With more people starting to use e-commerce and the internet, the influencer marketing industry is getting a boost from them. According to a report, around 75% of brands think about using influencer marketing as a tool to promote their products on the market.
According to the report published by EY’s Collective Artists Networks Big Bang Social, the Indian entertainment marketing industry is ready to touch Rs 3,375 crore by 2026. As per the report, the influencer marketing industry will grow 25% this year as compared to 2023, and with a compound annual growth of 18%, the industry will reach the benchmark of Rs 3,375 crore.
Most Indians have smartphones, and the time they spend on them usually goes on social media. Around 50% of the time they spend on smartphones goes to social media, and people usually believe influencers these days, even blindly sometimes, which can be harmful.
More than half of the companies are considering increasing their budget for influencer marketing, and around 56% of the companies already spend around 2% on influencer marketing.
Around 47% of the brands consider nano-influencers (100–10,000 followers) for their product promotion, be it because they even agree on barter collaboration or at a very low cost and give good engagement.
As per the report, influencer marketing is going to grow more and more every year. With influencer marketing increasing, digital marketing will also gain popularity, as brands only sometimes want influencers to promote their products and services.