Shillong, June 28: According to a report released on Wednesday, the influencer marketing industry in India is projected to be worth $2.8–$3.5 billion by 2028. With an estimated 3.5 to 4 million social media influencers in the country, brands are increasingly recognizing the value of leveraging influencers’ credibility to promote their products.
Over the past 12 months, influencer marketing has gained significant momentum as it enables brands to effectively expand their reach to their target audience. Redseer Strategy Consultants revealed that one of the key challenges in influencer marketing lies in matching influencers with specific campaign requirements and accurately assessing their engagement metrics.
Mukesh Kumar, Associate Partner at Redseer, stated, “Simultaneously, influencers often encounter difficulties in achieving price transparency and securing favorable deals. The advent of emerging models, such as creator marketplaces, holds significant potential in resolving these challenges.”
Redseer predicts that the number of internet users in India will surpass 1 billion by the end of the decade, leading to increased engagement on online platforms. Consequently, digital advertising spends are expected to grow steadily, reaching $21 billion by FY28.
Many influencers in the mid-tier, micro, and nano categories initially start as hobbyists and aspiring influencers. The report highlighted that influencers have become the centerpiece of digital advertising, as user-generated content (UGC) generates twice as much engagement as professionally generated content (PGC). Advertisers recognize the direct connection influencers have with their followers, considering it a crucial tool for their campaigns.
