An industry-wide anticipated report each year, Influencer Marketing Hub has released the annual 2023 State of Influencer Marketing results showing growing importance for the tactic according to U.S. marketers. 80%+ have dedicated influencer marketing budgets for 2023; more than 2/3 have increased budgets for 2023.
- Influencer Marketing Industry is set to grow to approximately $21.1 Billion in 2023
- 63% plan to use AI in executing their influencer campaigns, 2/3rd of these brands will use AI for influencer identification.
- Nearly 60% of influencers felt they faced discrimination in 2022.
- Over 83% of our survey respondents still believe influencer marketing to be an effective form of marketing.
- 71% admit to having increased the amount of content they produce and share.
- 67% of those respondents who budget for influencer marketing intend to increase their influencer marketing budget over 2023.
- 23% of respondents intend to spend more than 40% of their entire marketing budget on influencer campaigns.
- There is a strong preference for working with small (nano – 39% and micro – 30%) influencers ahead of expensive macro-influencers (19%) and celebrities (12%)
- It is now the norm to pay influencers (42%), rather than just give them a free product (30%).
- TikTok (utilized by 56% of brands using influencer marketing) is now the most popular influencer marketing channel, jumping ahead of Instagram (51%) for the first time, and well ahead of Facebook (42%) and YouTube (38%).