Instagram continues to uphold the top spot for influencer marketing amid competition from social video app, TikTok.
According to eMarketer, influencer marketing spend on Instagram reached $2231.2 million in July 2022. Followed by YouTube with $948 million, TikTok with $774.8 million and lastly Facebook with $739 million.
More than ever brands are seeking to connect with consumers through influencer marketing as this method is most effective among Gen Z and millennials compared to advertising. This is due to the opinions of influencers affecting the purchase decisions of their followers, Gen Z and millennials are more likely to act.
Although Instagram continues to dominate influencer marketing, TikTok continues to capture a big share of the market and is expected to overtake Facebook by 2024.