11/15/2023 by Rahul Titus
As of 2023, most brands have adopted an influence strategy and are enamored by its yet-to-be-explored potential. This is shown most evidently in the development, establishment and continued momentous growth of The Creator Economy.
No longer just a buzzword or a pipeline dream, The Creator Economy is real and represents the entire network of individuals who are able to tangibly earn a livelihood from content creation. There are over 50 million creators across the world, with 2 million of them being able to use content creation as their primary or only source of income. That leaves 48 million people actively creating content at an amateur level, eager to make a stronger mark and impression in the space.
What does that mean for brands? An impressive 96% of the creator economy is yet to be tapped into and properly utilized. With The Creator Economy estimated to be worth $500bn by 2027, and only 4% of that workforce realizing their full potential, there is enormous scope to hold the hand of these smaller profiles as they establish themselves.
Contrary to common belief, Influence is not just about dance trends on TikTok or gifted hotel experiences spread over Instagram. They’re not to be forgotten by any means, but they are just the very tip of the iceberg in a world with over 40 platforms, giving creators – and therefore brands – unique and evolving ways to interact with audiences.
The breadth and unexplored growth of The Creator Economy should excite brands. It’s what has already led to AI influencers, the leveraging of Blockchain technology, and Metaverse collaborations.
As influencers and creators continue to establish themselves as a collective revenue stream, conversations around equality between brand, platform and creator are being had. And rightly so; after all, we know that Influence makes real impact via real people. So, the pressure is on the ensure the value exchange works fairly for the real people driving this phenomenon.
While 2023 went as far to show that Influence has a secure and vital place at the table, 2024 will put it in a leading seat. This is the year that Influence moves from a nice-to-have component of a brand’s marketing stack, to an essential tool for commercial growth and brand awareness that is not to be omitted.
INFLUENCER TRENDS in 2024
Employee Advocacy Internal voices for external impact In the B2B world, LinkedIn has already evolved the way businesses can mobilize their employees for commercial growth. Brand advocation and Thought Leadership is woven into the fabric of professional digital networking. We no longer need to rely on a nominated Bezos, Musk or Jobs-esque individual to stand on a podium to sell our company vision. Your employees are now your billboards, communicating with your industry on a daily basis, on the topics that matter right now. They’re engaged with a niche audience and they have access to a network far greater than you realize.
Sonic Influence The sound of influence “Did somebody say Just Eat?”. Five words that instantly evoke an ad, a musician, a food and a brand – all thanks to a jingle. Why? Because music is universal. It’s an elevated form of communication that is naturally infectious, emotive, and shareable. Even if a particular sound isn’t to everyone’s taste, it still sparks conversations. Prior to enlisting Katy Perry, Christina Aguilera and Snoop Dog, those five words from Just Eat – initially jarring - quickly became the brand’s most valuable asset and creative platform. So, it’s time to unmute our influence content. Music’s role in advertising is not a new concept. Brand partnerships with A list popstars, music and sound have allowed brands to weave their way into the cultural zeitgeist for decades. But now is the time for Influence to cement brands via sound into conversations and consideration at both a mass and local scale.
2024, The Year of Sport Driving cultural impact beyond the field 2024 marks a pivotal year in sports influence, with athletes transcending the boundaries of the field. Cristiano Ronaldo’s reign as the most followed Instagram profile underscores the global appeal of sports figures and their ability to gain a following beyond musicians, influencers and even the Kardashians. As a 2024 approaches, overall global advertising spend is projected to reach $1 trillion USD for the first time. And the sports marketing industry will see a notable share of that spend, with the Paris Summer Olympics and Summer Paralympics and UEFA Euros.
Live Streaming From second screen to main screen From gaming, to shopping, with offshoots in subculture; the growth of live-streaming could be likened to a thorn bush, cut back only to dig its heels in and spread root in twice as many new directions. For those who haven’t yet been won over, it’s easy to believe that this realtime content format died a death post-covid, but in reality, we’re seeing a steep upward trajectory that will only continue into 2024. 31% of people believe that live shopping allows them to make more informed purchasing decisions. Where consumers are struggling through a cost of living crisis, and every new purchase is being scrutinised more than ever before, the opportunity within live streaming is to deliver an immersive brand experience, directly into the homes and hands of consumers. Coupled with influence, where 66% of brands report that creator-led content delivers more ROI compared to traditional ads, a creator-led livestream becomes a fertile ground for marketing opportunities.
Sustainable Influence Influencing a better tomorrow As consumers become increasingly conscious of their environmental footprint, influencers are emerging as pivotal players in shaping sustainable consumer behaviours and perceptions towards brands. 78% of people report being swayed by influencers to adopt greener practices, signifying a major shift where influencers act as catalysts for environmental change, guiding audiences to more sustainable choices and lifestyles. However, the industry is not without its challenges. A critical eye has turned towards greenwashing and waste in influence. The emergence of ‘de-influencing’ earlier in the year encouraged users to consider consumption more mindfully and spotlighted the sustainability challenges within influence. Sustainability often stands at odds with the perceived wastefulness of many brands’ gifting programs. Fans, are becoming more vigilant, calling out greenwashing, and scrutinizing the claims of both brands and influencers.
AI Influence Goes Hyper-Personal Unlocking the potential of AI in influence It’s been a big year for AI in influence. Earlier this year, Ogilvy launched an industry-first AI Accountability Act calling for policy change by asking agencies and social platforms to mandate disclosure around the use of AI generated Influencers. This initiative would require brands to clearly disclose and publicly declare the use of any AI-generated Influencer content. In 2024, expect to see a more hyperpersonalised form of engagement with influencers as the interplay between influence and AI enters a new era. Meta’s AI Personas, introduced in late 2023 and fully deployed in 2024, signal a significant shift from broad-reaching influence to personalised, one-to-one interactions that maintain a sense of authenticity. Picture chatting with your favourite influencer’s virtual twin, receiving tips and stories tailored specifically for you. These AI-powered influencers aren’t here to push the original influencer accounts aside, though. Instead, they’re reshaping our relationship with influencers and what fans expect from them. In its current form, Personas allows for interaction directly with avatar versions of influencers, like Mr Beast and Kendall Jenner, offering personalized experiences that were previously unimaginable fans.
Rahul Titus is the Global Head of Influence for Ogilvy.