Influencer marketing may be a relatively new field, but there are indications that its increasing popularity may translate into fortunes for marketers in the future.
Some analysts believe that social media has been a significant influence on the marketing communication space in recent years as a result of the birth of this specific type of marketing, and the resulting marketing budgets it has been able to attract worldwide.
Although influence marketing tends to focus on specific industries, its growing influence remains evident from the newly released StockApps.com report, which determines that $27.5 billion will be spent on influence marketing globally by 2022.
As the report noted, influencers have become an integral aspect of digital advertising and marketing. However, while the influencer industry is nascent and unregulated, brands are still spending tons of money on them.
The influencer advertising industry has grown by approximately 355 percent over the past five years, even though brands are expected to spend $27.51 billion this year on influencer advertising.
It is anticipated that spending will grow at a compound annual growth rate (CAGR) of 13.21% over the next five years. By 2027, brands will spend $51.15 billion on influencer advertising, according to the report.
