Since their emergence around 2017, influencers have become a real media phenomenon to be studied. Who are they? Back then, they simply described themselves as ‘influencers’. Today, they are much more than that. They are digital entrepreneurs, content creators or even ‘storytelling creators’.
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With smartphones, swipe-ups, scroll-downs and posts, influencer marketing has become one of the most studied disciplines.
According to a report by DeRev, a digital strategy and communication company, the earnings of Italian content creators earned an overall increase of 10% in 2022 compared to the previous year, reaching a threshold of 308 million euros. It is estimated that by 2023, the business will record a further increase of 13%, resulting in a turnover of 348 million euros.
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Influencer marketing is based on endorsements and product mentions by influencers and digital creators. As a result of the relationship of trust they have built up with their followers, recommendations from them act as social proof for the brands' potential customers
The latest overview by Influencer Marketing Hub, a media company that focuses on influencers and creators, extended the analysis to provide global data. “From a mere $1.7 billion in 2016, influencer marketing grew to have an estimated [worldwide] market size of $16.4 billion in 2022,” they reported. “Furthermore, this is expected to jump a further 29% to an estimated $21.1 billion in 2023.” Statista experts agree with this prediction on the size of the global Influencer marketing market.
@devonandwillo #greenscreen how much money I made as an influencer in 2022 #moneytransparency #contentcreator #contentcreatortips ♬ original sound - Devon Noehring
Taking a closer look at the Italian market, the report by DeRev also highlights an interesting trend that not all social networks are witnessing an increase. For example, Facebook has experienced a further fall of -13.6%, while Instagram has become a leading platform (+8.6%). Despite paying more than any other social network, YouTube has faced its first setback with a stabilisation of creators’ earnings. Meanwhile, TikTok has shown a negative trend in influencers’ fees by 2% but has undergone a well-planned rationalisation process. The number of small creators has increased, leading to a decrease in their payments, while the influencers with more followers are receiving more.
Moreover, experts say that content creators and influencer marketing are not speculative bubbles but effective forms of marketing and solid investment opportunities for companies and brands worldwide. However, only one thing is missing, which is clear international laws that regulate this (new) market and its (old) players.
Angelo Ruggeri
Journalist and Master Course Tutor & Fashion Styling Course Leader, Milan
