The Australian influencer marketing industry grew 20.4% in 2022 to $266 million and is on pace to rise 15.8% in 2023, according to PQ Media’s Global Influencer Marketing Forecast 2023-2027.
The largest influencer marketing channel in Australia is content providers, which accounts for nearly half of the market, and it was the fastest growing channel, increasing almost 24% in 2022.
Strategic providers was the largest channel at slightly over $100 million in 2022, up nearly 17% from the prior year;
Measurement and platform providers was the smallest channel, accounting for less than 15% of total Australian spending, and it grew about 20% in 2022.
Globally, influencer marketing spending grew 21.5% in 2022 to $29.14 billion and is on pace to rise 16.9% in 2023, fuelled by a growing number of brand marketers investing in macro and micro influencers using various social media channels to espouse brands and products, according to the report.
India was the fastest-growing global market in 2022, jumping 33.6%, followed closely by Japan where influencer marketing spend bounced 33.1%.
Content providers were the largest and fastest growing global influencer channel, followed by measurement and platform providers, and strategic services. All three of these broad influencer channels grew between 18% and 26% in 2022, with similar growth projected for this year.
PQ Media CEO & founder Patrick Quinn said the term ‘word-of-mouth marketing’ is rarely used anymore, as it has been replaced by ‘influencer marketing,’.
"We have evolved with this industry by greatly expanding our research scope across the globe, while drilling deeper into the growing number of media platforms, channels, strategies, and tactics used by brands and influencers to create emotional connections with target consumers,” he said.
“Influencer marketing has become a very effective promotional method for brands to partner with influencers to engage target consumers to achieve their strategic marketing objectives.
"If executed well, influencer marketing is a valuable component of omnichannel campaigns because it helps brands improve their social media reputations with high-quality content and to grow sales.”
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