Influencer Marketing Becomes Multi-Billion Dollar Business

Influencers on social networks are becoming increasingly important as advertising media. Data from the Influencer Marketing Benchmark Report 2020 shows that the market’s global volume had already surpassed the billion-dollar mark by 2016. Platforms and agencies devoted to influencer marketing now number over 1,000 worldwide.

Influencer marketing is a marketing strategy that uses opinion leaders with large social media followings to showcase brands. Influencers are paid to publish sponsored posts or branded placement. Companies use this type of online marketing to establish or expand a brand’s reach more quickly than using traditional means. Bloggers, journalists and celebrities also make suitable influencers.

According to a survey of marketing managers worldwide, almost 40 percent of those surveyed stated that they used influencer marketing.