There's no denying that Instagram has become a force to be reckoned with in the social media space. With news breaking that their Stories platform has surpassed Snapchat's and the fact that they have 100 million new users in the last six months, they have made their presence known in the world.
With social media becoming such a big part of the business picture, influencers have become a staple of any good marketing team's strategy. Influencer marketing is now one of the most effective and highly sought after methods of attracting customers since billboards, and it's changing the way business is done.
Now, what do you get when you combine perhaps the fastest growing social media platform in the world with an innovative, powerful means of attracting new customers? You get a $1 billion industry that is ripe for the picking, according to data from MediaKix.
“To estimate how much money advertisers spend on influencer marketing on Instagram, we tracked the number of sponsored Instagram posts over a year,” wrote the authors of the study. “At present, we estimate the advertiser spend with influencers on Instagram at over $1 billion per year, with indications of significant annual growth.”
With those kinds of numbers, influencer marketing on Instagram is poised to become the new norm for budding startups and large corporations alike. With the potential to become a $5-$10 billion industry in just a few short years, this trend is going to be a necessity for any marketing team looking to compete.
It's important to keep in mind that these numbers are based on the idea that Instagram will continue to be the place to go for future influencers. We've all seen the dramatic shifts in Facebook's algorithm and how they've affected businesses large and small. Despite their parent company having a say in how things are done, let's hope Instagram remains the influencer haven it has so rightfully become.
If you're more of a visual learner, MediaKix put together a comprehensive infographic that can dutifully explain the influencer marketing trend on Instagram. Check it out below and get your marketing team on Instagram yesterday.
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