Despite the call for reducing the influence of social media and taking digital breaks, the momentum in the social media world remains strong. For online creators who earn their living on these platforms, this is positive news. Insights from Collabstr, an influencer marketing marketplace, shed light on the potential job security for creatives in the evolving creator economy.
In its yearly influencer marketing report, Collabstr delved into data from 35,000 brands and 80,000 influencers, predominantly based in the United States. Below are some of the key findings:
The influencer marketing market size could hit $19.8 billion by 2024
The projected influencer marketing market size for 2024 is $19.8 billion, marking a 13 percent increase from the $17.4 billion recorded in 2023. This growth trajectory aligns with forecasts indicating a 133 percent surge in the market between 2020 and 2025. The global creator economy is expected to expand from $127.65 billion in 2023 to $528.39 billion by 2030.
Female creators continue to dominate the industry, constituting 70 percent of Collabstr’s 80,000 influencer profiles. The remaining 30 percent identifies as male; however, it’s uncertain if Collabstr provides options for creators who do not align with traditional gender categories.
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Instagram and TikTok retain popularity among influencers
While TikTok sets trends and generates buzz, Instagram remains a lucrative platform for creators. Both Instagram and TikTok account for 42 percent of paid collaborations on Collabstr, with YouTube trailing behind at a mere 2 percent share.
Credit: Collabstr
User-generated content (UGC) takes the lead
User-generated content, created by everyday individuals, is becoming increasingly popular for advertising purposes. Brands provide products to creators, who then produce videos resembling testimonials. These videos are utilized by the brands on their platforms to promote their products. This strategy is effective as it presents a seemingly authentic endorsement from a “real” person, as opposed to direct brand promotion.
Over 50 percent of the creator profiles analyzed by Collabstr were willing to offer user-generated content services to brands in 2023, marking a 93 percent rise from 2022. There is now a market for creators solely dedicated to producing UGC content without a substantial following or personal brand. As of May 2023, Allied Market Research reported that the UGC content market, valued at $4.7 billion in 2022, is projected to reach $71.3 billion by 2032.
Topics
Instagram
TikTok
Creators
Elizabeth is a digital culture reporter covering the internet’s influence on self-expression, fashion, and fandom. Her work explores how technology shapes our identities, communities, and emotions. Before joining Mashable, Elizabeth spent six years in tech. Her reporting can be found in Rolling Stone, The Guardian, TIME, and Teen Vogue. Follow her on Instagram here.
