In today’s world of social media, influencers are popping up on almost every social media channel. Influencers have made their own career paths that more people are starting to become interested in. There are currently about 4 billion people on social media today, and it is only increasing as the years go on.
Instagram has been ranked the #1 most influential social media channel, most likely as a result of the many different influencers using the app. It is estimated that the Instagram influencer market will grow 15% this year, reaching $5.86B. The market was estimated to be around $5.095B by the end of 2020. It is also estimated that 65% of influencer budgets are set to increase in 2021.
Not only will the influencer market be growing in 2021, but so will the micro-influencer market. The micro-influencer market is categorized by Instagram accounts that have between 1k-20k followers. In 2020, 46.4% of brand mentions (#ads) were posted by micro-influencers. It is predicted that this will increase to 50% in 2021.
Thanks to TikTok, short videos are becoming a popular trend that influencers are hopping on. Instagram has added a “Reels” feature that allows Instagram users to create short videos directly on the app. Influencers have taken advantage of this short video feature in many ways. They have been using them for things like makeup tutorials, Q&As, tips, etc.. We can expect to see more influencers focus more on short video content, in addition to just pictures, in 2021.
As social media continues to be a dominating factor in today’s society, it is safe to say that the influencer market is not going anywhere.