Tapping Into The $15 Billion Influencer Marketing Industry

CBx Vibe:My Life” Mali Music

By Tracey Goins

  • LeBron James can earn more than $300K per social media post
  • Brands set to spend $15B on influencers by 2022

As social media becomes more entrenched in people’s lives and takes on a more functional use, the role of influencers is set to only grow. Mega sports influencers like LeBron James can earn more than $300,000 per social media post, which is more than he makes per NBA game. The market is rapidly expanding as influencer types have proliferated, filling every conceivable niche and sub-niche interest, with brands set to spend $15 billion on influencers by 2022.

Why This Matters: A decade ago, the influencer marketing arena was limited only to celebrities and a few dedicated bloggers. What makes them influential is their large social media communities or online platforms. For example, James commands a profound 50 million followers on Instagram, a platform that 43% of black adults use. Tapping into his influence is an easy way for brands to get in front of his aspiring followers.

James commands a profound 50 million followers on Instagram, a platform that 43% of black adults use

Influencer marketing categorically ranges from micro, the least monetized, to macro and mega, the payout for brand and product endorsements are highly lucrative. In comparison to James, mega lifestyle influencer Kylie Jenner has reportedly earned more than a $1 million dollars for a single paid partnership, thanks to her 100 million plus followers.

With 80% of Americans seeking recommendations before making a purchase, influencer marketing is essential for brand growth. A recent Facebook (FB +1.69%) statistic found that 83% of Instagram users say they discover new products and services on the platform. Influencer Marketing is not likely to replace social or content marketing, because it can’t exist without them, but the ability to impact others purchase decisions suggests a sustainable industry.

Situational Awareness: As e-commerce and social media converge, influencers will become increasingly vital intermediaries. They will help to connect brands with consumers on social media in highly resonant, authentic ways that can deliver immediate returns.

CBx Vibe:My Life” Mali Music

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CultureBanx Team

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