Stat: Influencer marketing spending soars on TikTok

In the past decade, well-known social media platforms like YouTube and Instagram have attracted the most influencer marketing investment. But now, companies such as TikTok threaten their dominance. According to research by Insider Intelligence, TikTok is set to surpass YouTube’s influencer marketing spending by 2024.

Influencer marketing, where popular social media users are paid to promote products, is a key strategy for companies to reach engaged audiences. While Instagram continues to dominate influencer marketing expenditure, TikTok is expanding quickly and has already eclipsed Facebook, one of Meta’s less popular platforms. The recent furore over Instagram’s shift in its algorithm – where the company has tried to emulate TikTok’s feed – is leading some analysts to predict that the app will soon surpass Instagram too.

TikTok’s ability to uplift micro- and nano-influencers is considered one of the app’s biggest competitive edges, something which platforms like Instagram have not been able to achieve. As a result, there is still reason to believe that TikTok is the future of global marketing.