Top Influencer Marketing Platforms
Currently worth over $20 billion, the influencer marketing market size has been growing steadily over the past few years. The increasing amount of money brands are investing in this marketing strategy is proof of its effectiveness for business growth.
If engaging with influencers is something you’re considering, one of the most important things you need to know is what the top influencer marketing platforms are.
Top influencer platforms brands use in 2024
Recent research shows that Instagram currently sits comfortably in first place on the list of the top influencer marketing platforms US brands use. As many as 80.8% of marketers are expected to use it for influencer marketing campaigns in 2024, a 4.1 percentage point annual increase.
Instagram has been the most popular influencer marketing platform in recent years, as a growing number of brands begin using it. In 2019, just over half (51.4%) of US marketers collaborated with influencers on Instagram. This rose to 62% in 2020, and by 2021, more than two-thirds (67.9%) of businesses were using Instagram for their influencer marketing efforts.
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Instagram is followed by social media giant Facebook, another Meta-owned entity used by three in five (60.5%) marketers.
TikTok is next, with 54%. The high usage of TikTok as an influencer marketing platform is impressive, especially considering the social network was only launched in 2016, much later than the other top influencer marketing platforms on this list. Marketers’ use of TikTok has surged over the past few years. In 2019, it was used by 27% of marketers and was the fourth-most popular influencer marketing platform, after YouTube. Its quick adoption should come as no surprise, as the platform boasts an average influencer engagement rate that’s much higher than that of its competitors, YouTube and Instagram.
Video-sharing channel YouTube and micro-blogging site X (formerly known as Twitter) rank next on the list of the top influencer marketing platforms. They are expected to be used by 45.6% and 25.9% of brands, respectively. Snapchat, a popular photo-sharing and messaging app, is set to round out the list of the top influencer marketing platforms in 2024. It is forecast to be used by 18.5% of US businesses.
As popular and effective as influencer marketing may be, there are obstacles to be aware of. Brands rank measuring results, finding influencers, and managing contracts and deadlines as some of the top influencer marketing challenges they currently face.