New York, NY, March 07, 2024 –Collabstr, a leading influencer marketplace, has released its 2024 Influencer Marketing Report, which analyzes data from 35,000 brands and 80,000 influencers. The company found that the influencer market had a strong year, growing 13.79% from 2023 to 2024, meaning the market value will reach approximately $19.8 billion.

The report found that TikTok and Instagram are neck-and-neck when it comes to the most popular social media platforms for influencer marketing. Both hold a 42% market share when it comes to paid collaborations between influencers and brands. User-generated content comes in third at 14% and YouTube in fourth with 2% market share.

On average, brands spent $214 for paid collaborations with an influencer, which is down 16.8% compared to last year. This can be partially explained by the massive influx and market saturation of increasing influencers.

Despite the decrease in average payment size per influencer, influencer marketing spend grew to all-time highs in 2023. 77% of influencer marketing budgets were spent on influencers in the United States, which is an estimated 6% decrease from last year. In Canada, 10% of influencer marketing budgets were spent on influencers, a 20% decrease from last year.

Even with the supply of influencers increasing, Collabstr found that the asking prices for influencer collaborations increased in 2023. The average influencer charges looked like:

Instagram – approximately 15.17%​​​​​​​ higher than 2023.
TikTok – approximately 13.04%​​​​​​​ higher than 2023.
UGC – approximately 10.10%​​​​​​​ lower than 2023.
YouTube – approximately 3.16%.​​​​​​​ higher than 2023.

“2023 was an interesting year that showcased the influencer marketing industry’s adaptability, despite economic uncertainty,” said Kyle Dulay, co-founder of Collabstr. “We’ve seen an increase in user-generated content, AI influencers, and shoppable content, which means the industry is finding new ways to grow.”