Move over celebrities, social media influencers are creating bigger headlines lately. When a top minister tweeted about his podcast with an influencer, boasting of having over 5 million subscribers on YouTube, it created a big buzz.
More recently, the divorce announcement by Instagram sensation Kusha Kapila almost broke the internet. All this has put the spotlight on the growing clout of content creators, who are expected to rake in higher amounts of marketing dollars in the foreseeable future.
Larger base
A report by Zefmo released in January said India is set to have the largest base of over 100 million content creators across all social media platforms. It added that the organised influencer marketing segment is set to breach the $375 million mark in FY24.
Brands have been ramping up spending on influencer marketing, especially in the past four years. Payal Sakhuja, founder of Ripple Links, an influencer marketing agency, said, “It is expected that in the next few years we will have influencer-run brands as unicorns.
She added that over the past five years, marketing spends by some brands on influencer marketing have grown by as much as 10x. “Brands are also making influencers part of their regional marketing strategies like never before,” she added.
Increasing spends
Ramya Ramachandran, Founder and CEO of Whoppl, says, “In the new financial year, the brands that we partnered with have increased their spends on influencer marketing by approximately 30–35 per cent.” She adds, “We are seeing a broader impact of influencers beyond branded content.”
Indeed, not just brands but even politicians across parties are seen courting influencers, featuring them in their videos and podcasts. Early this year, Rahul Gandhi gave an interview to Kamiya Jani, the creator of Curly Tales. The government is also using them. MyGov, under the Ministry of Electronics and IT, floated a RFE (Request for Empanelment) for selection of Influencer Marketing Agencies to reach out to a wider targeted population and enhance citizen engagement to a higher level.
Jessie Paul, CEO of Paul Writer, pointed out that the Indian community of “content curators” has emerged as “personalised mini TV channels” for their followers. This is all thanks to the shift in consumer eyeballs to digital platforms, she added.
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But not all is hunky-dory in the influencer world. Mitesh Kothari, Co-founder and Chief Creative officer of White Rivers Media, pointed out that the influencer space is becoming increasingly crowded, with a large number of individuals competing to capture the spotlight.
“While influencer marketing has gained momentum, audiences have also become savvier. If followers sense inauthenticity in an influencer’s content, it can seriously hamper their ability to actually influence anyone. So, it’s all about being real and building trust,” he added.
Kothari summed it up best. “It’s like a whole new world of influence has opened up, and it’s a dynamic playground for both influencers and marketers to explore and make their mark.”