The state of influencer marketing 2024: benchmarking analysis report

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The State of Influencer Marketing 2024 Benchmark report provides an updated overview of the Influencer Marketing industry. The document brings impressions and insights from more than 3,000 advertising agencies, brands and other professionals relevant to this market, as well as predictions of what this industry will be like in the coming years.

Influencer Marketing
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Introduction

The world as we know it has changed drastically in recent years. The arrival of the COVID-19 pandemic in 2020 turned the planet upside down, with mandatory lockdowns and scenes worthy of a Hollywood albania mobile phone number apocalyptic movie. By 2024, however, most countries have learned to live with COVID, but are unable to deal with its economic consequences. We are still very much at the mercy of logistical problems, a lack of essential workers and the threat of inflation that could destabilize the global economy. And we haven't even mentioned global warming and its effects, in addition to the wars that are ravaging several nations.


Naturally, many companies have had difficulty surviving in this new scenario. And those that have made it this far need to find new ways to sell — this means standing out in the consumer's mind. This is where Influencer Marketing seems to have become indispensable for connecting brands with their target audience.


In recent years, we have also seen significant developments in Artificial Intelligence (AI) and Machine Learning (ML). ChatGPT and other generative AI products have impacted our lives in many ways (not just celebrity deepfakes) - now, these products are present in our daily lives. Google is testing ways to make AI a fundamental part of its search engine.


Brands that practice Influencer Marketing can use AI in most of their processes, from the moment of attracting influencers to the creation of reports at the end of campaigns. However, it is worth noting that we were surprised by the small difference in the use of AI this year by advertisers who participated in our study in 2024, compared to the last reports.


In addition to the data collected in our annual survey, this report also incorporates statistics from HypeAuditor and our Racial and Gender Gaps in Influencer Marketing Report.



The State of Influencer Marketing Benchmark Report 2024: Summary

Highlights

Projection: Influencer Marketing will be worth $24 Billion by the end of 2024.

Considerable Increase in Content Volume in Recent Post-COVID Years.

A Growing Majority Have a Dedicated Budget for Content Marketing.

About 2/3 of Respondents Felt the Impact of the Macroeconomic Crises of 2023.

The vast majority of respondents believe that Influencer Marketing is effective.

More than 85% of respondents intend to set aside a budget for Influencer Marketing in 2024.

Around 60% of respondents intend to increase investments in Influencer Marketing in 2024.

26% of Respondents intend to invest more than 40% of their advertising budget in Influencer Marketing.

Although most brands invest less than US$50,000 in influencer marketing, 15% invest more than US$500,000.

Companies Prefer to Work with Influencers They Already Know.

Over 60% Plan to use AI or ML in their Influencer Campaigns.

The main purpose of AI/ML is to identify influencers.

Projection: TikTok Will Still Bring the Highest ROI (Short Videos).

Strong Preference for Niche Influencers.

More Brands Are Paying Their Influencers Instead of Giving Away Free Samples.

Big Change to Payout Scheme This Year: Half of Influencer Payouts Are for Profit Sharing

Bank Transfer is the Most Popular Payment Method for Influencers, However, Other Methods Are Almost Just as Popular.

Almost 80% of Brands Track Sales from Influencer Campaigns.

Emails and Referral Links are the Most Popular Ways to Drive Sales.

80%+ Recognize High Quality Consumers from Influencer Marketing Campaigns.

More than 60% of respondents have already used virtual influencers.

70% Calculate Returns on Investment Based on their Influencer Marketing.

The Most Common Rulers of Influencer Marketing Success are Views/Reach/Impressions.

Most Consider Media Exposure Value a Good ROI Measure.

83% of Agencies remove Influencer Marketing Spending from their General Marketing Budget.

76% of Influencer Marketing Campaigns are Conducted Internally.

72% of Respondents Use Internally Created Tools to Execute Influencer Marketing Campaigns.

About 60% of Respondents Use Third-Party Platforms.

The Most Popular Use of Influencer Platforms is for Recruitment and Communication.

TikTok Continues to Be the Most Used Channel by Brands that Practice Influencer Marketing.

User Generated Content (UGC) is the Main Objective of an Influencer Campaign.

Fraud Still Concerns Respondents.

The Number of Interviewees Who Are Victims of Fraud by Influencers Is Growing.

Brands Are Finding It “Pretty Easy” to Find Good Influencers.

Most Companies Pay Little Concern About Brand Safety in Influencer Campaigns.

About 75% Believe Influencer Marketing Can Be Automated.

Content Creation Is Considered More Valuable In Partnership With Influencers, But Relationship With The Audience Is Still Valued.

Over 60% of Respondents Prefer Their Influencer Marketing to Be Done in Campaigns.


The Vast Majority Consider Influencer Marketing as Growing in Their Advertising Ecosystems.

Views/Reach/Impressions Are Now The Most Important Criteria When Evaluating Influencers.

60%+ of Brands Work with 10+ Influencers.

About Half of Influencer Campaigns Are Conducted Monthly.

Finding Influencers to Collaborate With Is Again the Biggest Challenge for Those Running Campaigns In-House.



Methodology

We interviewed nearly 3,000 people from a variety of backgrounds. 41.9% of our respondents work in advertising agencies (including those specializing in influencer marketing), and 22.3% consider themselves “brands” or “brand representatives.” 5% work in PR agencies. We included 30.8% as “Other,” which is comprised of people from a variety of industries.