Instagram is predicted to continue to maintain its top spot as a platform for influencer marketing despite fierce competition from TikTok.
Data from Insider Intelligence suggests that US marketers will spend $2.23 billion on influencer marketing on Instagram, ahead of $948 million on YouTube and $775 million on TikTok.
Competition heating up is a good thing for marketers because it means the respective platforms are going to drive up their incentives and features to improve their advertising products.
TikTok is likely to overtake Facebook and YouTube for influencer marketing spend by 2024.
Some 73% of younger app users said they trusted product reviews from a person that seemed like them while 62% trusted recommendations from those following the same creators.
Nano-influencers or creators with fewer than 5,000 followers were the fastest growing segment in influencer marketing spend at a 221% rise per year.
That’s about 8x as much as the 28% increase in total influencer marketing spend at $4.99 billion a year.
And while these creators have fewer followers, their audience often represents a more trusted and highly engaged one.