Influencer marketing has evolved far beyond social media-savvy brands sponsoring the occasional Instagram post. Now, creators are an essential marketing channel for any brand looking to appeal to Gen Z or millennial consumers—on social media and, increasingly, in offline mediums such as connected TV and out-of-home displays.
Brands are accordingly setting aside increasingly larger portions of their marketing budgets for influencer campaigns and creator partnerships, propelling influencer marketing from a $16.4 billion industry in 2022 to one valued at just over $21 billion as of Nov. 6, according to Influencer Marketing Hub. With Goldman Sachs projecting the creator economy will swell from its current value of $250 billion to roughly $480 billion by 2027, and 92% of marketing leaders surveyed by LTK and Northwestern University’s Retail Analytics Council saying influencer marketing “will have a higher budget or play an increased role in [their brand’s] strategy in 2024,” it’s unlikely that marketers’ surging investment in influencers will pivot anytime soon.