Influencer Marketing Trends 2024: the report for a data-driven approach to the industry
From performance comparison between TikTok and Instagram, to UGC content, AI, Deinfluencing and much more. All the hottest influencer marketing trends of 2024, studied and converted into strategic information through a +50 page report.
Influencer marketing is changing once again and those who work in this industry know it well. 2023 in particular has seen the emergence of new trends dictated by technological changes and innovative strategies for the creation of content intended for brand-influencer collaborations. But not only that, consumers' attention to various topics now considered essential has also increased, which no longer allows an influencer to simply advertise to earn money.
What is the current situation? How is the influencer marketing landscape evolving in 2024?
At Inflead DataLab we did a comprehensive research, analyzing the direction in which the market is moving and condensing this information within a +50 page report.
Here’s a preview of the contents you will read:
- State of influencer marketing: history and forecast for 2024
- TikTok VS Instagram: 2023 performances and forecasts for 2024
- The controversial deinfluencing movement
- UGC: a new way to do influencer marketing
- The impact of artificial intelligence
- Other small trends for big results
State of influencer marketing: history and forecast for 2024
Before going into detail about the Influencer Marketing Trends 2024, let's try to understand what level of maturity the influencer marketing market is at today. How is the industry moving? Is there still space for growth in this field?
Well yes, according to a recent survey by Statista, global spending on influencer marketing reached $34.1 billion in 2023 and this spending is expected to increase to $47.8 billion by 2027.
But not only that, the most interesting data that emerged, this time from an analysis by Insider Intelligence, is that in 2023 the USA saw an increase in spending on influencer marketing that was 3.5 times higher than that of spending incurred to do advertising on social media.
TikTok VS Instagram: 2023 performances and forecasts for 2024
Since Instagram and TikTok are the main platforms where to do influencer marketing, the first part of the "Influencer Marketing Trends 2024" report deals with an in-depth study on the performance of the two social networks.
What emerges is that TikTok, especially with regards to micro-influencers, promises faster growth thanks to higher engagement. Furthermore, the average length of videos seems to be changing: there is in fact a clear increase in the publication of long videos, also due to an increasingly higher potential number of views and likes for contents of this length (as per the graph below).
It is no coincidence that TikTok recently announced the possibility of creating videos up to 10 minutes long!
On the contrary, Instagram sees a decrease in likes and views in longer Reels. For this reason, not surprisingly, in the latest post Instagram's content team said that posting Reels longer than 90 seconds can actually hurt your reach in the app.
The report compares the behavior of both social networks on these fronts, showing trend graphs and also offering an in-depth analysis dedicated to the performance of sponsored content.
The controversial deinfluencing movement
Ethics, transparency and sustainability are values that are increasingly felt today, especially by the new generations who consider this aspect a priority.
In support of this, at the beginning of 2023 a new trend called "Deinfluencing" emerged on TikTok: a movement promoted by numerous creators to warn users against purchasing poor quality (or offline) beauty, fashion and tech products with principles of transparency and sustainability), often equally sponsored by well-known influencers.
Although the topic exploded thanks to content that went viral in a few days, the trend did not disappear. Even today, a year later, there is talk of "Deinfluencing" on social media as highlighted by the graph on the dynamics of social interactions obtained from the analyzes of Inflead DataLab.
UGC: a new way to do influencer marketing
If you often deal with the world of influencer marketing, during 2023 you will certainly have heard of UGC, or User Generated Content, a form of influencer marketing whose contents, unlike those created by influencers:
- are generated by creators who do not necessarily have a large follower base (often even less than 1k);
- are not necessarily published on the creator's profile, but rather sent to the brand as material to be used in its strategies (advertising, email marketing, etc.);
- often don't require large budgets, but are limited to sending free products or discounts dedicated to UGC creators.
Recent research shows how advertisements that:
- include UGC elements can see a +50% in engagement;
- emails incorporating UGC can see a +73% CTR (click-through rate);
- approximately 90% of consumers find UGC more influential in purchasing decisions than promotional emails and search engine results.
The impact of artificial intelligence
The A.I. was probably the most discussed topic on social media (and not only) in 2023. Influencer marketing was not indifferent to this phenomenon, having already established a relationship with artificial intelligence in previous years thanks to the birth of A.I. influencers (better known as virtual influencers).
A recent study conducted and published by Influencer Marketing Hub tells us that 48.7% of marketers (almost half) today always apply A.I. technology in influencer marketing campaigns. In addition to this, the adoption of A.I. Influencers is increasingly growing in the brands strategies.
Other small trends for big results
Our work doesn't stop here. In addition to the topics just seen, the "Influencer Marketing Trends 2024" report goes into detail on all the topics that will impact brands' influencer marketing strategies this year.
Get ready to learn about new challenges, opportunities, and meaningful data to take a 100% data-driven approach to influencer marketing in 2024.