TikTok is kick ass on all fronts of the marketing landscape and it also poses a threat on Instagram and YouTube. In the next two to three years, the video-sharing platform will be on top given its strong growth performance.
According to a new analyst report as stated in TechCrunch, Instagram is on track to capture nearly 3x the amount of influencer marketing spend compared to TikTok in 2022 or $2.23 billion spent on Instagram compared with the $774.8 million spent on TikTok.
A new data report by Insider Intelligence (previously eMarketer), suggests that TikTok is now on track to overtake Facebook in terms of influencer marketing spend this year and will overtake the No. 2 platform, YouTube, by 2024.
“At the moment, YouTube is seeing $948.0 million in influencer marketing dollars spent on its platform in the U.S., ahead of Facebook’s $739.0 million. In addition, TikTok has already overtaken YouTube based on marketer usage for influencer-based marketing, the report notes.”
The principal analyst of the report indicates that Instagram is currently on when it comes to influencer marketing however, the company has stopped innovating and copying what their rival, TikTok is doing.
“TikTok is surging in popularity for influencer marketing, but it’s still nowhere near Instagram in terms of spending or marketer adoption,” Insider Intelligence principal analyst Jasmine Enberg said.
“That’s in part due to the higher prices Instagram creators charge for content, but also because of its wide array of content formats, most of which are now shoppable. Still, Instagram is trying to be more like TikTok so that it can attract smaller creators, which TikTok is known for. That’s key for Instagram to retain its lead in the influencer marketing space, especially as many creators on TikTok now boast follower counts that rival or surpass those on Instagram and YouTube.”
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