Top Influencer Marketing Platforms
Currently valued at $24 billion, the influencer marketing market size has grown 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. Here’s a breakdown of the top influencer platforms brands worldwide intend to use this year.
Top influencer platforms brands use in 2024
|
Social media channel |
Percentage of brands using the social media channel in 2024 |
|---|---|
|
TikTok |
68.8% |
|
|
46.7% |
|
YouTube |
33.1% |
|
|
27.5% |
|
X (Twitter) |
9.9% |
|
|
9.6% |
|
Twitch |
7.9% |
|
Other |
14.7% |
Recent research shows that TikTok leads the list of the top influencer marketing platforms brands use. More than two-thirds (68.8%) of marketers are expected to use it for their campaigns in 2024, a 13.3 percentage point annual increase.
The platform, owned by ByteDance, has seen a rapid ascent in popularity among brands. In 2020, it was grouped together with lesser-known platforms in the “Other” category by the same study. By 2021, TikTok's usage surged to 45%, before climbing slightly to 46% in 2022.
→ Click Here to Launch Your Online Business with Shopify
TikTok is followed by Instagram, which just under half of brands (46.7%) plan to use for their influencer marketing efforts in 2024. Video-sharing channel YouTube and social media giant Facebook rank next on the list of the top influencer marketing platforms. They are expected to be used by 33.1% and 27.5% of brands, respectively. Incidentally, recent data shows that YouTube boasts the highest average influencer engagement rates. With an engagement rate of 8.2%, it’s just ahead of Instagram’s 7.4%.
X, formerly known as Twitter, rounds out the top five influencer marketing platforms of 2024, with around one in 10 brands (9.9%) intending to use it. X’s falling popularity as an influencer marketing channel over the past few years has been notable. In 2022, as many as 23% of brands used it for influencer marketing campaigns. By 2023, this figure had fallen to 14.4%.
Professional network LinkedIn follows close behind X, with 9.6%, and live-streaming network Twitch completes the list, with 7.9%.
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.