The Influencer marketing industry in India is expected to touch INR 5,500 crore by the end of 2024, according to the Influencer Marketing report 2024 released by Influencer.in, an initiative of Social Beat.

The report highlighted that influencer marketing represents 11 % of the digital media industry.

The influencer marketing industry is projected to grow significantly in the coming years, as per the report, with brands now prioritising micro and nano influencers over high follower counts for content quality and authentic connections.

Despite over 40% of brands spending more on influencer marketing, influencers feel that budget constraints limit partnerships, says the report. There’s a need for brands to move beyond transactional relationships, recognise the power of creators, and empower them with creative freedom.

Creators should align with brand objectives while showcasing their unique value proposition for more authentic, engaging campaigns, highlights the study.

The report, compiled from a survey of 100 plus brands and responses from over 500 plus creators and influencers, reveals industry trends, and the role of data analytics in influencer marketing, while offering insights into the influencer industry's future. This is the fourth edition of the annual report by the influencer platform and was released on 24 September.

The findings also shed light on the crucial role played by analytics in influencer marketing. With the rapid growth of influencers, brands must select the right influencers to drive traffic within their budget and market segment. Analytics tools are essential for creating fool proof pre-launch and post-launch strategies, according to the report. Selecting influencers based on key metrics such as location, interests, age, gender, and engagement rate is paramount for a successful campaign.
 
The study ended with identifying the top Influencers in India in the fields of travel, technology, health and fitness, food, business, beauty, comedy, fashion and lifestyle.

Other key highlights:

• Anticipated industry growth of 20% in 2024 and 25% annually from 2024 to 2026
• By 2028, over 80% of brands are projected to allocate up to 30% of their marketing budgets to influencer marketing.
• 40 - 57% of brands in categories like FMCG, e-commerce, and automobiles are expected to increase spending on influencer marketing by 10% by 2026.
• In 2024, the low adoption of LinkedIn among creators at 4.4% contrasts with 19.5% of brands using it for influencer marketing. Brands should educate or onboard creators to this platform, especially those capable of delivering professional content.
• Brands need to recognise the underutilisation of YouTube Shorts, with 75% of creators using short-form content for engagement. 

Suneil Chawla, co-founder, Social Beat and Influencer.in, said, "Challenges persist from a return of investment measurement to platform algorithms, the growth opportunities are vast. By embracing trends like the rise of micro-influencers, leveraging dominant platforms like Instagram, YouTube and Linkedin and using influencer analytic tools effectively, brands and creators can continue to thrive in this ever evolving marketing landscape. As we look to the future, the key will be staying adaptable, innovative and aligned with the values of an increasingly discerning audience.”
 
Arushi Gupta, business head, Influencer.in, said, “Both influencers and brands share the goal of building authentic connections with audiences. Influences seek long term collaborations to maintain and enhance their credibility and engagement. Brands aim to partner with influencers who can deliver high-quality content and align with their brand values enhancing overall campaign effectiveness There is a mutual aspiration for transparency, accountability and leveraging emerging opportunities such as influencer analytic tools.”