopping 49.5% engagement rate.
In the era of short-form video, YouTube’s longer format is still incredibly popular among marketers, creators, and viewers alike. Our internal data shows that YouTubers garner a 49.5% engagement rate on average, which is well above engagement metrics on other platforms.
93% of creators are willing to work with brands for just free products.
A large majority of creators are still willing to work with brands for just free products, as long as they love the brand or the product value is high. That being said, it’s important that marketers compensate creators fairly for the time and effort they put into creating content. Avoiding influencer payment in the long run is unethical and can tarnish your brand’s reputation.
Nano-influencers consistently achieve the highest engagement across all platforms at an average engagement rate of 4.39%.
The high engagement that nano-influencers achieve is a testament that anyone has the power to ‘influence’ today, whether they’re a social media megastar with 10 million followers on Instagram or a loyal customer with 10 close friends.
64% of brands are working with smaller creators.
As mentioned above, nano- and micro-influencers consistently achieve the highest engagement rates across all platforms, which is why a growing number of marketers are working with these smaller creators. This also showcases a bigger shift in the industry, as marketers focus more on authenticity over follower count.
57% of creators have maintained the same rates in the last 12 months.
While creators typically increase their influencer rates each year, the majority of creators say their rate has stayed the same in the last 12 months.
63% of marketers say influencer-generated content performs better than other brand-directed content.
Although it may just seem like a byproduct of your influencer marketing campaign, influencer-generated content (IGC) is a powerful tool that brands can use across the entire buyer’s journey to drive awareness, engagement, and conversions. Because IGC is more engaging than studio-shot content, it’s a smart move to repurpose it across all of your branded channels, whether it’s your organic social channels, paid ads, email marketing, and more.
94% of brands plan to invest more into video content in 2024.
The high engagement rates that YouTube and TikTok garner validate that videos present a bigger opportunity in the future. That’s why nearly every brand plans to create more video content going forward.