2024 Influencer Marketing Report: Influencer Marketing Statistics, Trends, and Predictions
Every year, Collabstr sifts through millions of data points from its influencer marketplace to uncover two things:
How did the previous year’s influencer economy shape up?
And what changes and trends should we expect in the year ahead?
This year's report is based on data sourced directly from Collabstr, gathered from a total of 35,000 Brands and 80,000 Influencers - the most data we’ve had to date.
Influencer marketing market size will grow 13.7% to $19.8 billion in 2024
The global creator economy is estimated to grow from $127.65 billion in 2023 to $528.39 billion in 2030, with a 22.5% CAGR.
The number of UGC creators is up 93% year over year
Brands spend approximately $214 per influencer collab, down by about 16.79% from last year due to a higher number of creators entering the market.
Females continue to dominate influencer marketing, with a 70% market share.
AI Influencers & AI-generated content will accelerate influencer marketing spend
- 2024 Influencer Marketing Market Size
- The State of the Creator Economy in 2024
- User-Generated Content (UGC) Market Size 2024
- Creators that Offer UGC Services
- Most Popular Social Media Platforms for Influencer Marketing
- On Which Platforms Do Influencers Offer Paid Services?
- Top 10 Most Popular Countries for Influencer Marketing in 2023
- Top 5 Cities for Influencers by Country
- Top 10 Most Popular Influencer Niches
- Top 10 Most Searched Influencer Categories
- Influencer Marketing Spend by Country
- Average Spend per Influencer
- Average Price Creators Charge on Each Platform
- Average Price Paid by Brands on Each Platform
- Top 3 Highest-Priced Influencer Niches
- Average Price for Influencers In Top 10 Niches
- Gender Breakdown of Influencers
- Gender Breakdown of Influencers by Platform
- Gender Breakdown of Influencers by Follower Range
- Average Number of Social Media Accounts per Influencer
- Average Time to Complete an Influencer Collaboration
- Ideal Influencer Response Time
- Highest Earning Creators on Collabstr in 2023
- Creators With Most Collabs on Collabstr in 2023
- Creator Platforms: Winners & Losers of 2023
- Platforms to Keep an Eye On in 2024
- Creator Side Hustles to Watch in 2024
- 2024 Influencer Marketing Trends
2024 Influencer Marketing Market Size
The influencer marketing market size is expected to reach $19.8 billion in 2024, a 13.7% growth from $17.4 billion in 2023. Overall, the market is on track to grow 133% between the years 2020 and 2025, beating the growth rate of social ad spend.
According to Insider Intelligence’s 2023 report, “Influencer marketing spending will rise roughly 3.5 times faster in 2023 than social ad spending will. That’s a testament to the resilience of creators, even amid economic concerns and major competition.”
The State of the Creator Economy in 2024
The creator economy refers to the online ecosystem where individuals (particularly content creators or influencers) produce and distribute their content. According to data from Stripe, “the creator economy is still growing about as fast as it was in 2021”.
The global creator economy market size is expected to go from $127.65 billion in 2023, to $528.39 billion in 2030. The market will grow at a CAGR of 22.5% until 2030.
With the inclusion of more in-app monetization features, such as YouTube Shopping, creators can link products or merchandise directly to their channels. This allows them to create diverse income streams, amplifying the growth potential of the creator economy. Other varied income streams include:
Sponsored content: Brands may pay creators to feature their products in content, expanding the creator's revenue beyond traditional ads.
Fan donations or tips: Some platforms like TikTok allow fans to support their favorite creators through direct donations or tips, like Donation Stickers, offering a direct form of financial appreciation.
Exclusive content subscriptions: Creators can offer premium, exclusive content to subscribers for a recurring fee, fostering a direct and consistent income source. This is common in platforms like Patreon and OnlyFans.
User-Generated Content (UGC) Market Size 2024
According to Allied Market Research, UGC platforms generated $4.7 billion in 2022 and are anticipated to generate $71.3 billion by 2032, witnessing a CAGR of 31.6% from 2023 to 2032. This indicates a substantial yearly increase in revenue for UGC platforms over this period, reflecting a strong and sustained growth trend.
UGC can be described as the “modern-day word-of-mouth”. The reason for having loyal, happy customers create content for brands lies in authenticity. With 60% of marketers agreeing that content authenticity is just as crucial as content quality, dismiss user-generated content at your peril.
What’s more, consumers are 2.4 times more likely to see UGC content as authentic when compared to brand-generated content.
And of course, AI also has its place in the UGC realm. As seen in AI-assisted content trends, By 2024, Generative AI is set to revolutionize eCommerce UGC. Customization led by AI is expected to significantly improve the user experience, making it more authentic and, in turn, driving up customer engagement by more than 50%.
Creators that Offer UGC Services
Half of all creators (50.29%) we analyzed offer user-generated content services for brands in 2023. This is a 93% increase from 2022, where only 26% of creators were open to offering UGC services to brands.
According to Nielsen Global, 92% of consumers find UGC content “more trustworthy” than other types of ads. This is a win-win for both brands and UGC creators, as a successful campaign will translate to conversions and a better connection to audiences through ingrained trust.
Most Popular Social Media Platforms for Influencer Marketing
TikTok and Instagram maintain fierce competition for influencer marketing spend, each holding a solid 42% share in paid collaborations. In last year’s report, we saw that TikTok was quickly gaining momentum and could potentially win over Instagram, but that hasn’t been the case so far.
14% of paid influencer collaborations in 2023 were UGC, where influencers create content for pay without posting on social media.
YouTube holds a 2% share of paid collaborations, which is the same as last year. The emergence of YouTube Shorts could spike collaboration volume on YouTube, due to lower costs of entry with short-form content.
On Which Platforms Do Influencers Offer Paid Services?
We analyzed 80,000 influencers to see which platforms they are offering influencer marketing & UGC services.
Instagram takes the lead once again with 49%. TikTok follows with 24%, while 23% of influencers offer paid UGC services. YouTube remains with a lower percentage of 4%.
Top 10 Most Popular Countries for Influencer Marketing in 2023
We analyzed the top 10 countries that are most popular for influencer marketing specifically on social media.
USA, Canada, UK, Australia, and Germany remained in the same positions as last year.
Top 5 Cities for Influencers by Country
Top 5 Cities for Influencers In The USA
Los Angeles and New York City remain the top two cities for influencers in North America. Atlanta and Miami were also honorable mentions in last year's report. Orlando has been replaced by Tampa, as the Tampa Bay scene has exploded in recent years to become a top influencer hub in America.
Top 5 Cities for Influencers in Canada
Toronto and Vancouver were also included in last year's report. They're among the top 10 most populated cities in Canada, and therefore massive influencer centers.
Top 5 Cities for Influencers in The United Kingdom
Because these are among the largest cities in Britain, it explains why there’s a larger opportunity for influencers in these locations.
Top 5 Cities for Influencers in Australia
The above aren’t necessarily the most populated cities but are among the major and well-known cities in the country, which helps brands find an array of influencers of all sizes and personalities.
Top 5 Cities for Influencers in Germany
Again, Berlin is the largest city by population, followed by Munich. Frankfurt, Stuttgart, and Nuremberg have significant populations, but they aren’t the most populated cities in the country. However, these German cities are all major economic and cultural hubs within the country, which makes them a hotspot for influencers.
Top 10 Most Popular Influencer Niches
Based on an analysis of 80,000 influencer profiles, the lifestyle, fashion, and beauty niches still reign supreme compared to previous years' data.
Top 10 Most Searched Influencer Categories
The top-searched influencer categories align with the most popular niches listed above.
As you can see, categories like Education are also moving up the most-searched categories. A plausible explanation would be high demand for this category, but a lower supply of influencers. This is a great sign for creators in the Education industry, as they can charge higher prices than influencers in top categories like Fashion and Lifestyle, for example;
Influencer Marketing Spend by Country
Based on the distribution of spend across 10,000 paid influencer campaigns, 77% of influencer marketing budgets were spent on influencers in the United States, which is an estimated 6% decrease from the same data from last year.
As for Canada, 10% of influencer marketing budgets were spent on influencers, a 20% decrease from last year. Australia remains with 5% of influencer marketing budget allocation. The UK saw a 60% increase in budget allocation from last year's data.
Average Spend per Influencer
Regardless of platform, niche, or type of collaboration, brands can expect to spend $214 on influencers. The average is down by approximately 16.79% from last year.
Because there are more creators than ever before, we can expect to see prices continue to decrease, especially in saturated niches.
Average Price Creators Charge on Each Platform
With the help of our influencer price calculator, we analyzed how much creators charge, on average, for each platform.
Instagram: $418 – approximately 15.17% higher than 2023.
Tiktok: $520 – approximately 13.04% higher than 2023.
UGC: $356 – approximately 10.10% lower than 2023.
YouTube: $816 – approximately 3.16%. higher than 2023.
With the number of UGC creators up over 50% YoY, it’s no surprise that UGC prices are lower as a result.
As for video-centric platforms like TikTok, Instagram, and YouTube, prices are slightly higher. This may be due to the increased time and energy it takes to produce quality video content versus photo content.
Average Price Paid by Brands on Each Platform
Micro and nano influencers usually charge lower prices for their services. The rise of interest in micro-influencers and authentic content with more engagement could explain why brands are paying less. Note that the average price creators charge also includes bigger creators who charge higher prices.
Top 3 Highest-Priced Influencer Niches
A combination of expertise, authority, reach, and business acumen make up the reason why the above niches are higher in pricing.
These influencers often have success in different fields, like acting in movies or becoming popular musicians. As their personal brand combines with their “celebrity” status, it costs more to collaborate with them. This is because being associated with influencers who are widely known outside of social media increases the reach and impact of influencer partnerships.
In the business realm, in addition to influencers in this niche often being successful entrepreneurs or business leaders, many advertisers in this category sell high-ticket products. This aspect allows businesses in the niche to allocate more budget towards customer acquisition.
Average Price for Influencers In Top 10 Niches
These price points are far lower than the ones we've mentioned in last year's report. The lowest price point was for the Art & Photography niche ($818), while the highest was for the Lifestyle niche ($994).
Gender Breakdown of Influencers
While female creators still dominate the industry, the market share of male influencers has grown from 23% in 2022 to 30% in 2023.
Gender Breakdown of Influencers by Platform
Female content creators are more prevalent in the industry across the board, due to female-dominated niches being the most popular. Let’s take a look at how the gender distribution is on each platform.
Gender Breakdown of Influencers by Follower Range
In general, a trend emerges where, as the follower count grows on a social media platform, the disparity between male and female influencers tends to decrease. This was also the case in our 2023 report.
One possible explanation is that as influencers amass a larger following, the focus shifts more towards the content and engagement they provide rather than gender-specific stereotypes or biases. As creators grow larger, the gender distribution closes.
Instagram Influencer Gender Distribution By Number of Followers
TikTok Influencer Gender Distribution By Number of Followers
YouTube Influencer Gender Distribution By Number of Followers
Average Number of Social Media Accounts per Influencer
Typically, influencers earn revenue from an average of 2.2 social media platforms. This implies that the majority of influencers generate income by providing influencer marketing or user-generated content (UGC) services on approximately two social media platforms in total.
Average Time to Complete an Influencer Collaboration
14 days is the average time influencers take to complete a collaboration.
Typically, the time to completion is impacted by things such as:
Negotiation and agreement
Content creation and editing
Review and approval process
Scheduling and coordination
Brand approval processes
That's two days down from last year's report (16 days on average). Orders that don't involve the shipment of physical products tend to get completed more quickly in general. The decrease in average days to completion also suggests that the industry is professionalizing and creators are holding themselves to a higher standard.
Ideal Influencer Response Time
The ideal response time to a collaboration request from a brand is 14 hours for influencers. When an influencer responds to a request more than 14 hours after the initial proposal, our data suggests that the collaboration is less likely to go through.
Highest Earning Creators on Collabstr in 2023
Creators With Most Collabs on Collabstr in 2023
Creator Platforms: Winners & Losers of 2023
TikTok and Instagram aren't going anywhere, especially with in-app purchase features and live shopping on the rise. We can attribute the success of TikTok and Instagram to personalization and video-first content.
The numbers tell an interesting story – social videos are scoring a whopping 1200% more shares than if you combined text and images. Brands should be rolling out more short-form videos (like Instagram reels), live streams, and interactive content. So they can capture and keep the audience's attention while sustaining a close bond with followers.
Not to mention the fact that viewers trust a brand 41% more and are 31% more likely to be loyal to a brand after seeing an ad on TikTok.
Along with TikTok and Instagram, OnlyFans is well on its way to continued success for the same reason: personalization, video content, and AI capabilities.
OnlyFans creators now have access to tools that make room for creativity and engage audiences a lot better. It signals a shift towards personalized content and improved productivity, allowing creators to focus on crafting content their users love, and letting AI take care of the business and marketing aspects.
Tasks like managing and selling content become automated, freeing creators from the constant need for human input. Whether it's OnlyFans AI using tools to create content or exploring different AI tools to understand fans better, the platform has a lot to offer.
Clubhouse, once a social app sensation valued at $4 billion, saw a decline as pandemic lockdowns – which initially fueled its popularity – waned and people returned to their usual routines.
The platform, known for live audio conversations or "rooms," struggled to retain its momentum post-lockdowns. The company's decision to drop its invite-only model, while opening the doors to a flood of new members, erased the "VIP factor" that had been a part of its initial allure. This shift, coupled with the altered social landscape, contributed to Clubhouse's decline in user engagement and overall value.
Platforms to Keep an Eye On in 2024
As TikTok continues to soar in popularity, brands are likely to persist in joining the app to connect with their target audience, particularly millennials and Gen Z.
The popularity surge of platforms like TikTok and YouTube Shorts points to a clear preference for concise, engaging video content. With a substantial 40% increase in video uploads in recent years, marketing leaders should be prepared to allocate more resources to these formats.
YouTube remains a dominant force despite fewer mentions, particularly with YouTube Shorts, which has become a trend worth monitoring. According to Google, YouTube Shorts racks up more than 50 billion daily views. While this falls short of Meta's Reels, YouTube Shorts is gaining momentum.
When considering the preferences of teenage users, Pew Research reveals that YouTube stands out as the go-to platform, with a staggering 95% of teens aged 13 to 17 using it. In contrast, TikTok boasts a 66% usage rate, and Instagram follows closely at 62%. What sets YouTube apart isn't just its high usage but the remarkable amount of time teens spend on the platform. Around 19% of teenagers report using YouTube "almost constantly."
As businesses prepare to navigate eCommerce in the coming year, Amazon Storefront presents a compelling opportunity to stand out.
Sellers can curate their Storefront to reflect their brand identity. They have the flexibility to include all their products or strategically highlight select offerings. Additionally, the ability to create curated collections such as "New Arrivals" or "Best Sellers" allows for a tailored shopping experience, aligning with the increasing demand for personalized content in 2024.
What's more, one of the standout features of Amazon Storefronts lies in their capacity to go beyond product listings. Sellers can enrich their stores with diverse content, including blog posts, videos, and images. This content serves as a powerful tool for educating shoppers about the brand and products.
Creator Side Hustles to Watch in 2024
Influencer marketing is a huge side hustle for creators, but they aren't the only ones. For most creators, brand deals are their primary source of income. How do we see them diversifying? Here are a few options.
Creators can join affiliate programs within platforms like TikTok Shop, or by making their in-feed videos shoppable with Video Shopping Ads (VSA) and earning commissions. This was how an Indonesian clothing line saw a 38% lift in ROAS.
They can easily discover products to feature in their content, recommending them in videos and livestreams. If viewers find it helpful, creators can earn commissions for every product bought.
Earning commissions on sales provides new monetization opportunities, creating symbiotic relationships with brands and helping creators grow their businesses
Influencers like MrBeast and Logan Paul are two of the most popular and highest-paid influencers. They extend their reach beyond YouTube, creating viral content on multiple platforms. However, smaller creators are more than welcome to jump on the bandwagon and connect with followers in a more personal way.
By creating their own platforms on social media and creating content their audiences resonate with, creators can build their personal brand and diversify their audience base. A notable example of a personal platform is Khaby Lame, who amassed an audience of over 100M followers in 2021 for creating humorous reaction videos to life hacks.
Creators can explore platforms like Fanhouse, Patreon, and OnlyFans to interact with fans on a deeper level and offer exclusive content Creators like Belle Delphine are reported to make close to $1M a month just by selling premium content on OnlyFans.
Small artist Gwenn Seemel earns $410/month from her 67 patrons on Patreon. Her exclusive subscriptions include a monthly sticker club, special gifts, and invitations, as well as a half-hour video chat for art career guidance.
These channels provide spaces for fans to post commentary, fan art, and opinions, fostering a stronger sense of community they couldn’t get anywhere else.
2024 Influencer Marketing Trends
As the influencer marketing market gears up for a 13.79% growth from 2023 to 2024, it's crucial to stay up to date with the latest trends. Here they are.
In 2023, AI took the spotlight, making waves in areas like writing, design, and influencer marketing wasn't left behind. Especially in the realm of AI-generated influencers.
AI-generated influencers are digital avatars or characters created using generative artificial intelligence. These virtual personalities can simulate human-like appearance, behavior, and communication. Essentially, they're hyper-realistic computer-generated bots designed to engage with audiences on social media platforms.
Like Lu of Magalu, a Brazilian AI influencer with a whopping 6 million followers on Instagram.
They engage with followers and post content 24/7, making it a very productive marketing strategy. With generative AI startups raising a whopping $14.1 billion of investment in the first half of 2023, the space is progressing at a rapid pace.
When it comes to consumer behavior, a 2023 study has found that “avatar influencers are powerful spokespersons with much potential for connecting with their audience. The lack of reality distinguishing avatar influencers from real people may limit the latter’s capacity to shape followers’ opinions and influence them.” Because businesses can control the appeal of AI influencers in terms of authenticity, sensuality, sense of humor, authority, and other human traits, they can closely match their audience’s preferences, potentially increasing connection and purchase intent as a result.
For now, AI influencers still require human input to work well. However, some livestream influencers are even spending about $1,100 to create deep fake versions of themselves. This allows them to continue interacting with their audience for a long time, which would be impossible to sustain as a human without the help of AI. This probably explains why, according to data from Socially Powerful, 49.3% of marketers see AI-generated influencers as effective.
Around 60% of respondents to an Influencer Marketing Hub survey plan to use AI to be more effective in their influencer marketing campaigns. The marketers who want to come out on top should be considering their implementation strategy – at least if they want to make AI their biggest differentiator.
Micro-Influencers and Authenticity
Living up to their promise as a lasting influencer marketing strategy, micro-influencers are the rising stars in the authenticity-driven consumer landscape. These aren't your mega-influencers with a massive following, but they're all about building deep connections with a specific audience. It's all about relatability and unique perspectives.
We can see a similar approach with the "Perspectives" tab in Google, which gained momentum in early 2023. It mirrors a similar approach seen with micro-influencers and the emphasis on authenticity. This feature connects users not only with a curated mix of longer and shorter videos, images, and written posts but also with diverse perspectives, including those from micro-influencers and small bloggers. Users are drawn to their genuine and relatable content, which often reflects unique perspectives, unlike the content that comes from large media companies and news outlets.
Imagine a user is interested in finding the best skincare routine. While exploring the "Perspectives" tab on Google, they come across a TikTok video by a micro-influencer who passionately shares her journey to achieving clear skin. In the video, the influencer genuinely discusses the transformative impact of a particular moisturizer.
Curious about the influencer's authentic experience and glowing skin, the user becomes interested in the mentioned moisturizer. This prompts them to look further into the product, leading to informed research and, ultimately, a purchasing decision.
We believe that authenticity is the most promising aspect of micro-influencers because this trend will likely be on an upward slope from here on out. With more “small” content creators than ever before, everyone will have unique voices and perspectives. It’s up to consumers to choose which ones they’ll rely on. The good news is, they’ll have plenty to choose from.
According to Envision Horizons Gen Z Report, 72% of Gen Z consumers are discovering new products on TikTok, over 60% on YouTube, and over 50% on Instagram.
And they're buying a lot more. Here's why.
With the introduction of platforms like Instagram Shopping and TikTok Shop, users no longer need to land on different pages to complete transactions. The buying process is a lot more straightforward when they can buy products right after they watch influencers talk about them when motivation is still high and subsequent conversions are much more likely.
Adding to its appeal, TikTok features an accessible affiliate system, enabling creators to easily request free samples and earn commissions by doing so.
Creators can now present and sell products to consumers in real time through live streams or featured videos. Amazon Storefront is a prime example of this profitable strategy. Seeing that the US livestream shopping market is estimated to reach $35 billion in 2024, marketers should look forward to massive growth in the US livestream shopping landscape.
Will other platforms follow suit? Potentially, as they keep an eye on the massive market surge.
If you've seen a lot of marketing campaigns and influencers jumping on the "Barbie" bandwagon in 2023, you've seen trendjacking in action.
Trendjacking involves tapping into current trends or notable events. The goal is to immerse a brand in ongoing conversations and capture the present cultural vibe to stay relevant among its target audience.
This approach doesn't just boost a brand's visibility – it can also lead to higher conversions. By aligning with what currently resonates with the audience, brands have the chance to capitalize on public interest, resulting in increased brand awareness and, ultimately, more sales.
Trendjacking isn’t new – it’s been a digital marketing strategy for years. Think back to Oreo’s 2013 “Dunk In the Dark” tweet tying up to the 34-minute power outage in the Mercedes-Benz Superdome.
However, 2023 was filled with global-scale events, such as Taylor Swift’s Eras Tour and the humorous “battle” between the Barbie and Oppenheimer blockbusters. Creating content around these massive, relatable events may increase the likelihood of a campaign going viral, or at least creating a connection with a larger audience.
Adding to the popularity of trendjacking are, of course, short video platforms like TikTok, Instagram, and YouTube (shorts) and their ability to push out content beyond traditional channels. Think of finding a TikTok relatable and sharing it with your friend group on iMessage or WhatsApp. This is something that may have been harder with long-form video content, particularly as far as YouTube videos go.
As for the virality aspect, taking advantage of trends that are already doing great can help smaller creators gain a large amount of popularity much faster when compared to traditional circumstances.