How Many Influencers Are There

How Many Influencers Are There in 2024? (New Stats)

How Many Influencers Are There in 2024? (New Stats)

Nowadays, becoming an influencer is more coveted than a professional degree.

Research shows there are more youngsters aspiring to be social media influencers than doctors and lawyers. 

Well, we can’t blame them. There is a world of opportunities found in social influencing.

Let’s find out how many influencers are there in 2023 and *how much* they are making!

How Many Influencers Are There in 2024?

Influencers

Data published by Forbes claims there are now 50 million people who consider themselves as a sort of “influencer.” 

While there are no black-and-white parameters to define really constitutes an influencer, they are typically people on social media with huge enough follower count to “influence” their viewers.

Instagram Influencers

Instagram is one of the biggest influencer hubs. How many influencers are there on Instagram today?

The latest information shows there are about 40,000 influencers with at least a million followers, close to 2 million with 100,000 followers or more, and up to 37 million with more than 1,000 followers. 

What is an Influencer?

Before we get into the nitty-gritty of the answer to “how many influencers are there,” let’s first define what an “influencer” means. 

As per the modern definition, an influencer is someone with a significant number of followers who has a targeted knowledge of a particular niche.

The most common types of niches are but not limited to fashion, travel, health, and lifestyle. 

Influencers are also categorized into different types namely celebrities, industry experts, social media influencers, and content creators. 

How Much Do Influencers Make?

Influencers

Since many of the influencers we follow on YouTube and Instagram seem to be winning at life, everyone is curious to know how much are they making. 

We will not disappoint.

Here is comprehensive data published by Spotify detailing the different types of influencers by follower size and how much each tier is making per post. 

  • Nano influencers – are influencers with 1,000 to 10,000 followers and are charging within a range of $10 to $100 per social media post  
  • Micro-influencers – are influencers with 10,000 to 50,000 followers and are charging within a range of $100 to $500 per social media post
  • Mid-tier influencers – are influencers with 50,000 to 500,000 followers and are charging within a range of $500 to $5,000 per social media post
  • Macro influencers – are influencers with 500,000 to 1 million followers and are charging within a range of $5,000 to $10,000 per social media post
  • Mega influencers – are influencers with more than 1 million followers and are charging more than $10,000 per post

What Affects an Influencer’s Pricing?

It is not only the number of followers but a number of different factors that determine how an influencer sets his or her prices. 

For example, if a brand wants to establish an exclusivity contract, they are more likely to pay a higher price for this demand.

Influencers can work with any brand they wish to, and discouraging them to work with your competitors come with a hefty price. 

The campaign length is also a factor to consider.

Some brands opt for a one-time posting while others run week-long to month-long campaigns to advertise their products or services.

The more appearances, the higher the cost you need to pay for their participation. 

Other Factors Affecting an Influencer’s Pricing:

  • Post combos – requiring posting on more than one social media platform 
  • Redirect link from bio – putting your product or website link in the bio section for easier clicking 
  • Rush fee – asking for a deliverable at a tight timeline can lead to a higher charge on your bill

Influencer Marketing Spending

Influencer marketing, or the type of marketing that involves paying an influencer for a campaign, is growing.

Many brands are willing to shell out a huge pile of cash to get their products and services noticed. 

According to research, influencer marketing spending in the United States will reach $7.14 billion in 2024, with an average compounding annual growth rate between 15% to 34%. 

Influencer Marketing Spending 2019 to 2022

Influencers

Below is a look at the spending for influencer marketing from 2019 to 2024 and each’s percentage change from the previous year. 

  • 2019 – influencer marketing spending was at $2.42 billion during the year, with a percentage change of 26.40% YoY
  • 2020 – influencer marketing spending was at $2.90 billion during the year, with a percentage change of 20.00% YoY
  • 2021 – influencer marketing spending was at $3.90 billion during the year, with a percentage change of 34.70% YoY
  • 2022 – influencer marketing spending was at $4.99 billion during the year, with a percentage change of 27.80% YoY
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Projections for 2023 and 2024

  • 2023 – influencer marketing spending is forecasted to hit $6.16billion this year, with a percentage change of 23.40% YoY
  • 2024 – influencer marketing spending is forecasted to hit $7.14 billion during the year, with a percentage change of15.90% YoY

Average Influencer Marketing Per Platform

Now that we know how many influencers are there and how much each type is making per post, let’s now dive into which social media platform is making the most money from social media influencing. 

In 2022, the average spending for influencer marketing on Instagram totaled $2.23 billion – the highest among all other avenues.

Next on the line is YouTube at $950 million, followed by the rising star TikTok with $750 million. 

Facebook remained relevant although it is the lowest generator at $740 million.

Return on Investment from Influencer Marketing

Influencers

Is splurging money on influencers worth the investment? Around 89% of brands say influencer marketing is favorable compared to other types of marketing channels in terms of return on investment. 

Nowadays, consumers spend time on short-video platforms such as TikTok and Instagram Reels, making these two platforms strategic when it comes to influencer marketing.

Conclusion

How many influencers are there in 2023?

According to the latest data published by Forbes, there are now 50 million influencers around the globe. 

These notable figures are changing the way people get information, participate in campaigns, buy products, and maintain customer loyalty. 

This makes it true that social media influence can overtake Hollywood at one point in the future.

Sources

ShopifySprout SocialThe Small Business Blog
Theb2bhouseHubSpotForbes
Social Media TodayInfluencer MarketingHubHootsuite
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Written by Colin Tan
Colin Tan is a tech entrepreneur and business leader with extensive experience in the technology industry. He is the Co-Founder of several successful tech startups that provide innovative solutions to businesses. Colin has a passion for creating disruptive technologies that can transform industries and drive growth.