The Creator Economy is estimated to be worth $500 billion by 2027. An impressive 96% of the creator economy is yet to be tapped into and properly utilised. The findings in the report can help ensure brands benefit from influencer marketing as global ad spend in the space continues to rise. According to Ogilvy, there are six key influencer marketing trends for 2024.
The evolution is challenging brands to think bigger and bolder; forging robust relationships with creators that transcend traditional collaboration models.
According to Ogilvy, driving cultural impact will go beyond the field in 2024 – from the impact of the Olympics being streamed on TikTok for the first time to the fascination with sports stars off the field. Taylor Swift and Travis Kelce’s relationship, for example, has brought a new legion of fans for Kelce and he’s seen an uptick in 1.6 million Instagram followers.
Moreover, AI will tighten its grip on influencer marketing as Meta rolls out its AI personas in the new year. Virtual twins of household names such as Kendall Jenner – named Billie – will shift Influence from passive spectatorship to hyper-personalised interactions in ways fans once thought were impossible. Additionally, the sound of influence is another core trend set to dominate. Christina Aguilera and Latto’s viral ‘hip-hop era’ duet for Just Eat received five times the mentions across the UK, Ireland and Australia Katy Perry’s had last year, while Garnier-owned hip-hop track Micellar Rewind – used by influencers when showing the benefits of a make-up remover – has 4.3 billion views. Sonic and visual identity are not mutually exclusive, both will complement each other in the coming year to amplify profiles, gain cultural resonance and improve the share of voice for brands.
Furthermore, the importance of influencing a better tomorrow will continue to impact influencer content too. Brands’ ESG claims are under a magnifying glass from fans ready to call out greenwashing. Couple this with the pressure on Influencers to hold themselves accountable when making claims, 84% of creators say they’re hesitant to post about climate change and the environment for fear of backlash.
“Influence is still growing rapidly. These trends show a huge amount of untapped potential, especially in new spaces like health, and employee advocacy and in new formats like sonic or AI influence. 96% of the creator economy is still untapped meaning the possibilities are endless – this should excite brands, offering them unique and evolving ways to interact with audiences and stand out in a cluttered marketplace,” Rahul Titus, global head, influence, Ogilvy, said.
Internal voices will increasingly drive external impact. Nearly nine-in-ten (89%) of C-Suite marketers recognise the benefits of employee advocacy on platforms such as LinkedIn, but 2024 will usher in more B2C brands capitalising on their employees’ influence. The report cites how livestreaming across social platforms will continue to be a critical medium. 66% of brands already report that creator-led content delivers more ROI than traditional ads and Gen Z are also Christmas shopping on TikTok for the first time. Influencers could see revenue opportunities through live streaming over traditional subscription models as more platforms integrate payment schemes.
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