At An All-time High In 2024, There's No Biz Like Influencer Biz!

A recent report released by EY and Big Bang Social reveals that influencer marketing is expected to rise by almost 25% in 2024 reaching a whopping Rs 2,344 crore and is further expected to rise to Rs 3,375 crore by 2026! Wow!

The report titled 'The State of Influencer Marketing in India' has taken the social media industry by storm and has become the ‘talk of the town' where influencers/ creators are discussing the big news and pinning hopes on future career prospects.

The news also comes at the beginning of a new financial year giving hope to brands, marketing giants, agencies, and influencers of course!

Some important insights that came forth are:

• The increase of active smartphone users which will be around 740 million by 2030.
• 50% of mobile usage is dedicated to social media platforms, alone.
• While choosing an Influencer, Brands give weightage to the quality of content, desired target audience and engagement rate.
• Industries like FMCG, automobiles and e-commerce will spend big on influencer marketing in times to come.
• Influencer marketing will be driven by lifestyle, fashion and beauty categories.

The detailed report was released after a survey of CMOs, creators, agencies, and individuals and it comes at a very opportune time for social media creators and platforms too! While going through the in-depth analysis, it was also interesting to see how brands prefer working with nano and micro-influencers due to their organic reach, engagement, and low-cost rate.

Photo Credit: Illustration: Anna Rupprecht

The report also stated an important insight: 77% of influencers have reported income growth in the past two years and 86% of influencers expected over 10% increase in their income over the next two years. Now that is positive news. Onwards and upwards for the Influencer industry!