Influencer marketing Sector expected to hit the $34.6 billion mark by 2027; luring masses to the profession!

The meagre mention of influencers evokes flashes of the high-end influencers that we might be following on social media or would have heard/read about while scrolling our feed. Surprisingly, they have now become an integral part of our lives as our smartphones and social media apps!

‘Doing what you love, sharing content amongst your follower base and meanwhile earning well’ pretty much sums up what being an influencer is! There was a time when we used to follow content creators without even realizing that they are ‘influencers’ or would grow to be so in the times ahead. However, now they have successfully garnered a position of their own in the market. The robust influencer community is indeed a testimony of the same.

Influencer Marketing is a branch of the social media marketing that encompasses product placements and endorsements via the assistance of online content creators. As per Statista’s research, the global influencer marketing industry was valued at $13.8 billion last year. According to Market Watch’s report, the influencer marketing platform market stood at $5.6 billion in 2020 and is projected to hit the $34.6 billion mark by 2027 and will grow at a CAGR of 29.3%. The study further highlights that the consumers’ shift towards video-based content and the growing popularity of influencers are the major factors driving the growth of the industry.

Throwing light on the domain’s growth, present landscape and future scenario, Mr. Ritesh Dhawan, CEO, Influenzr.life, says, “The influencer marketing industry has grown significantly over the years. It is indeed heartwarming to witness how brands are keen to adopt new-age approaches for amplifying their digital presence, boosting their growth and effectively connecting with their consumers. They are relying on influencers more than ever before for enhanced visibility and awareness along with increased engagement and fostering valuable connections with their consumers. This trend will indeed continue to pick up pace in the times to come. “

Influencers possess the power to influence the consumers’ preferences and viewpoints. They are recognized not only for their creativity and innovative content but also for their authenticity and credibility.

Being an influencer a few years ago meant chasing your passion. However, what’s noteworthy is that over the period of time, influencers have been able to defy the notion that being one is solely pursuing your creative instinct and can indeed be a fruitful profession!

Influencers have gained the stature of being celebrities on social media amongst their follower base. What’s also interesting is that they have not only been able to earn name and fame but are also paid well for their talent. The high-end influencers who have been able to achieve a significant follower base receive as much as several lakhs a month while doing what they possess a keen interest in!

Sharing about what it takes to be an influencer as well as their rollercoaster ride so far; creators, Pushppal Singh Bhatia and Ravneet  Kaur, the powerful influencer couple running their social media handle, That Couple Though, say, “The field of influencer marketing is inclusive and does not demand a specific skill set. Be it urban cities or rural areas, talent from all walks of life have had the liberty to enter the domain and mark their presence with their innovative approach and quirky content. We are elated with the progress we have made so far in just a short span of time. This domain has given us not only wealth and fame but also the love and trust of our consumers who constantly shower us with their blessings. All you need is time, dedication, consistent and persistent efforts along with innovation and an area of interest. With the right strategies in place, you will soon find yourself treading on the path of being an influencer!”

The domain possesses the potential to flourish all the more but the bitter truth is that the professional influencers are however limited. This is the reason why various agencies and academies are also entering the market to bridge the talent supply gap and offer the required assistance to the talent that is keen and has the will to become an internet influencer.

Influencer Marketing is gradually emerging to be an effective tool for brands to garner brand visibility, along with greater engagement, and higher conversions as well as to promote their goods and services. It has grown exponentially and has successfully broken the shackles of being a ‘passion field’ to be a ‘viable career option’ offering a plethora of prospects!