The influencer space has gotten more crowded in just a few years, which has resulted in brand expenditure spread across more influencers and reduced each's share of dollars. It's created greater competition among the different platforms, according to influencer platform Collabstr's 2024 Influencer Marketing Report.
Based on data from 35,000 brands and 80,000 influencers, Collabstr estimates the influencer market size will grow 13.7% to $19.8 billion in 2024. However, with the number of user-generated content creators up 93% year-over-year as more enter the market, the brand spending will dip to $214 per influencer partnership - down some 16.8% from the previous year.
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