Influencer industry boundaries dissolve as legacy marketing agencies enter the field
As influencer marketing grows, specialized agencies face competition from marketing, PR and advertising companies
Influencer Marketing is expected to be worth $21.1 Billion in 2023 according to influencer Marketing Hub’s Influencer Marketing Benchmark Report 2023. Brazil contributes one billion to the global sum.
Statista recently added data originally published in January 2022 about the influencer marketing revenue dynamics between different agency types in Brazil (<600 survey respondents). The revenues of those agencies specialized in influencer marketing diminished by roughly four percent in 2021 compared to their 2020 revenues, while marketing agencies generated nearly 35 percent more revenue with influencer marketing activities in 2021 than they did in 2020.
Statista graph data source: Influency.me. (January 26, 2022). Change in agency revenue generated with influencer marketing in Brazil in 2021, by type of agency.
Here’s one example of the global influencer marketing industry expansion: Kurio, a social-first creative agency from Helsinki Finland presented three trends explicitly about influencer marketing in their 2023 edition of social media marketing trends report:
Creator culture is flourishing
Niche influencers will become mainstream
Influencer marketing big in B2B.
As the practice of influencer marketing grows, all types of marketing communications agencies want to get involved, and the ones starting the industry are losing ground because of the sheer volume of the incumbents. That’s my take on the findings. What do you think?
As a researcher, hoping to find clear and defined market data depicting influencer industry developments, the blurring of boundaries is bad news, making the industry estimate work even harder than it already was.
I was recently involved, as participant observer, in the work group creating the estimate of the Finnish inluencer marketing volume for 2022 and 2021. It was estimated to have been at 52,5 million euros in 2022 and 44 million, a reviewed estimate, in 2021.
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