In its latest report, titled ‘The State Of Influencer Marketing in India‘ Ernst & Young (EY), has made some interesting revelations about the state of influencer economy in the nation. Some of the key insights of the study by EY are as follows:
- 73% of the influencers spend less than 10 hours a week relative to their global counterparts, who spend around 39 hours.
- 12 % of the desi influencers make a killing with content, earning between Rs 1 lakh and Rs 10 lakh in a week.
- 75% of the brands might consider integrating influencer marketing as a core part of their marketing strategy.
- 45% of brands engage micro and nano influencers owing to their lower cost per reach.
- 70% of brands intend to sustain their current influencer marketing budget, with some planning to increase it by about 10%.
- While 29% of brands pay by performance linked model,
- 71% of brands prefer a fixed fee model for influencers.
- Lifestyle, fashion, and beauty will catalyze the burgeoning influencer economy in India.
The EY report highlights that with 50% of mobile usage in India dedicated to social media platforms, brands are now integrating influencer marketing into their comms strategies to tap into the prospect of 740 million active smartphone users by 2030. The influencer market is estimated to reach Rs 2,344 crore in 2024, with a growth rate of 25 percent. By 2026, the report projects a growth of 18 percent at Rs 3,375 crore CAGR.
India’s influencer marketing industry expected to reach Rs 3,375 crore by 2026, reveals EY – Collective Artists Networks Big Bang Social Report #BrandWagon #marketing #influencermarketing #brand #strategy https://t.co/TCBBZOTSFy
— FE BrandWagon (@FEBrandWagon) April 2, 2024
In his forward for the EY report, comic, Youtuber, entrepreneur, and now adman Tanmay Bhatt remarked that, as a creator, he sees immense promise and potential in the space, with India being the key player in the global creator economy. However, miles to go for the desi content creators to make a global impact like MrBeast and his ilk. For perspective, the top 50 most subscribed YouTube channels comprise 16 Indian channels, with the top three being music channels (T-series, SET India, and Zee Music Company) leading the fray, and none by any major Indian Youtuber.
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