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New Influencer-Marketing Data: TikTok to Overtake YouTube – Business Insider

An economic slowdown — caused by record high inflation rates and stock market crashes — has caused brands to scale back, with layoffs affecting a number of companies and marketing dollars being slashed as firms reallocate funds. 
However, new data suggests that there’s an exception: influencer marketing. 
A survey released by Insider Intelligence earlier this week predicts that despite the current economic uncertainty, marketers plan to increase their spending on creator partnerships, especially on TikTok. In fact, with low cost ads, it looks like now may be the best time for marketers to buy into the app if they haven’t already.
Even though some creators have recently experienced late payments and canceled brand deals, Insider Intelligence reported that marketers are expected to invest a total of $5 billion into the industry in 2022, up from $3.9 billion last year. Some marketers from industries not usually associated with influencer marketing are leaning in, and those who already work with creators are increasing their budgets. 
The estimates for this survey are based on 21 sources and 359 data points, including estimates from other research firms, company reports, and influencer marketing agencies.
Here are 5 takeaways from Insider Intelligence’s August 2022 survey.
Last month, in a short-lived trial run, Meta updated Instagram and Facebook to look more like TikTok. The recent move fueled speculation that the tech giant feels especially threatened by the platform that’s eating up its ad budgets.
With over half of the American population vaccinated against COVID-19 and countries re-opening their borders, both recreational and business travel have been revived.
This means that travel marketing has also rebounded, according to Insider Intelligence’s data. They predict that the number of people in the US who book travel online will increase to 120 million in 2022.
According to the survey, TikTok is the platform to invest in right now. Influencer-marketing spend on the platform is expected to overtake Facebook in 2022 and YouTube in 2024. The social media platform will take up 18.5% of the total market share in  2024, the data estimates. 
Insider Intelligence also found that prices are still low for marketers who haven’t yet invested ad dollars on TikTok, though they will climb over the coming years. There’s still a lot of hesitancy among marketers, some of whom consider TikTok to be an experimental platform, but the survey indicates that they should try to get in now to take advantage of lower prices.
Short video is trending right now: Instagram has pushed Reels at the expense of in-feed posts, leading to lower engagement, and TikTok is taking ad dollars away from other platforms.
Insider Intelligence advises marketers to focus branded content on Instagram Reels and include Shorts in YouTube branded deals. 
Even though the creator economy is still going strong, it doesn’t mean that it’s immune to challenges, the survey indicates. The continued absence of a standardized measurement system across different social media platforms means that it’s still difficult to prove the return on investment (ROI), which is particularly important in a period of economic uncertainty.
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