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TikTok’s influencer marketing takeover is nothing short of astounding. In 2019, the app accounted for 2.3% of US spending on creator campaigns. This year, TikTok’s share will reach 15.5%, beating Facebook’s 14.8%. Instagram will remain on top with 44.7%.
Beyond the chart: This year, TikTok ad revenues will approach $6 billion in the US. They’ll surpass $11 billion by the end of 2024. The figures for Instagram are far higher: close to $30 billion this year and more than $40 billion in 2024. Still, TikTok will continue to encroach on its rival’s turf as the ByteDance-owned app gets even more shoppable.
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Note: An influencer is an individual who can sway the brand preferences, buying decisions, and loyalty of a broader population, regardless of follower count. Examples include celebrities, public figures, YouTube/Instagram/TikTok creators, and subject matter thought leaders/experts.
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