According to a report dedicated to spending on social media for influencer marketing, TikTok is expected to overtake Facebook by the end of the year. For its part, Instagram remains the leader, far ahead of the social network owned by ByteDance, which should overtake YouTube by 2024.
TikTok attracts more and more brands, unlike Facebook or YouTube
Since its creation in 2016, TikTok has continued to grow. In just a few years, it has become the most popular social network with young people, who use it twice as much as its competitors Instagram and Facebook. In addition, Mark Zuckerberg, CEO of Meta, parent company of these two social networks, has made no secret of his desire to copy TikTok for the next features he wants to add to his platforms. Nevertheless, following heavy criticism, Instagram suspended its updates to resemble the Chinese social network.
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In a report published by several analysts ofInsider Intelligenceformerly eMarketer, TikTok reportedly saw its advertisers spend $774.8 million on influencer marketing in 2022, three times less than Instagram, peaking at $2.23 billion. If this figure seems gigantic and complex to catch up, TikTok has however managed to overtake Facebook and its 739 million dollars.
Instagram wants to maintain its lead over TikTok
According to analysts, TikTok is expected to overtake the number 2 platform in the ranking, namely YouTube and its $948 million, by 2024. But the report clarifies that for influencer marketers, TikTok has already overtaken YouTube in terms of pure tool of influence.
According to Jasmine Enberg, principal analyst at Insider Intelligence“ TikTok is seeing a surge in popularity for influencer marketing, but it still falls far short of Instagram in terms of spend or marketer adoption. This is partly due to the higher prices Instagram creators charge for content, but also to its wide range of content formats, most of which are now purchasable. “.
However, Jasmine Enberg points out that even if Instagram’s lead is considerable, the social network does not rule out meteoric growth in influencer marketing spending on the TikTok side. That’s why Instagram is trying to become more like the ByteDance social network: to attract more and more small creators, which is the hallmark of TikTok.
” This is essential for Instagram to maintain its lead in the influencer marketing space, especially since many creators on TikTok now boast a follower count that rivals or exceeds that of Instagram and Youtube “, she concludes.