Influencer marketing: 7 things to know about the state of the market in 2022
More than half of the people worldwide who made an online purchase in the last six months did so based on a recommendation from an influencer. This statistic speaks volumes about the growing power of influencer marketing. To fully grasp the sector's strength, our influencer agency has compiled seven key facts to remember about influencer marketing.
1. A market still experiencing strong growth
According to several industry reports, the influencer marketing industry is expected to reach between $15 and $16 billion in 2022.This figure aligns with the increasing amount of funding raised by influencer platforms (over $800 million in 2021 alone) and reflects the significant growth of the entire sector. Several surveys also indicate that more than 75% of brands intend to allocate a budget to influencer marketing in 2022.
2. The number of professionals in the sector is growing
Like any growing sector, influencer marketing is attracting more and more companies. It is estimated that the global number of influencer marketing service offerings increased by over 26% in 2021 alone, reaching nearly 19,000 companies (agencies, platforms, etc.) offering or specializing in influencer marketing services.
3. Millions of content creators
Influencer marketing is also attracting a growing number of content creators. A recent study by the specialized website Influencer Marketing Hub showed that more than 50 million people worldwide consider themselves influencers. According to the same source, this represents a market expected to reach $104 billion by 2022.
4. Social selling boosted by influencers
In 2022, social commerce sales are expected to approach $1 trillion ($958 billion to be precise, according to several projections). One figure perfectly encapsulates this surge in social selling, driven by influencers. In October 2021, two of China's top influencers, Li Jiaqi (known as "The King of Lipstick") and Viya, sold $3 billion worth of products in a single day. That's almost three times Amazon's average daily sales! By 2025, social commerce is projected to account for 17% of all e-commerce spending.
5. Professionalizing partnerships between brands and influencers
It makes sense. As influencer marketing matures, it professionalizes its players and practices. Since last year, we've seen a transformation in the relationship between brands and influencers. In exchange for their work, influencers are increasingly being paid in cash rather than in kind (products and gifts). This positive development allows for greater transparency and encourages influencers to refine their offerings.
6. Instagram favored by brands, TikTok waiting in the wings
Nearly 80% of brands currently engaging in influencer marketing say they use Instagram. Among the brands using the social network, Zara is the most mentioned on Instagram. Meanwhile, TikTok, with its explosive growth since 2020, continues to gain market share, attracting major players like the video streaming platform Netflix, the most followed brand on the platform in 2021.
7. Esports, the new El Dorado for brands and influencers
If there's one sector poised to capitalize on influencer marketing this year, it's esports. Forbes recently reported that the global esports industry was already worth over $1.08 billion in 2021. By 2024, the business magazine projects it will reach nearly$1.7 billion.
Today, influencer marketing is like an open-pit mine. Brands and influencers are actively rushing in to exploit the opportunities that are increasingly appealing to consumers. In this booming market, things are constantly changing, and new gems are discovered every day. In fact, the potential for opportunities is enormous. A study by the expert website Research and Markets even projects that the size of the influencer marketing market will reach $84.89 billion by 2028 !
Therefore, for an influencer agency like ours, working in this field is a real challenge. For several years, we have been helping brands leverage the immense possibilities offered by influencer marketing. Thanks to our influencer platform, we work closely with talented creators all over the world.
To learn more about influencer marketing, also check out our article on influencer marketing trends in 2022.