Over the years influencer marketing has evolved itself far beyond simply connecting big brands with celebrities. Now influencer marketing is not only one of the fastest-growing industries but also one of the world's favorite marketing channels. Let's take a look at some of the numbers behind this incredible growth.
Market Growth
First, let's take a look at the big picture. Although influencer marketing is only a few years old, it is already growing at a way faster rate than social media. The following numbers are taken from studies conducted by Influencer Marketing Hub and Business Insider.
- 2016 - 1.7B
- 2017 - 3.0B
- 2018 - 4.6B
- 2019 - 6.5B
- 2020 - 15.0B
Talk about incredible growth! We are talking about almost 10x increase in total market size in a matter of only 4 years. Influencer marketing is already growing a lot faster than the whole social media marketing industry itself.
Effectiveness
Of course, unless you are planning to start an influencer marketing agency or platform those numbers may not be of much interest to you. This infographic below focuses on a few other statistics which give you more in-depth insights into the state of influencer marketing in 2020.
As you can see from the infographic above, influencer marketing is not just a trend or hype. In fact, it is quickly becoming the most effective way to advertise on social media today.
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