Brands are using social media influencers more than traditional creative agencies to sell their products, according to the historical data released by IZEA Worldwide, Inc., an online marketplace that connects marketers with content creators.
The data, which includes the rates of micro-influencers and celebrities, showed the average costs for sponsored blog posts, Instagram posts, Facebook posts, Tweets, and YouTube videos, dating back to 2006.
“In 2006 we created the very first influencer marketing platform with the launch of PayPerPost. Since then, we have completed over 3.8 million transactions in different formats across a variety of social media channels. Our experience as a pioneer provides us with a unique and unmatched view of the evolution of the influencer marketing landscape. The space transformed from an experimental component of online marketing to a multi billion dollar industry with real budget dollars.” – Ted Murphy, Founder and CEO, IZEA
Numbers Speak Volumes
According to IZEA’s report, the average cost for a sponsored Instagram photo has swelled 44% from 2018 to 2019.
The cost of a sponsored blog post, on the other hand, has increased from $7.39 in 2006 to $1,442.27 in the current year. What’s more, the data revealed that the price for this type of content grew significantly from 2016 to 2017, jumping from $726.14 to $1,112.20.
The report also showed that YouTube videos charge four times more than that of the next highest-price form of sponsored content.
Despite the notable increase in the cost of influencer marketing, IZEA found that marketers still consider it more cost-effective than a traditional advertising agency that charges way more to produce quality content—from the conceptualization and hiring of a model and a photographer to finding a location and retouching an image.
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