With a staggering 480% growth since 2017 and over $35 billion in sales this year, the influencer advertising market has exploded in recent years. Influencer advertisements are currently the fastest-growing category of digital advertising, and this trend is expected to continue thanks to their remarkable three-digit growth.
OnlyAccounts.io data available to BrandSpur digital news platform indicates that worldwide expenditure on influencer advertisements is predicted to rise by around 50% over the next four years, which is twice as much as that of video commercials and more than any other area of the digital advertising market.
In terms of total spending, influencer ads are growing twice as quickly as video ads. Two-thirds of consumers in the US and the UK said they have little faith in celebrity influencers, according to a 2023 Trustpilot poll. However, the overall amount spent on influencer advertisements is still rising, and this trend is not expected to reverse itself.
Brands and marketers worldwide will spend over $35 billion on influencer advertisements in 2024, 9% more than the previous year, according to a Statista Market Insights poll. Influencer advertisements are expanding at a rate that is far quicker than that of any other market category, yet accounting for only 4% of all digital advertising spending.
According to Statista, the overall amount spent on influencer advertisements is expected to increase by 49% by 2028, reaching over $52 billion, or an average of $4 billion annually. When contrasted with other, significantly larger parts of the digital advertising market, this double-digit surge is even more remarkable.
Continuing with an example, the amount spent overall on search advertisements, which are the most popular and profitable kind of digital ads, is expected to increase by 36% during this time, from $306.7 billion to over $417 billion. By 2028, video ads will have grown by 26% to about $242 billion, an even slower four-year growth rate.
During this era as accessed by BrandSpur, the growth rates for audio and banner ads were 19% and 25%, respectively.
Influencer advertisements are a global marketing strategy used by brands and businesses. However, the majority of ad spending originates in only two nations. According to statistics, in 2024, corporations and marketers in China and the United States will account for $24.7 billion, or 70% of the total spending on influencer ads.
In the upcoming years, the US and China will continue to dominate this market. China, the largest market for influencer advertising globally, is expected to reach about $29 billion in total ad spending by 2028, or 51% higher than this year, predicts Statista.
Just as impressively, the US market is expected to rise by 44%, with a total of $8.1 billion in ad spending during this time. According to statistics, by 2028, the two nations will account for 71% of the global influencer ad spending, or $37 billion.
See https://onlyaccounts.io/blog/total-spending-on-influencer-ads-to-jump-by-almost-50-by-2028-twice-more-than-on-video-ads/ for the complete narrative and data.
