The report comes after Ernst and Young conducted a survey in collaboration with Collective Artists Networks’ Big Bang Social. They reached out to more than 86 brands and 2,053 respondents; including 86 brands, 556 creators, and 1,411 other industry professionals.
Women lead influencer marketing in India
The percentage of female respondents was 78%. The report also stated that 65% of the influencers make more than $0.14 million per month. Of these, 65% are female influencers are making that amount.
Current scenario
Brand strategy
India is new to the influencer marketing industry, but brands have quickly picked pace when it comes to choosing influencers for marketing strategies. The new report suggests that 75% of brands consider influencer marketing as part of their marketing strategy and 47% of the brands prefer to drive influencer campaigns with micro and nano influencers. Approaching nano and micro influencers helps brands manage their budgets more efficiently. 70% of brands plan to keep their influencer marketing budget the same or increase it in 2024, and half of those even plan to increase it by 10%.
Influencers’ income
According to the report, 77% of influencers have seen an increase in their income over the last two years and 86% expect at least a 10% growth in their income over the next two years.
Partner and Marketing Advisory at EY India Amiya Swarup says, “In today's rapidly changing Indian society, citizens face transformations in various aspects - be it societal norms, career paths, financial strategies, or cultural shifts. Influencers are stepping in to provide guidance, reassurance, and advice, effectively assuming the role of contemporary heroes. Coupled with the projected growth in influencer marketing, it's clear that influencers now define an unprecedented era of knowledge and impact, while also unlocking vast opportunities for brands and marketers.”
The role of mobile and internet
The surge in influencer marketing in India comes via an increased reach of mobile phones and affordable internet in all parts of the country. According to a 2019 report by McKinsey, India had 560 million internet subscribers in 2018. In a report released in 2019, KPMG predicted that a billion Indians will have access to the internet and 839 million will be regular smartphone users. The report also said that more than 500 million people will have access to digital content in regional languages, according to a Forbes India report.
The road ahead
The EY report expects a total of 740 million active smartphones in India by 2030. Around 50% of mobile usage is dedicated to social media platforms. The report further reveals that the growth of influencer marketing is anticipated to be driven by lifestyle, fashion, and beauty categories. The brands in automobiles, e-commerce and FMCG sectors are also expected to increase spending on influencer marketing.
Dealing with challenges of influencer marketing
Whether it is about in dealing with legal aspects or trolling online, does Big Bang Social help content creators and social media influencers? Collective Artists’ Network Group CEO and Founder Vijay Subramaniam says, “We have specialists who manage crisis and we also have deep relationships with all major social media platforms (Meta, YouTube primarily) and ensure that community guidelines and new community management features/services are kept up to date.”
Group CEO And Founder at Collective Artists Network Vijay Subramaniam.
VIJAY SUBRAMANIAMSubramanium adds, “We are the only company that created a specialized course in partnership with Fortis Mental health department for mental health tools and practices for content creators. Our in-house legal partners are extensively trained on managing contracts both transactional and strategic - we ensure complete end to end IP and copyright management for our exclusive creators in their brand and media dealings.”
