One of India’s fastest growing influencer platforms and an initiative by Social Beat, Influencer.in has released the fourth edition of its Influencer Marketing Report 2024. In the same, it is pegged that the Influencer Marketing Industry will become a Rs 5,500 crores industry by the end of this year.
The IMR 2024 report also stated that the influencer industry, representing 11% of the Digital media industry, is anticipated to grow 20% in 2024 and then 25% annually from 2024 to 2026.
Compiled over a survey of 100+ brands and responses from over 500+ creators and influencers, IMR 2024 is one of a kind report that delves deep into the paradigms of influencer marketing and presents a comprehensive look at the industry, providing insights on what makes Influencer Marketing successful, mentions some of the leading trends in the space, the role of data analytics in influencer space and sheds light into the industry’s future.
With the creator economy in India experiencing significant growth, driven by a multitude of platforms and an expanding community of tech-savvy individuals, the report highlights how influencer marketing is becoming essential for brands, with the industry expected to grow by 25% annually.
As per the report, the Indian influencer marketing industry is projected to grow significantly in the coming years as brands are now prioritising content quality and authentic connections, leading to a preference for micro and nano influencers over high follower counts.
Here are some of the key industry highlights from the report:
- Industry size estimated to be INR 5,500 crores by 2024
- The Influencer industry represents 11% of the Digital media industry
- Anticipated industry growth of 20% in 2024 and 25% annually from 2024 to 2026
- By 2028, over 80% of brands are projected to allocate up to 30% of their marketing budgets to influencer marketing
- 40 – 57% of brands in categories like FMCG, e-commerce, and automobiles are expected to increase spending on influencer marketing by 10% by 2026.
Apart from the industry’s growth, the report also points out the following key trends in 2024:
- The rise of mid-tier influencers.
- Platform dominance in influencer marketing:
- Instagram is the top choice for both creators and brands.
- The low adoption of LinkedIn among creators at 4.4% contrasts with 19.5% of brands using it for influencer marketing. Brands should educate or onboard creators to this platform, especially those capable of delivering professional content
- Brands need to recognise the underutilisation of YouTube Shorts, with 75% of creators using short-form content for engagement. It is crucial; for brands to focus on creating short-form content through Shorts and Reels to expand their audience reach.
That being said, with over 40% of brands spending more on influencer marketing in contemporary times, the report also emphasised that influencers feel that budget constraints limit partnerships, striking conversation around why there’s a need for brands to move beyond transactional relationships, recognise the power of creators, and empower them with creative freedom.
At the same time, the IMR 2024 also mentioned that creators should align with brand objectives while showcasing their unique value proposition for more authentic, engaging campaigns.
Apart from this, the report also shed light on some of the challenges like measuring ROI, establishing influencer brand fit, challenges with the budget, and more that brands face in the industry along with those of creators- building a loyal audience, ensuring fair compensation and brand support and getting the requited creative freedom.
Moreover, IMR 2024 also mentioned that analytics also play a crucial role in influencer marketing and that with the rapid growth of influencers, brands must select the right influencers to drive traffic within their budget and market segment.
For this, it mentioned that analytics tools are essential not just because they help create foolproof pre-launch and post-launch strategies, but also because selecting influencers based on key metrics such as location, interests, age, gender, and engagement rate is paramount for a successful campaign.
The report ends with identifying the top Influencers in India in the fields of Travel, Technology, Health and Fitness, Food, Business, Beauty, Comedy and Fashion and Lifestyle.
Click here to read the full report.
Commenting on the launch of the new report, Suneil Chawla, Co-Founder, Social Beat and Influencer.in, said, “Challenges persist from a return of investment measurement to platform algorithms, the growth opportunities are vast. By embracing trends like the rise of micro-influencers, leveraging dominant platforms like Instagram, YouTube and LinkedIn and using influencer analytic tools effectively, brands and creators can continue to thrive in this ever evolving marketing landscape. As we look to the future, the key will be staying adaptable, innovative and aligned with the values of an increasingly discerning audience.”
To this, Arushi Gupta, Business Head, Influencer.in, added, “Both influencers and brands share the goal of building authentic connections with audiences. Influences seek long term collaborations to maintain and enhance their credibility and engagement. Brands aim to partner with influencers who can deliver high-quality content and align with their brand values enhancing overall campaign effectiveness There is a mutual aspiration for transparency, accountability and leveraging emerging opportunities such as influencer analytic tools.”
