India's influencer marketing industry to grow to £34 billion by 2026

India's influencer marketing industry INR34 billion by 2026 INRAccording to a recent report from Ficci EY, it will grow to $19 billion by 2023 as companies increasingly turn to social media influencers to drive sales and deepen connections with their brands.

Instagram and YouTube are the platforms of choice, but smaller platforms such as Snapchat will also increasingly be used to reach niche audiences.

Massive digitization, rapid growth in internet access, and high social media penetration are all accelerating consumers' growing affinity for influencer marketing. But as regional influencers and micro-influencers grow, the stage is ripe for these creators to start receiving compensation based on how their individual posts and videos contribute to specific outcomes, such as sales for a brand. did.

“Influencers are in a unique position to give viewers exactly what they want compared to brand-driven advertising. “The global celebrity sphere has grown to include people who started their careers as creators and influencers,” said Tushar Kumar, chief operating officer. He is part of media and entertainment organization OML Entertainment.

dedicated budget

According to Rushabh Shah, lead of paid collaborations at OPPORTUNE, a data-driven influencer marketing platform, brands can collaborate with influencers to create regular content, set aside budgets and budgets specifically for influencers, and increase their influence. We work with Enthusiasts to create regular content and help with product launches. Shah said that instead of focusing solely on macro influencers, brands are now leveraging the power of local influencers who have a strong influence within specific geographic areas.

“Brands and streaming platforms are fully embracing partnership with influencers. It’s cost-effective, allows you to reach the right audience, and gives you the authentic feeling of receiving a recommendation from a friend.” Enthusiasts are adept at creating stories that resonate and go viral, while their instant feedback allows brands to quickly adjust their strategies,” says influencer marketing agency Bar. said Code founder Rahul Khanna.

As more multinational companies realize the importance of the creator economy, the sector could become indispensable for large companies, says founder and group chief of talent management firm Collective Artist Network. CEO Vijay Subramaniam said. He sees many creators from outside the top 10 metropolitan areas and makes their presence felt.

Influencers are already benefiting from social e-commerce, gifting, subscription-based content, and livestream shopping, but thanks to online conversations, health and fitness groups, influencers creating their own communities, etc. There is also a possibility that the number of offline communities that gather together will increase. Unique podcasts, private group chats, fan meetings, and more.

Let's explore openly

Mayank Vora, co-founder of digital marketing agency Logicloop, said influencers explore emerging areas such as sustainable living, mental health advocacy, and digital wellness, as well as mental health groups, digital detox retreats, and eco-friendly. He said relevance could be fostered through partnerships with businesses.

Indeed, apart from Instagram and YouTube, several niche platforms are gaining popularity in the Indian influencer market. Apps like Snapchat and Moj are creating buzz, especially among younger audiences from different walks of life, by offering short-form video content and augmented reality filters.

“Furthermore, platforms like Reddit and Discord are becoming increasingly popular for gaming influencers and communities, providing ways for gamers to connect, share content, and build audiences.”Digital said Pranav Agarwal, co-founder of the network SW Network (Sociowash). marketing agency.

Industry experts say that brands now typically evaluate influencers based on several key metrics, including the influencer's audience, number of views, average engagement rate, likes, and comments. Pointed out.

These factors contribute to determining an influencer's value and are often calculated through cost-per-view (CPV) or engagement-based models. But as competition increases, revenue models become more performance-oriented, and smaller influencers are results-oriented and want a fair chance, said co-founder of digital agency White Rivers Media. said Mitesh Kothari, CEO and Chief Creative Officer.

growth trend

“There is a growing trend toward more performance-based compensation models, especially for smaller influencers. However, implementing such a model could face challenges within the industry, especially if market-leading influencers are hesitant to adopt it. said Arpan Soni, founding member and VP of Creator Management at IPLIX Media. Influencer marketing and talent management agency.