Buzz
A recent analysis suggests that TikTok is on the verge of overtaking the colossal social platforms Facebook and YouTube in influencer marketing within the influencer community in the U.S. Instagram remains the leading platform for influencer marketing expenditures and is projected to maintain its top position in the near future.In 2022, businesses, advertisers, and brands in the U.S. allocated a staggering $2.23 billion on Instagram for influencer marketing, nearly tripling the $774.8 million spent on TikTok.TikTok is poised for rapid growth, surpassing Facebook (739 million) this year and projected to surpass YouTube (948 million) by 2024.
Recently, Instagram has adjusted its algorithm to prioritize more content from creators on the home feed, although users have expressed a desire to see more posts from their friends. The image-centric social network has also adapted its algorithm over time to cater to different types of influencers. Lately, they've fine-tuned it to allow micro and nano influencers to earn more, with micro having 5000-19999 followers and nano having 1000-4999 followers. This is the kind of influencer TikTok is also prioritizing. Estimates suggest that collaborations with nano influencers will increase by a whopping 220.5% this year, while for mega influencers (over 1 million followers), it's only 8%.There are several reasons why marketers prefer collaborating with smaller influencers, partly because of the cost-effectiveness while still generating significant influence and widespread impact. In the U.S. this year, approximately 75% of marketers are expected to utilize influencer channels, reaching a total of 4.99 billion.Source: TechCrunchImage: Hirect
