Entertainment NewsTikTok Will Overtake YouTube in Influencer Marketing Spending By 2024

TikTok Will Overtake YouTube in Influencer Marketing Spending By 2024

Date:

TikTok will overtake Facebook in Influencer marketing spending in 2022 and YouTube by 2024.

In the near term, Instagram is still far ahead of TikTok in terms of influencer marketing dollars spent on its platform in the United States. A new analyst report has found that Instagram is set to capture nearly three times the amount of influencer marketing spending compared to TikTok in 2022. It would equate to $2.23 billion spent on Instagram, as opposed to the $774.8 million TikTok is projected to receive.

Join Project Casting to access jobs you can apply to right now.

On the other hand, on this front, Instagram is doing well against TikTok, but Facebook’s other app, Meta, isn’t.

This new data, which comes from analysts at Insider Intelligence (formerly eMarketer), indicates that TikTok is now on track to overtake Facebook in terms of influencer marketing spending this year and will overtake YouTube by 2024.

YouTube is currently earning $948 million in influencer marketing money spent on its platform in the United States, ahead of Facebook’s $739 million. In addition, based on marketer use for influencer-based marketing, TikTok has already surpassed YouTube.

Instagram is under steady fire from users for its ever-changing algorithm that dictates which content gets pushed to the top of people’s feeds. The app has been gradually adjusting its feed to prioritize creator content, recommended posts, and advertising over friends’ photos and videos, regardless of complaints. But as Instagram continues to tweak how content is ranked in the main feed, some creators are concerned the constant changes could hurt their reach.

Last week, after the Kardashians posted a complaint to their Instagram profiles, Instagram agreed to roll back some recent updates that would have made the app more like TikTok. These changes included a full-screen home feed and an increased number of recommended posts. Of course, bigger celebs like the Kardashians could lose out if Instagram features smaller creators more often because they get less exposure.

The potential for Instagram to become a $1 billion business in terms of advertising by 2020 or 2021 has also been forecast, according to the report. It adds that as time goes on, the proportion of influencers benefitting from this monetization is shifting.

According to the article, Instagram’s feed changes would let smaller influencers prosper. Nano-influencers are people with 1,000-4,999 followers while micro-influencers have 5,000-19,999 followers. These influencers already do well on TikTok, which is attractive to creators.

According to the report, not only has marketing spending on smaller influencer partnerships been overgrowing, but this year, “nano” influencer spending is predicted to rise 220.5%. In contrast, spending on “mega” influencers will grow by a measly 8.0%. According to the firm’s definition, mega-influencers have at least 1 million followers.

There are several reasons why marketers may enjoy working with smaller creators over bigger names, like their more affordable rates and the potential for higher engagement on posts.

Their view counts are less likely to be artificially boosted through fake views or bots.

TikTok is often accused of inflating view counts and having stricter view requirements for marketers’ purposes. It’s claimed that a view is recorded as soon as the video finishes playing, and rewatches are tallied as views. (Furthermore, some people believe there are doubts regarding how much TikTok may be responsible for inflating views because its owner ByteDance directly involved himself with creating phony accounts in a previous app that was essentially a precursor to TikTok.)

The firm told us that this data does not come from view metrics but from looking at spending on influencer partnerships by brand. It includes payments made to influencers or their reps and excludes non-cash payments (such as free products or travel) and paid media.

“TikTok is surging in popularity for influencer marketing, but it’s still nowhere near Instagram in terms of spending or marketer adoption,” Jasmine Enberg, principal analyst at Insider Intelligence, said: “That’s in part due to the higher prices Instagram creators charge for content, but also because of its wide array of content formats, most of which are now shoppable. Still, Instagram is trying to be more like TikTok to attract smaller creators, which TikTok is known for. That’s key for Instagram to retain its lead in the influencer marketing space, especially as many creators on TikTok now boast follower counts that rival or surpass those on Instagram and YouTube.”

The report estimates that 74.5% of U.S. marketers will use influencer marketing in 2022, and influencer marketing spending will rise by 27.8% to $4.99 billion this year.

More Project Casting Entertainment News:

44 TV Shows and Movies Filming in Georgia in September

Georgia is quickly taking over the TV and film industry. Here are the 45 movies and TV shows filming in Georgia this September 2022. Join Project Casting to acc…

Netflix Cancels ‘Resident Evil’ Live-Action Series

Netflix Has Canceled Its Live-Action Adaptation Of The ‘Resident Evil’ Series. Netflix has reportedly decided against renewing the live-action Resident Evil ser…

‘The Flash’: Warner Bros. Execs Met with Ezra Miller

Warner Bros. execs met with Ezra Miller to discuss the future of ‘The Flash.’  Recently, Ezra Miller, the non-binary actor who plays the lead in The Flash …

spot_img
Megan Dianehttps://www.projectcasting.com
Hi, I'm Megan Browne, the Head of Partnerships at Project Casting - a job board for the entertainment industry. As Head of Partnerships, I help businesses find the best talent for their influencer campaigns, photo shoots, and film productions. Creating these partnerships has enabled me to help businesses scale and reach their true potential. I'm excited to continue driving growth by connecting people with projects they're passionate about.

Share post:

Popular

spot_img

More like this
Related

Casting: Mountain Bikers

Casting: Mountain Bikers in Pennsylvania.   Casting directors are now casting...

Casting: Models who live in Berkshire County

Casting: Models who live in Berkshire County in Massachusetts. Casting...

$750/Day Magnum Insurance Commercial Casting Call

$750/Day Magnum Insurance Commercial Casting Call in Chicago, Illinois. Casting...

Short Promo Miami Open Casting Call

Short Promo Open Casting Call in Miami, Florida. Casting directors...