Influencers in India working for less than 10 hrs a week, earning upto Rs 10 lakh a month
As per an EY report, influencer marketing in India is expected to grow 25 percent in 2024, low work hours, high earnings attract creators.
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Turns out it is a good time to be an influencer in India. 73 percent of influencers work for less than 10 hours a week, compared to up to 39 hours abroad and 12 percent of influencers earn between Rs1 and 10 lakhs. 86 percent of influencers also expect over 10 percent increase in their income over the next two years.
According to EY Report titled State of Influencer Marketing in India, influencer marketing is expected to grow by 25 percent in 2024, reaching Rs2,344 crore.
The space is estimated to reach Rs3,375 crore by 2026, at a CAGR of 18 percent.
As per the report, Instagram and YouTube were the most preferred platforms to consume content from influencers, although many other platforms were used for specific purposes. However, upcoming platforms are gaining momentum and offering innovative ways to engage with new cohorts of consumers.
Interestingly according to EY analysis, influencer marketing was part of three in four brand strategies-engagement rate and quality of target audience were the top criteria for brands to select influencers.
“It is imperative that the criteria used to select influencers are aligned to campaign objectives,” said the report.
When it comes to categories, those with a deep personal connection benefit the most from influencer marketing. Lifestyle, fashion and beauty are expected to drive growth of influencer marketing in India.
Moving on to influencer categories, marketers are using both large/ macro and micro/ nano influencers equally.
“Brand ambassadors and influencers play an extremely important role in purchase decisions. It is critical for marketers to strike a strategic balance between mega/macro influencers to drive awareness and brand loyalty, while also tapping into the power of micro/nano influencers to drive engagement,” the report said.
Agencies also play a critical role in implementing influencer marketing strategies. Marketers need to partner with agencies which drive authentic data driven influencer strategy and provide real time monitoring and insights, while ensuring brand safety. 77percent brands believe that their agencies are fairly equipped to drive influencer marketing campaigns.
