The latest HypeAuditor 2024 State of Influencer Report highlights major global influencer trends across TikTok, Instagram, and YouTube. The report projects that global expenditure on Instagram influencer marketing will peak at an astounding USD $22 billion by 2025. An upsurge in social e-commerce, a shift in advertising budget to digital advertising, and an increase in the use of ad-blocking software have all been identified as contributing factors.
In addressing the issue of fraud, HypeAuditor's data unveils that despite a distinct presence of fraud at 43% of Australian Instagram influencers in 2023, there was a slight dip of 2.15% from the previous year. This marks the third consecutive annual decrease, indicating Instagram's effectiveness in combating fraud and increased awareness among influencers against fraudulent promotion tactics. Notably, influencers with over 1 million followers and those within the 500 thousand to 1 million follower range were the most dramatically affected by fraud.
On the Australian Instagram scene, Nano influencers, who possess between 1,000 and 10,000 followers, make up an overwhelming share, comprising almost 80% of all Australian Instagram content creators. These influencers have cemented stronger connections with their audience, enjoying the highest Engagement Rate (ER) of 2.3% on Instagram compared to other categories. Brands are, therefore, likely to find value in partnering with nano-influencers, especially in less saturated niches, to foster solid audience connections and higher engagement.
TikTok was identified as the fastest-growing social media platform in 2023, boasting 1.6 billion active users worldwide. The platform's user base is predominantly young (with two-thirds being below the age of 24), with a strong skew towards the female demographic, making it an ideal platform for brands targeting young women. Furthermore, nano-influencers on TikTok enjoy a high engagement rate of 9.8%, with usage habits attributed to TikTok's user-friendly design for creating and engaging with content.
In terms of brand chatter among influencers on Instagram, Australia's own women's national football team, the Matildas, was the most mentioned, with a total of 5.6 million mentions by 3.6 million Aussie influencers, reaching a substantial 52 million audience. Department store Kmart Aus and suicide prevention charity R U OK secured the second and third spots, respectively.
When surveying marketing specialists, Instagram was the favoured platform for influencer marketing campaigns, with a resounding 89% selecting it as the top platform. Instagram influencers not only bring products and services to the fore in an authentic manner, but they also bridge the divide between consumers and brands. Furthermore, the impact of Instagram influencers is evident, with 87% of users taking tangible actions after encountering product information in Instagram posts.
According to Alexander Frolov, CEO and Co-Founder at HypeAuditor, "Influencer marketing is increasingly being recognised for its value as an essential part of brand marketing. The steady decline in the percentage of influencers impacted by fraud is no stranger to this. However, despite this good news, marketers need to continue to be vigilant of the impact of fraud, particularly when partnering with mega and celebrity influencers."