Incomes of social media influencers soar amid resctrictions
Influencers can sell your product to a vast audience but they are charging a hefty price for it too
PHOTO: FILE
Social media influencers have the ability to sell your product to a vast audience due to which they are charging a hefty price as well.
Instagram recently banned sponsorship content for weight loss products as it has a negative impact on society. There were three influencers posts that had been banned by the Advertising Standards Authority, labelling them 'irresponsible'.
However, there are numerous fashion and cosmetic brands that are willing to pay a good amount to generate popularity.
Instagram to take stricter measures on diet and cosmetic surgery posts
According to the marketing firm Izea, the price of a sponsored photo on Instagram has gone from $134 in 2014 to $1,642 in 2019.
The report further stated that sponsored Instagram photo price has risen 44 per cent from 2018 to 2019. A sponsored blog post would make around $7.39 in 2006 spiked high to $1,442 in 2019.
YouTube content creators benefited the most from this marketplace with a sponsored content price of $420 in 2014 to $6,700 in 2019 while Twitter posts have risen from $29 in 2014 to $422 in 2019 and single Facebook status update has risen from $8 in 2014 to $395 in 2019.
"Digital marketing is the equivalent of word of mouth but there will always be a mix between that and traditional advertising," said Yuval Ben-Itzhak, chief executive of social media marketing platform Socialbakers.
Recently, Instagram also experimented hiding “likes” on posts but Itzhak thinks influencers will not be impacted at all.
"Influencers will still be able to see what engagement they have and it is common practice to grant permission to brands so that they can see that too," stated Itzhak.
Instagram to hide your likes
However, watchdogs haven’t turned a blind eye to this, there are tougher laws and regulations placed on social media platforms.
Competition and Markets Authority has issued warning that influencers would be breaking consumer law if they do not make it clear when they advertise a product or brand.
Furthermore, the research suggests that influencer-sponsored posts spiked by 150 per cent in the last year, with double the use of the hashtag #ad.
Brands are willing to increase their spending on influencer marketing in 2020, making it a $10 billion industry.
This article originally published on BBC Tech.
Instagram recently banned sponsorship content for weight loss products as it has a negative impact on society. There were three influencers posts that had been banned by the Advertising Standards Authority, labelling them 'irresponsible'.
However, there are numerous fashion and cosmetic brands that are willing to pay a good amount to generate popularity.
Instagram to take stricter measures on diet and cosmetic surgery posts
According to the marketing firm Izea, the price of a sponsored photo on Instagram has gone from $134 in 2014 to $1,642 in 2019.
The report further stated that sponsored Instagram photo price has risen 44 per cent from 2018 to 2019. A sponsored blog post would make around $7.39 in 2006 spiked high to $1,442 in 2019.
YouTube content creators benefited the most from this marketplace with a sponsored content price of $420 in 2014 to $6,700 in 2019 while Twitter posts have risen from $29 in 2014 to $422 in 2019 and single Facebook status update has risen from $8 in 2014 to $395 in 2019.
"Digital marketing is the equivalent of word of mouth but there will always be a mix between that and traditional advertising," said Yuval Ben-Itzhak, chief executive of social media marketing platform Socialbakers.
Recently, Instagram also experimented hiding “likes” on posts but Itzhak thinks influencers will not be impacted at all.
"Influencers will still be able to see what engagement they have and it is common practice to grant permission to brands so that they can see that too," stated Itzhak.
Instagram to hide your likes
However, watchdogs haven’t turned a blind eye to this, there are tougher laws and regulations placed on social media platforms.
Competition and Markets Authority has issued warning that influencers would be breaking consumer law if they do not make it clear when they advertise a product or brand.
Furthermore, the research suggests that influencer-sponsored posts spiked by 150 per cent in the last year, with double the use of the hashtag #ad.
Brands are willing to increase their spending on influencer marketing in 2020, making it a $10 billion industry.
This article originally published on BBC Tech.