Share of marketing budgets spent on influencer marketing worldwide as of February 2024

Share of marketing budgets spent on influencer marketing worldwide 2024

During a global 2024 survey among marketing agencies and brands, 22.4 percent of respondents stated they invested 10 to 20 percent of their marketing budget into influencer marketing. Another 26 percent devoted more than 40 percent to this type of digital marketing activity.

The state of influencer marketing

As social platform users continue to rise in recent years, influencer marketing has become an essential format of digital campaigns. Marketers have used this channel to increase brand awareness. Influencer marketing's value worldwide was estimated at over 21 billion U.S. dollars in 2023. The same value stood at 1.6 billion dollars just seven years prior to that. Furthermore, the global influencer marketing platform market size amounted to 15.2 billion dollars in 2022. It was projected to surpass 22 billion dollars by 2025.

The epicenter of influencer marketing: Instagram

In late 2023, Instagram ranked fourth among the biggest social media platforms, with roughly two billion monthly active users. With such an impressive user base, the Meta-owned social network proves to be the perfect spot for creators and marketers alike. In 2023, the global Instagram influencer market size stood at 17.4 billion dollars. Moreover, it was projected to surpass 22 billion dollars by 2025.