The Influencer Marketing Benchmark Report 2023 is the latest overview of the influencer marketing industry, which revolves around the current state of influencer marketing and predictions of how people expect it to evolve in the immediate and long-term future.

It summarizes the thoughts of more than 3,500 people from a range of backgrounds, including marketing agencies, brands, PR agencies, and other relevant professionals. This year, they have also noticed a more global response to their survey, with 31% of their respondents from Africa, 16% from the USA, 14% from Asia, 8% from Europe, 4% from South America, and 28% describing their location as “Other”.

Some of the 2023 report’s notable highlights were:

  • “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%).”

Read their full report to find out more.