The business of influence
In the past five years, influencer marketing has grown from being worth an estimated $500 million to approximately $5 billion. With such large-scale growth, Amanda Connolly looks at whether the industry is at saturation point or are there still opportunities for businesses to capitalise on?
On December 12, 2016, an Instagram account launched its first influencer campaign to promote a music festival. Around 63 influencers simultaneously posted a vaguely symbolic graphic to their accounts with the dedicated hashtag and within 24 hours these images had garnered more than 300 million impressions.
This is influencer marketing 101. Unfortunately for that particular campaign, it was promoting Fyre Festival so its influence was wasted in a lot of ways. This has not stopped brands around the globe trying...
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