As the industry gears up for its biggest year ever, getting familiar with the latest influencer marketing trends for 2024 will be paramount to setting up new strategies. In our rapidly changing, digitally-reliant world, marketing itself is seeing constant evolution, but it could be argued that influencer marketing experiences this to a greater extent; not only because it is a relatively newer form of marketing, but also because of its inherent connection to social media. With consistent updates, fresh content types, and entirely new social platforms entering the fray, a lot has changed in the influencer landscape, offering new ways for brands and businesses to connect and promote themselves to audiences. For many, this could signal the perfect time to hop on the influencer marketing bandwagon. For others, an opportunity to rethink and refresh their existing influencer marketing strategies.
Influencer marketing plays a crucial role in modern marketing strategies, and for good reason. First and foremost, influencers have built up dedicated and engaged audiences, making them valuable assets for brands looking to reach their target market more authentically. A major issue in both advertising and marketing has been the question of how to convey a brand’s messaging (and promote its products) in a way that strikes as legitimate, rather than salesy, with audiences. For a good few years now, influencer marketing has offered itself up as a promising answer. By leveraging influencers, brands can piggyback off the trust and credibility these individuals have established with their followers. Other benefits such as being highly suited to a range of budgets, its simplified scalability, and relative ease of implementation help to round out a fairly positive picture.
The challenge comes in when brands fail to stay alert and adapt their approach to constant shifts in the influencer marketing industry. The low barrier to entry, while a great boon to many brands, has the flipside of creating increased competition on social media platforms. Other changes such as laws and regulations surrounding ad transparency, social media algorithms, and fast-changing consumer preferences and interests highlight the need to be on top of the latest influencer marketing trends as they roll in.
As a major player in the influencer marketing industry, HypeAuditor conducts annual in-depth research to offer insights into all the latest changes, challenges, and opportunities in the world of influencer marketing – and with the onset of the new year, fresh discoveries have come to light. In this article, we’ll be diving into what’s trending in marketing from all angles to help you prep for your strategies for 2024. These trends are drawn from HypeAuditor’s free State of Influencer Marketing for 2024, which is highly recommended to get a more comprehensive view into the future of influencer marketing.
1. Brands are putting more money into influencer marketing
HypeAuditor has predicted that global spending on Instagram influencer marketing will reach $19.8 billion in 2024. This is a significant jump from the $17.4 billion reached in 2023 and may see further changes come 2025.
However, it seems that brands are becoming more calculated in their expenses. Our research shows that brands are steadily leaning towards performance marketing, prioritizing return on investment and conversions over brand awareness.
Historically, brand awareness has been a major goal of influencer marketing for brands, and refers to the degree of recognition and familiarity that a target audience has with a given brand. It measures how well consumers can identify or recall a brand in different situations, such as when they see the logo, hear the brand name, or encounter other brand-related elements. However, it seems that profit and sales figures will be of greater importance in the coming years.
In order to achieve these goals, brands will be doubling down on their efforts with specific collaboration methods. These include user-generated content, gifting, affiliate marketing, and sponsored digital ads with creators.
2. AI’s continued rise will change how content is created
AI has been on everyone’s lips for a while now, but it has never been more talked about than during 2023. With the onset of tools such as ChatGPT and Midjourney, as well as a shift to AI-bolstered tools in a number of industries, it would be foolish to ignore the impact this quickly evolving tech will have on the influencer marketing space.
27 AI-focused companies in the Creator Economy space managed to raise over $800 million from venture capitalists throughout 2023. Furthermore, platforms such as Meta are actively experimenting with AI, focusing on developing AI personas for diverse user assistance across text, images (including Instagram filters and ad formats), and multi-modal experiences in videos.
This reflects a dynamic landscape where AI is fundamentally altering content creation and user interactions. Naturally, this has raised some concerns (as well as a few eyebrows), particularly when it comes to assessing the ethics and sustainability of AI in marketing, so this will be a major trend to watch throughout 2024.
3. Stricter government regulations will boost transparency
In 2023, government regulators, specifically the Federal Trade Commission (FTC), introduced stricter guidelines for social media influencers. These guidelines made it a requirement for influencers to transparently disclose any financial or personal relationship with a brand. This includes not only direct payments for sponsorships but also gifts, discounts, and other perks given to the influencer. This disclosure is now required not only in the video description or caption but also explicitly within the video itself.
While influencers were always obligated to disclose sponsorships, these new guidelines provide precise instructions on how to comply, making it a far more uniform system. As a result of this enforcement, content may see changes in its structure, as will engagement levels on posts. Some content that may have been able to fly under the radar and seem more ‘organic’ will now explicitly be seen as paid for by, or in partnership with, a brand – which could change audience perceptions of that post or the influencer’s content as a whole.
4. Ad-free subscriptions are becoming a focus for platforms
Social media platforms are exploring diverse revenue streams beyond just digital advertising. In October, Meta Platforms announced plans to introduce a paid, ad-free version of Facebook and Instagram for users in Europe, with the notification popping up on users’ apps in these regions prompting them to choose which way to continue. Concurrently, TikTok is in the experimental phase of testing a subscription-based offering, aiming to provide users with an ad-free experience.
This will force changes in how brands use advertising and paid sponsorships on these platforms in the future. Conversely, as has been seen on platforms such as Prime Video and others, ads may see an uptick in free versions of social media platforms, perhaps bolstering influencer marketing efforts in these cases.
5. Instagram, TikTok, and YouTube continue to see ongoing changes
Of all the influencer marketing trends 2024 has to offer, those related to specific platforms might be the most crucial to keep tabs on. While Instagram continues to assert its dominance as the true home of influencer marketing (with 68% of marketing specialists naming it as a crucial component for influencer marketing campaigns), TikTok has seen tremendous growth and may disrupt the status quo in years to come. The short-form video app is approaching two billion monthly active users and remains an important avenue for reaching Millennial and Gen Z users.
YouTube, on the other hand, remains the world’s second-largest search engine, acting as a home for evergreen content that allows for brands’ sponsored segments to remain relevant for much longer periods of time. While popular with younger users, YouTube is also highly popular with slightly older demographics than Instagram and TikTok, with nearly 10% of users being between the ages of 35 and 44 years old. YouTube also commands a significant male audience – and with 56% of marketers believing that YouTube videos are the most important content type for influencer marketing, it certainly holds an important place in the influencer marketing landscape.
Conclusion
While these influencer trends are just the tip of the iceberg, they’re a clear indicator that not only is influencer marketing as important as ever but also continually on the move in terms of what’s hot and what’s not. The industry will continue to see an uptake in brands trying to capitalize where they can, making it all the more important to stay mindful of which trends can influence your strategy in 2024. If you’re looking for more insights into the influencer landscape, the impact of AI, what kind of influencers are getting the most engagement, Instagram influencers' activity trends, and more, then HypeAuditor’s State of Influencer Marketing 2024 has you covered.
